In a positive start to the week, Indian equity benchmarks, BSE Sensex and NSE Nifty 50, continued their upward trajectory for the second consecutive session. The Sensex witnessed a remarkable rise of 234 points, closing at 61,964, while the Nifty 50 surpassed the 18,300 mark with a gain of 111 points, ending at 18,314.
The day's gains were primarily fueled by the IT and Adani stocks, which lifted the headline indices to new heights. On the flip side, financials and telecommunication shares experienced a downtrend, curbing the overall upside. Investors eagerly anticipated the financial results from various Indian companies, with BPCL and Indiabulls Housing Finance among those scheduled to announce their earnings later in the day. AB Fashion and Retail also revealed its March quarter earnings during the trading session, adding to the market buzz.
Adani Group stocks emerged as the top gainers, showcasing their strongest performance since the Hindenburg report. With gains of up to 20 percent, the Adani Group's market capitalization increased by a staggering Rs 1 lakh crore. This surge demonstrated the market's renewed confidence in the group.
Several other stocks also showcased impressive gains. Divi's Lab rose by five percent on positive commentary following mixed earnings, while Muthoot Finance reached a six-month high with a nine percent increase, driven by robust quarterly earnings. Dixon Tech and Ramco Cements continued their upward momentum, recording gains of over six percent and 15 percent respectively.
The IT sector stole the limelight, with major stocks such as Infy, TCS, HCL, TechM, and Wipro advancing by two percent each. The positive sentiment extended to midcap IT stocks as well, with LTIMindtree and Persistent emerging as the top gainers.
However, not all stocks experienced gains. Siemens extended Friday's decline, slipping by nine percent due to a deal with its parent company. Glenmark closed lower, albeit off its lows, following a largely in-line set of earnings. MCX reported weak earnings, leading to a two percent decline in its stock price, primarily attributed to elevated software expenses.
In terms of market breadth, the day remained neutral, with an advance-decline ratio of 1:1.
The overall market capitalization of BSE companies reached nearly Rs 279 lakh crore, marking the highest level in four months. Monday alone contributed to a market capitalization increase of more than Rs 2 lakh crore for BSE companies.
As the week kicks off on a positive note, investors eagerly anticipate the financial reports from various companies, which will continue to shape the market's direction. Stay tuned for more exciting updates as the Indian stock market unfolds its next chapter.