The Indian stock market ended with strong gains on Monday, April 6, with the benchmark indices rising more than 1% each, amid mixed global cues, easing crude oil prices, and further recovery in the Indian rupee.
Extending gains for the third consecutive session, the Sensex ended 787 points, or 1.07%, higher at 74,106.85, while the Nifty 50 settled at 22,968.25, rising 255 points, or 1.12%. The BSE 150 Midcap index gained 1.30%, while the BSE 250 Smallcap index rose by 1.10%.
Investors’ wealth rose by more than ₹5 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to over ₹427 lakh crore from ₹422 lakh crore in the previous session.
Key highlights from the Indian stock market today
Why did the stock market rise today?
The market ended higher amid reports that the United States and Iran may be considering a two-phase framework to end the war in West Asia.
According to Reuters, Pakistan has proposed a two-phase framework to end the US-Iran war.
The report added that all elements must be agreed upon by Monday (6 April) for an immediate ceasefire in the war that could reopen the Strait of Hormuz.
Moreover, the rupee further rose amid a decline in crude oil prices, which also influenced sentiment.
“Crude prices softened marginally on reports of ceasefire efforts, while encouraging provisional banking data supported interest in rate‑sensitive segments. However, overall risk appetite remains cautious due to persistent inflationary pressures and concerns over potential disruptions to global trade,” Vinod Nair, Head of Research, Geojit Investments, noted.
“With the RBI policy, US CPI, crude trajectory, and geopolitical developments all converging this week, markets are likely to remain headline-driven. Given the deep discount in the broader market, there is meaningful upside potential if a credible ceasefire emerges, despite the prevailing sell‑on‑rise trend,” Nair said.
Rupee gains
According to Bloomberg data, the Indian rupee rose by 4 paise to close at 93.06 per US dollar. During the day, the domestic currency stayed in the range of 92.79 to 93.15. The domestic unit hit a record low of 95.23 on March 30.
Crude oil prices fall more than 1%
Brent Crude prices declined more than 1% to trade near $108 per barrel on Monday afternoon (IST), offering relief to investors. The decline in crude oil prices followed reports that suggested the US and Iran may be considering a ceasefire and that the Strait of Hormuz may reopen.
Top gainers and losers in the Nifty 50 index
Shares of Trent, SBI Life Insurance Company, and Titan Company ended as the top gainers in the Nifty index, rising 4-8%, while those of Reliance Industries, ONGC, and Max Healthcare Institute ended as the top losers in the index, falling 1-3%.
Sectoral indices today
Barring Nifty Oil and Gas (down 1.37%) and Media (down 0.22%), all major sectoral indices ended in the green on the NSE, with Nifty Bank, Financial Services, PSU Bank, Private Bank, Realty, and Consumer Durables rising more than 2% each.
Most traded stocks
Vodafone Idea, Ola Electric Mobility, Adani Power, YES Bank, Jaiprakash Power Ventures, and Reliance Power were the most traded stocks, or most active stocks in terms of volume, on the NSE on Monday.
Stocks at 52-week highs and lows
Some 89 stocks, including JSW Infrastructure, Max Healthcare Institute, and Pidilite Industries, hit their 52-week lows in intraday trade on the BSE.
On the other hand, 78 stocks, including CCL Products (India), Granules India, and RPSG Ventures, hit their 52-week highs on the BSE.
Nifty’s technical outlook
According to Shrikant Chouhan, the head of equity research at Kotak Securities, the Nifty 50 is holding a higher bottom formation on intraday charts, which is largely positive.
Chouhan believes that the market has completed one leg of the pullback move. He said buying on intraday corrections and selling on rallies would be the ideal strategy for day traders.
“We consider 22,700 and 22,550 as key support zones for traders, while 23,150 and 23,300 could act as crucial resistance levels. However, if the index falls below 22,550, the uptrend may become vulnerable, and traders may prefer to exit their long positions,” said Chouhan.
Ajit Mishra, SVP- Research at Religare Broking, believes a break above the 23,000 mark could further extend the up move towards the 23,400–23,500 zone, where the hurdle of the short-term moving average (20 DEMA) is placed. On the downside, support is seen in the 22,500–22,000 range, Mishra said.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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