Indian equity markets continued their upward momentum on April 7, with benchmark indices rising for the fourth straight session despite persistent global uncertainties, elevated crude oil prices and continued foreign institutional investor (FII) selling.
The Sensex closed 510 points higher at 74,616.58, up 0.69 percent, while the Nifty 50 gained 155 points, or 0.68 percent, to settle at 23,123.65.
The rally was largely driven by selective buying in heavyweight sectors such as IT, FMCG and metals, even as broader market sentiment remained cautious.
IT stocks gained on valuation comfort and support from rupee movement
FMCG stocks advanced on positive pre-results expectations
Metal stocks saw buying interest amid global cues
The broader market underperformed the benchmarks:
BSE 150 Midcap index edged up just 0.03 percent
BSE 250 Smallcap index rose 0.16 percent
This indicates that the rally remains narrow and concentrated in large-cap stocks.
The total market capitalisation of BSE-listed companies increased to over ₹429 lakh-crore from ₹427.5 lakh-crore in the previous session, adding more than ₹1.5 lakh-crore in investor wealth in a single day.
Over the past four sessions:
Sensex has gained 2,669 points (3.71 percent)
Nifty 50 has risen 792 points (3.55 percent)
The rebound is supported by a recovery in the rupee and buying in oversold segments, alongside expectations of easing geopolitical tensions.
The Indian rupee continued its recovery trend, closing 8 paise stronger at 92.98 against the dollar. From its record low of 95.23, the currency has appreciated by 225 paise, or about 2.4 percent.
Markets are navigating multiple global and domestic factors:
Ongoing tensions linked to the US-Iran conflict
Crude oil prices holding above $108 per barrel
Continued FII outflows
Upcoming RBI policy decision
The near-term direction is likely to remain sensitive to geopolitical developments and crude oil trends, while investor focus is gradually shifting towards the upcoming earnings season for clarity on the impact of rising input costs and currency volatility.