Market Wrap, April 7: SENSEX rises 510 pts, NIFTY50 ends above 23,100 as IT, metal stocks shine; Wipro top gainer

The equity benchmark indices extended their winning streak for a fourth consecutive session on Tuesday, April 7, ending higher amid gains in IT, realty, and metal stocks. After opening on a weak note, the indices recovered sharply during the session to settle in positive territory.

The PSU banking stocks, however, remained under pressure as investors were cautious ahead of the Reserve Bank of India’s monetary policy rate announcement.

On Monday, the foreign institutional investors (FIIs) sold stocks worth ₹8,167.17 crore, while the domestic institutional investors (DIIs) purchased equities worth ₹8,088.70 crore on a net basis, according to exchange data.

Globally, other Asian indices mostly ended in green after a cautious session on Tuesday, as oil prices continued to rise ahead of a deadline that US President Donald Trump set for Iran to reopen the Strait of Hormuz to all shipping traffic or risk its power plants and bridges being bombed.

Japan's Nikkei rose 0.26%, South Korea's KOSPI increased 0.81%, while Singapore's Straits Times fell 0.29%. The Shanghai Composite also ended 0.26% higher.

On Wall Street, the main indices advanced on Monday as investors looked for ​signs of progress toward a US-Iran ceasefire deal. The Dow Jones Industrial Average gained ​165.21 points, or 0.36%, to close at 46,669.88; ​the S&P 500 rose 29.33 points, ⁠or 0.45%, to end at 6,612.02; and the Nasdaq Composite advanced 117.16 points, or 0.54%, to settle at 21,996.34.

Here are the key developments of Tuesday’s session that you need to know

As many as 3,314 stocks traded on the NSE on Tuesday. Out of this, 2,082 advanced and 1,149 declined, while 83 scrips remained unchanged.

A total of 25 stocks hit their 52-week highs, while 22 stocks touched their one-year lows. Besides, 185 stocks hit their upper circuit limits, and 26 touched their lower circuit bands on Tuesday.

NSE-listed firms' market capitalisation stood at ₹428.37 lakh crore at the end of the session.

The volatility index India VIX slipped 3.03% to close at 24.70 levels.

The broader market, however, ended mixed, with the NIFTY Midcap 100 index advancing 0.2%, ending at 54,600.55 levels, while the NIFTY Smallcap 100 gauge settled 0.06% lower at 15,843.30 levels.

Except for Nifty PSU Bank (-0.71%) and Nifty Consumer Durables (-0.19%), all the other sectoral gauges ended the session in green.

Nifty IT took the lead among winners, rising 2.5%, while Nifty Realty (1.67%), Nifty Metal (1.55%), Nifty FMCG (0.82%) and Nifty Media (0.8%) were the other gainers.

On Tuesday, 35 stocks advanced on the NIFTY50 index, while 15 settled in red.

Wipro was the most contributing stock, surging 3.71%, followed by Hindalco Industries (2.97%), Tata Consultancy Services (2.81%), HCL Technologies (2.65%) and Infosys (2.59%).

On the flip side, Dr Reddy's Laboratories (-1.63%), InterGlobe Aviation (-1.01%), Adani Enterprises (-0.96%), Apollo Hospitals (-0.6%) and Trent (-0.49%) were the biggest laggards on the 50-share index.