Bulls March On As IT, Banking Hog Limelight

The bulls took over, which led the Nifty to cross 24k in the third attempt over the last 3 months and fuelled Bank Nifty to touch a new high. The possibility of a bilateral trade agreement with the US is adding optimism in the market -- Vinod Nair, head (research), Geojit Investments Ltd

Mumbai: Rallying for the fifth day in a row, benchmark Sensex jumped 855 points to close above the 79,000 mark on heavy buying in banking and IT shares following strong quarterly results and foreign fund inflows.

The 30-share BSE Sensex jumped 855.30 points or 1.09 per cent to settle at 79,408.50 with 23 of its components ending in green. During the day, it surged 1,081.85 points or 1.37 per cent to 79,635.05. The NSE Nifty climbed 273.90 points or 1.15 per cent to close at 24,125.55 as 39 of its constituents advanced and 11 declined.

In the five-day rally, Sensex jumped by 5,561.35 points or over 7 per cent and Nifty surged by 1,726.40 points, recouping all the losses triggered by imposition of reciprocal tariffs by US President Donald Trump tariffs on April 2. In the past five days, the BSE benchmark gauge zoomed 5,561.35 points or 7.53 per cent, and the Nifty surged 1,726.4 points or 7.70 per cent.

Vinod Nair, head (research), Geojit Investments Ltd, said: “The bulls took over, which led the Nifty to cross 24K in the third attempt over the last 3 months and fuelled Bank Nifty to touch a new high. The possibility of a bilateral trade agreement with the US is adding optimism in the market.”

The BSE midcap gauge surged 2.20 per cent and the smallcap index jumped 1.67 per cent.

“A contrarian bet on IT due to its attractive valuation with an expectation of improvement in spending in the latter half of FY26 is keeping the counter busy. While the dollar index slumps to a three-year low, another layer of uncertainty may attract more FII inflows into the domestic market in the near term,” Nair added.