The Indian equity benchmarks traded sharply higher in afternoon deals on Tuesday, April 21, with the SENSEX rising 727 points to 79,247 and NIFTY50 advancing 181 points to 24,546 as of 1:38 pm. According to reports from Upstox, the rally was led by heavyweights including HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank, Bharti Airtel and Trent, which collectively contributed over 500 points towards the SENSEX gain. The gains came ahead of weekly expiry of NIFTY50 futures and option contracts, with markets also supported by expectations of successful talks between the United States and Iran to agree on peace in West Asia. Market breadth remained positive with 2,482 stocks advancing and 907 declining on the BSE, indicating broad participation across sectors.
Lemon Tree Hotels shares surged as much as 8% for the second consecutive session following the company's latest expansion announcement. The positive sentiment was driven by the company's signing of a 90-room property in Garudeshwar under its brand, to be managed by its wholly owned subsidiary, Carnation Hotels Private Limited. With this addition, the company will have 32 properties in Gujarat (11 operational and 21 upcoming), reflecting its focus on building scale across tourism and pilgrimage-driven markets. Gujarat continues to see strong tourism growth, supported by landmark attractions such as the Statue of Unity and increasing interest in spiritual and cultural travel. The company's FY26 turned out to be a record year of portfolio expansion, driven by 56 new signings and 20 hotel openings, reinforcing its transition toward a disciplined, asset-light growth model.
In January, Lemon Tree Hotels announced a strategic restructuring alongside a fresh investment from global private equity firm Warburg Pincus. As reported by The Economic Times, the deal includes a commitment of ₹960 crore from Warburg Pincus, routed through Coastal Cedar Investments B.V., into Lemon Tree's subsidiary, Fleur Hotels. As part of a composite scheme approved by the board, Lemon Tree will split its operations into two separate platforms - Lemon Tree Hotels Ltd will function as an asset-light hotel management and branding entity, while Fleur Hotels Ltd will house the asset-heavy development and ownership business. The restructuring is aimed at unlocking long-term shareholder value by sharpening strategic focus and simplifying the corporate structure. A key element of this plan is the demerger of 12 hotels, including 11 operational properties and one under construction in Shimla, along with the transfer of ownership and development assets from Lemon Tree to Fleur.
PNB Housing Finance shares jumped as much as 10% following strong quarterly results, with the mortgage lender recording impressive growth across key metrics. According to exchange filings reported by Upstox, the company reported a 14.4% year-on-year rise in March quarter net profits to ₹648.7 crore, compared to ₹567.1 crore in the same period a year ago. The company's revenue from core operations, which includes interest income, rose by 6.8% to ₹2,169.86 crore in the fourth quarter of 2025-26, compared to ₹2,029.94 crore in the same quarter of the previous fiscal year. The board also recommended a final dividend of ₹8 per share for FY26, demonstrating strong shareholder returns. The stock witnessed higher than usual trading activity with volume on the NSE jumping by 11 times to 1.75 crore shares compared with an average of 15.72 lakh shares.
Bank of Maharashtra rallied 4% after reporting strong quarterly results, with net profit rising 15% to ₹2,014 crore and net interest income increasing 19% to ₹3,702.5 crore. The lender also showed improvement in asset quality, with gross NPA declining to 1.45% and net NPA improving to 0.13%. Sectorally, Nifty Bank and Nifty PSU Bank indices rose 1% each, followed by Nifty FMCG and Nifty Metal, which gained 0.9% and 0.7% respectively. Traders noted that the market continues to remain stock-specific, with earnings visibility and news flow driving price action. While largecaps remain relatively stable, midcaps and smallcaps are witnessing sharper moves on both sides, with volatility remaining contained amid mixed global cues and ahead of key domestic triggers.
