The Indian equity benchmarks extended their winning streak for a fifth consecutive session on Monday, April 21, driven by a strong rally in banking stocks and renewed optimism over global trade relations. The S&P BSE SENSEX surged as much as 643 points during intraday trade, hitting a fresh high of 79,196.53, while the NSE NIFTY50 also touched a record peak of 24,036. The upward momentum has seen the NIFTY50 index jump 7.30% or 1,636 points over the last five sessions, while the SENSEX has gained 7.24% in the same period, according to data from the stock exchanges.
Market analysts attributed the ongoing rally to multiple positive triggers. Chief among them is renewed bullish sentiment following the arrival of US Vice President JD Vance in New Delhi, marking the beginning of a four-day diplomatic visit. Vance’s visit, which includes meetings with Prime Minister Narendra Modi, is expected to focus on deepening economic, trade, and geopolitical ties between the two nations. The potential for a bilateral trade deal between India and the United States, amid the backdrop of intensifying global trade tensions, particularly between the US and China, has injected fresh optimism into domestic markets. Investors are hopeful that a breakthrough in trade talks could boost India’s export potential and strengthen diplomatic alignment with Washington.
Further adding to the market’s positive tone were reports that Indian Commerce Minister Piyush Goyal is actively engaging in Free Trade Agreement discussions with the European Union and the United Kingdom. The progress on multiple international trade fronts has led investors to anticipate stronger inflows and wider market access for Indian businesses.
Back home, a strong kickoff to the Q4 earnings season further bolstered investor confidence, especially from the banking sector. The NIFTY Bank index jumped 1.7% to hit an all-time high of 55,291.05, fueled by stellar earnings reports from heavyweight lenders. HDFC Bank reported a net profit of ₹17,616 crore for the March quarter, up 6.6% from the previous quarter, exceeding street expectations. Its net interest income rose 10.3% to ₹32,066 crore. ICICI Bank also posted impressive numbers, with a net profit of ₹12,630 crore, up 18% year-on-year, while its net interest income increased by 11% to ₹21,192.94 crore.
The upbeat sentiment was broad-based, with all major sectoral indices—except for FMCG—trading in the green. NIFTY IT, Metal, PSU Bank, Private Bank, Oil & Gas, and Financial Services indices all posted gains of over 1%. The broader market also participated in the rally, as the NIFTY Midcap 100 and Smallcap 100 indices advanced by 1.54% and 1.08%, respectively.
Among individual stocks, IndusInd Bank emerged as the top gainer in the NIFTY50 index, rising 4.2% to ₹828. Other notable gainers included Tech Mahindra, State Bank of India, Axis Bank, Trent, Shriram Finance, and Infosys. On the downside, Adani Ports, HDFC Life, ITC, Hindustan Unilever, and Sun Pharma were among the laggards. Market breadth remained positive, with 2,566 advancing stocks versus 1,090 declining on the BSE, signaling strong overall investor participation.
