India's benchmark indices ticked higher on Monday, supported by stronger-than-expected quarterly results from HDFC Bank and ICICI Bank, which helped offset muted earnings from Infosys and weak global cues.
The BSE Sensex rose 608 points (0.77%) to 79,161, while the broader Nifty 50 gained 166 points (0.70%) to 24,018.
Financials led the early gains with a 1.1% rise, driven by ICICI Bank and HDFC Bank, which climbed 2.1% and 0.9%, respectively. The Nifty Bank index advanced 1.4%.
All major sectoral indices opened in the green, except Auto and FMCG. Nifty Auto edged down 0.2%, while Nifty FMCG slipped 0.6%.
Broader markets also showed positive momentum, with the Nifty Midcap and Smallcap indices rising 0.6% and 0.5%, respectively.
Leading the gains on the 30-stock Sensex were Tech Mahindra, Axis Bank, State Bank of India, IndusInd Bank, and HDFC Bank, with advances ranging from 1.6% to 3.4%.
Expert View
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that India remains a bright spot despite global uncertainties. “Even though the global economic scenario is mired in uncertainty, India appears relatively resilient. It is the only large economy capable of growing at 6% even in a slowing global environment,” he noted.
He added that a weakening dollar could support further foreign portfolio investor (FPI) inflows into India in the near term, and strong quarterly results from lenders could drive financial stocks higher. “The Q4 results of HDFC Bank and ICICI Bank have the potential to take Bank Nifty to an all-time high,” he said.
Foreign institutional investors are likely to focus on domestic consumption themes such as financials, telecom, aviation, hotels, select autos, real estate, cement, and healthcare. “Growth stocks in the digital space also have the potential to move up,” he said, while cautioning that the IT sector may remain under pressure amid concerns of a sharp slowdown in the U.S. economy.
“The possibility of India striking a deal with the U.S. in the next few months is being perceived by the market as a positive. Viewed from the perspective of short-term market dynamics, it is Advantage India,” Vijayakumar added.
Global Markets
In global markets, Asian equities and U.S. stock futures fell on Monday amid concerns over tariffs and President Trump’s criticism of the Federal Reserve. This dampened sentiment, sent the dollar sharply lower, and pushed gold to a record high.
Trump’s repeated attacks on Fed Chair Jerome Powell, including discussions about potentially firing him, have raised concerns over the central bank’s independence. His tariff actions also triggered a selloff in U.S. assets, weakening the dollar against most major currencies, while the euro and yen surged to multi-year highs.
The U.S. 10-year Treasury yield rose 1.7 basis points to 4.344%, while gold prices jumped over 1% to a record $3,370.17 per ounce, marking a 26% gain this year, driven by safe-haven demand.
Although Trump has paused some tariffs, the U.S. remains locked in a trade dispute with China. While Trump mentioned positive talks, China’s ambassador emphasized the need for mutual respect before negotiations can resume.
Crude Impact
Oil prices dropped over 1.5% on Monday as investors refocused on concerns that U.S. tariffs on trading partners could pose economic challenges and dampen fuel demand growth.
Brent crude futures fell $1.10, or 1.6%, to $66.86 per barrel at 0255 GMT, after a 3.2% gain on Thursday.
FII/DII Tracker
Foreign Institutional Investors (FIIs) were net buyers on April 17, purchasing equities worth Rs 4,668 crore. In contrast, Domestic Institutional Investors (DIIs) were net sellers, offloading equities worth Rs 2,006 crore.
The BSE Sensex rose 608 points (0.77%) to 79,161, while the broader Nifty 50 gained 166 points (0.70%) to 24,018.
Financials led the early gains with a 1.1% rise, driven by ICICI Bank and HDFC Bank, which climbed 2.1% and 0.9%, respectively. The Nifty Bank index advanced 1.4%.
All major sectoral indices opened in the green, except Auto and FMCG. Nifty Auto edged down 0.2%, while Nifty FMCG slipped 0.6%.
Broader markets also showed positive momentum, with the Nifty Midcap and Smallcap indices rising 0.6% and 0.5%, respectively.
Leading the gains on the 30-stock Sensex were Tech Mahindra, Axis Bank, State Bank of India, IndusInd Bank, and HDFC Bank, with advances ranging from 1.6% to 3.4%.
Expert View
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that India remains a bright spot despite global uncertainties. “Even though the global economic scenario is mired in uncertainty, India appears relatively resilient. It is the only large economy capable of growing at 6% even in a slowing global environment,” he noted.
He added that a weakening dollar could support further foreign portfolio investor (FPI) inflows into India in the near term, and strong quarterly results from lenders could drive financial stocks higher. “The Q4 results of HDFC Bank and ICICI Bank have the potential to take Bank Nifty to an all-time high,” he said.
Foreign institutional investors are likely to focus on domestic consumption themes such as financials, telecom, aviation, hotels, select autos, real estate, cement, and healthcare. “Growth stocks in the digital space also have the potential to move up,” he said, while cautioning that the IT sector may remain under pressure amid concerns of a sharp slowdown in the U.S. economy.
“The possibility of India striking a deal with the U.S. in the next few months is being perceived by the market as a positive. Viewed from the perspective of short-term market dynamics, it is Advantage India,” Vijayakumar added.
Global Markets
In global markets, Asian equities and U.S. stock futures fell on Monday amid concerns over tariffs and President Trump’s criticism of the Federal Reserve. This dampened sentiment, sent the dollar sharply lower, and pushed gold to a record high.
Trump’s repeated attacks on Fed Chair Jerome Powell, including discussions about potentially firing him, have raised concerns over the central bank’s independence. His tariff actions also triggered a selloff in U.S. assets, weakening the dollar against most major currencies, while the euro and yen surged to multi-year highs.
The U.S. 10-year Treasury yield rose 1.7 basis points to 4.344%, while gold prices jumped over 1% to a record $3,370.17 per ounce, marking a 26% gain this year, driven by safe-haven demand.
Although Trump has paused some tariffs, the U.S. remains locked in a trade dispute with China. While Trump mentioned positive talks, China’s ambassador emphasized the need for mutual respect before negotiations can resume.
Crude Impact
Oil prices dropped over 1.5% on Monday as investors refocused on concerns that U.S. tariffs on trading partners could pose economic challenges and dampen fuel demand growth.
Brent crude futures fell $1.10, or 1.6%, to $66.86 per barrel at 0255 GMT, after a 3.2% gain on Thursday.
FII/DII Tracker
Foreign Institutional Investors (FIIs) were net buyers on April 17, purchasing equities worth Rs 4,668 crore. In contrast, Domestic Institutional Investors (DIIs) were net sellers, offloading equities worth Rs 2,006 crore.
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