Indian stock markets extended their winning streak for a fifth consecutive session on Friday, April 10, with BSE Sensex surging 809.47 points or 1.03% to close at 77,441.12 and Nifty50 gaining 238.20 points or 1.03% to settle at 24,013.30. According to The Hindu BusinessLine, the session was anything but smooth - both indices opened with a gap-down, with Nifty sliding to an intraday low near 22,719 before buyers stepped in decisively. Market breadth remained positive with 2,682 stocks advancing and 436 declining out of 3,197 stocks that traded on the NSE, while 58 stocks hit their 52-week highs and 79 touched their one-year lows. The volatility index India VIX declined 3% to close at 24.69 levels, indicating reduced market uncertainty, though it remained in elevated territory. As per The Economic Times, the sharp gains added nearly ₹2 lakh crore to the total market capitalisation of all companies listed on BSE, taking it up to ₹429 lakh crore. Notably, the overall sharp gains recorded in the first five sessions of April have added nearly ₹17 lakh crore to BSE's market cap, after the massive March selloff.
The primary driver of the afternoon recovery was strong performance in auto, realty, banking and financial stocks, with Asian Paints, Eicher Motors, Bajaj Auto, Mahindra & Mahindra and ICICI Bank leading gains. As per The Hindu BusinessLine, among Nifty50 constituents, Asian Paints, Eicher Motors, Bajaj Auto, Mahindra & Mahindra and ICICI Bank were among the top gainers, while Sun Pharmaceutical Industries, Infosys, Tata Consultancy Services and Coal India were the major laggards. The recovery came as Brent crude, the global oil benchmark, dropped 0.71% to $109 per barrel, providing relief after remaining elevated over the $111 mark for most of the morning trading session. Nifty IT remained under pressure, declining over 2% amid continued weakness in technology stocks, despite positive results from TCS. Nifty IT index remained under pressure despite positive results from TCS, as broader concerns around weak discretionary spending and muted growth outlook weighed on sentiment. Hariprasad K., Research Analyst and Founder, Livelong Wealth, said, "Indian markets staged a sharp intra-day recovery, with Nifty reversing early losses to reclaim higher levels, driven largely by short-covering and selective sectoral strength rather than broad-based buying conviction. A key driver of today's rally was strong outperformance in the IT sector, which acted as a defensive anchor."
Among the top Nifty50 gainers, Asian Paints led with a 3.14% surge to ₹2,307.80, followed by Eicher Motors at 2.92% to ₹7,264.50, Bajaj Auto at 2.73% to ₹1,797.50, Mahindra & Mahindra at 2.67% to ₹3,007, and ICICI Bank at 2.64% to ₹1,030. On the downside, Sun Pharmaceutical was the steepest Nifty loser, falling 3.63% to ₹1,654.80, with heavy volumes of over 10.44 lakh shares traded, while Infosys dropped 2.13% to ₹1,303.30, TCS declined 1.78% to ₹2,543 after reporting its January–March quarter results, and Coal India fell 1.06% to ₹426.90. Midcap and smallcap stocks significantly outperformed benchmarks, with the smallcap index rising 2% and midcap stocks posting strong gains. In the midcap space, stocks such as Adani Total Gas, Exide Industries, Groww, Jubilant FoodWorks and Lenskart gained 4–5%, while among smallcaps, Cohance Lifesciences, Ola Electric, Aditya Birla Real Estate, Sona BLW Precision Forgings and Aether Industries surged 6–16%. On the BSE, stocks such as New India Assurance Company, Cohance Lifesciences, Avanti Feeds, Blue Jet Healthcare and Allied Blenders and Distillers rallied 9–17%, reflecting strong momentum in select pockets of the market.
The IT sector was the biggest drag on the indices despite strong performance in individual stocks. As per The Hindu BusinessLine, TCS fell 1.78% to ₹2,543 after reporting its January–March quarter results, while Infosys dropped 2.13% to ₹1,303.30, Tech Mahindra declined 1.44% to ₹1,440.60, and HCL Technologies slipped 1.29% to ₹1,446. Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, noted that "TCS delivered a steady quarter with profit growth and a healthy dividend announcement, offering near-term comfort," but added that "relatively muted full-year growth signals that demand visibility remains moderate, which could keep the broader IT pack range-bound." Sun Pharmaceutical was the steepest Nifty loser, falling 3.63% to ₹1,654.80, with heavy volumes of over 10.44 lakh shares traded. Aakash Shah, Technical Research Analyst at Choice Equity Broking, pointed out that "selective resilience was seen in IT and metal stocks," though financials and banking counters saw notable pressure in the previous session after a sharp rally.
On the other side, financial and consumption stocks provided strong support to the market recovery. As per The Hindu BusinessLine, Shriram Finance led Nifty gains, rising 3.14% to ₹1,027.60, Axis Bank advanced 1.74% to ₹1,341.40, while Bajaj Finserv climbed 1.69% to ₹1,797.50. Asian Paints rose 1.68% to ₹2,307.80, and Eicher Motors gained 1.64% to ₹7,264.50. Aakash Shah, Technical Research Analyst at Choice Equity Broking, noted that "selective resilience was seen in IT and metal stocks," though financials and banking counters saw notable pressure in the previous session after a sharp rally.
On the technical front, the RSI climbed to 43.46 - its highest reading since early March - and has now held above the 40 mark for two consecutive sessions, signalling a potential shift from bearish to neutral momentum. As per The Hindu BusinessLine, key support for the Nifty now sits at 23,000, with resistance seen in the 23,250–23,300 zone near-term and the 23,500–23,600 band as the bigger hurdle. Hitesh Tailor, Research Analyst at Choice Equity Broking, pointed to derivatives positioning as a guide for near-term direction: "notable put writing at the 23,000 level and significant call writing at 23,200 suggest likely range-bound movement in the near term... traders are advised to maintain a cautious approach." Vinod Nair, Head of Research at Geojit Investments, noted that "gains remained largely confined to IT, FMCG, and metals, while the broader market breadth stayed weak, reflecting persistent caution... investors are also awaiting the RBI policy decision, with rates widely expected to maintain the status quo." Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the underlying trend of Nifty continues to be positive as the relief rally has strengthened further with Nifty registering decent gains over the past three sessions. "After opening on a weak note, the market slipped into further declines soon after the opening. Sharp recovery was seen from the lows and the upside momentum continued in the mid to later part of the session. A long bull candle was formed on the daily chart with lower shadow," Shetty said. "Technically, this market action indicates an attempt of decisive breakout of a crucial hurdle around 23,000 levels, which he said is positive indication signalling formation of crucial bottom reversal pattern in Nifty at the recent low of 22,182." Rupak De, Senior Technical Analyst at LKP Securities, said Nifty has given a consolidation breakout on the hourly chart following today's rally. Additionally, it has moved above the critical moving average on the lower timeframe, confirming a positive near-term outlook. "The Nifty recovered during the day after a gap-down opening. The near-term sentiment remains positive as the index has closed higher for three consecutive sessions. However, uncertainties arising from the Middle East conflict may continue to keep the Indian market volatile. On the higher end, resistance is placed at 23,200; a decisive move above this level may trigger the next bullish leg towards 23,500–23,800. On the downside, support is placed at 23,000."
Investor sentiment remained subdued as market participants closely tracked developments involving the US and Iran, with fresh concerns emerging after US President Donald Trump dismissed the proposed ceasefire plan as "not good enough" and reiterated warnings of potential strikes if the Strait of Hormuz is not reopened fully. As reported by The Economic Times, Trump warned that "the entire country of Iran" could be taken out in one night and that night might be tomorrow night" if Tehran failed to comply. "Every power plant in Iran will be out of business, burning, exploding and never to be used again," Trump said, adding that bridges could face "complete demolition by 12 o'clock... over a period of four hours - if we wanted to." Iran has dismissed these remarks, while fresh Israeli airstrikes were reported in Iran, followed with retaliatory missile fire as the war continues to show no sign of resolution. The ongoing standoff has raised fears of further escalation, keeping global markets on edge. Ponmudi R, CEO of Enrich Money, described the session as reflecting "a clear transition in market behaviour — from panic-driven reactions to disciplined risk absorption," but cautioned that "with Trump's deadline approaching and no visible de-escalation from Iran, energy prices remain elevated with limited visibility of relief." Domestic equity benchmarks continued to trade in positive territory during the mid-trading session on Friday, as investors drew comfort from a fragile ceasefire between the US and Iran, easing near-term geopolitical concerns. Asian markets were largely higher, tracking overnight gains on Wall Street, while oil prices also edged up amid cautious optimism ahead of potential Iran-US peace talks.
Broader market indices displayed mixed performance with Nifty Midcap 100 index advancing 2% to close at 54,600.55 levels, while Nifty Smallcap 100 gauge settled 0.06% lower at 15,843.30 levels. According to Moneycontrol, on the downside, Jubilant FoodWorks declined 10% despite a 19% jump in Q4 revenue, while Swan Defence rose 5% after securing an order for an ammonia dual-fuel bulk carrier, Deep Industries gained 7% on winning a ₹59 crore order from ONGC, and Titagarh Rail Systems surged more than 7% after receiving approval from the Ministry of Ports for its brownfield expansion project. In the midcap space, Coromandel International, Mphasis, Supreme Industries, Prestige Estates Projects and Fortis Healthcare gained between 3-5%, while smallcap names such as FirstCry, Tenneco Clean Air, CreditAccess Grameen, Natco Pharma and Five-Star Business Finance rallied 3-11%. On the flip side, Force Motors, Power Grid, KFin Technologies, Bandhan Bank and RBL Bank declined 3-4%. The Indian rupee strengthened to 92.98 against the US dollar, rising 0.1% supported by unwinding of residual arbitrage positions, as reported by The Economic Times. Crude oil prices offered some relief, easing marginally from $111.80 to around $109 per barrel, though levels remain elevated and continue to weigh on India's inflation outlook. MCX crude held above ₹10,000, while gold traded at ₹150,150 per 10 grams and silver at ₹232,465 per kg. Foreign portfolio investors net sold shares worth ₹8,167 crore, while domestic institutions were buyers worth ₹8,089 crore, indicating continued domestic support for the market recovery. Market breadth remained positive on the BSE, where 2,671 stocks advanced, 1,555 declined and 155 remained unchanged.
