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  1. SENSEX jumps 1,300 pts; NIFTY tops 23,780; here is what is supporting the market

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SENSEX jumps 1,300 pts; NIFTY tops 23,780; here is what is supporting the market

Upstox

4 min read | Updated on April 17, 2025, 13:31 IST

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SUMMARY

Stock market today: The S&P BSE SENSEX zoomed as much as 1,327.37 points, or 1.72%, to 78,371.66, while the NSE's NIFTY50 index was trading at 23,775.30, up 338.10 points, or 1.44%.

Last seen, the NIFTY BANK index was trading over 1.2% higher at 53,765.10 levels.

Last seen, the NIFTY BANK index was trading over 1.2% higher at 53,765.10 levels. | Image: Shutterstock

Stock market update: The domestic stock market saw an impressive rebound in the noon deals on Thursday, April 17, after remaining subdued in the first three hours of the session.

The S&P BSE SENSEX zoomed as much as 1,327.37 points, or 1.72%, to 78,371.66, while the NSE's NIFTY50 index was trading at 23,775.30, up 338.10 points, or 1.44%.

The stocks rallied despite a decline in US stocks last night following a warning by Federal Reserve Chairman Jerome Powell on US economic growth.

US stocks, particularly tech stocks, slid on Wall Street after Nvidia said it will take a $5.5 billion financial hit after Washington placed fresh restrictions on the export of its H20 artificial intelligence chips to China.

A CNBC report said that the Nvidia chip was designed specifically for China's use to meet US export restrictions barring the sale of advanced artificial intelligence processors during former President Joe Biden’s administration.

The chips totalled an estimated $12 billion to $15 billion in revenue last year. Advanced Micro Devices echoed similar concerns, saying in a filing Wednesday that it expects an $800 million hit from curbs on its MI308 products.

Besides, Federal Reserve Chair Jerome Powell said US economic growth appears to be slowing amid Trump's tariff announcements.

Powell said larger-than-expected tariffs likely mean higher inflation and slower growth. But he said the Fed would wait for more data on the economy's direction before making any changes to interest rates, said a Reuters report.

“We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” he said at an event just outside Washington, DC. “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent," CNN reported, quoting Powell as saying.

Reacting to these developments, stocks in the US ended sharply lower.

Following suit, Indian IT stocks declined in the trade. The NIFTY IT index slipped over 2%. However, other sectors supported the market.

Financial stocks rallied in the trade. Last seen, the NIFTY BANK index was trading over 1.2% higher at 53,765.10 levels. Out of 12 constituents, 10 were trading in the green and the rest in the red.

The biggest gainers were ICICI Bank (up around 2.5%), Canara Bank (up 1.24%), and HDFC Bank (up 1.16%).

The NIFTY BANK index has been on a rising spree and has gained nearly 6% in the past five sessions.

The banking shares caught investors' interest after the Reserve Bank of India (RBI) announced a repo rate cut last week in a move to support growth.

Following the rate cut by the RBI, a whole host of banks announced interest rate cuts, thereby reducing borrowing costs.

Last week, global investment bank Goldman Sachs came out with a report in which it said that it sees early signs of improvement in asset quality and operating profitability, which added to the bullish sentiment for banking shares, analysts said.

The NIFTY FINANCIAL SERVICES index was trading 1.21% higher at 25,800.70 levels. 15 out of 20 constituents were trading in the green, and the rest five in negative territory.

Other sectoral indices, too, were trading with decent gains.

On the BSE, the BSE Telecommunication index was trading over 2% higher at 2,894.95 levels.

Auto stocks were also trading higher. The BSE AUTO index was trading at 47,757.69, up 325.10 points, or 0.69%. The top gainers were MRF (up 1.71%) and TVS Motor Company (up 1.62%).

Broader Market

The BSE MidCap index was trading at 41,905.88, up 0.38%, while the BSE SmallCap index was trading at 47,989.37, up 291.02 points, or 0.61%.

SIP
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