Sensex zooms over 900 points, Nifty 50 gains 1% as Bank Nifty records new all-time high

The 30-share BSE SENSEX closed up by 1.28% to settle at 74,671, while the NSE NIFTY 50 gained by 223 points or 1% to close at 22,643.

In the NIFTY50 space, 32 stocks advanced. ICICI Bank, IndusInd Bank, SBI, Ultratech Cement and Axis Bank were the major gainers. Laggards included HCL Tech, Apollo Hospital, Bajaj Auto, HDFC Life and Hero Motocorp.

The broader markets continued their winning streak on Monday with the Nifty Midcap 100 (+0.42%) hitting a fresh high and the Nifty Smallcap 100 (+0.22%) too, hitting another fresh all-time high after Friday.

Among the sectoral indices, NIFTY PSU Bank (+2.56%) and NIFTY Bank zoomed (+2.54%) to make new all-time highs.

In the Asian markets, KOSPI gained by 1.17%, and Hang Seng added 0.54%.

At 4:00 PM: Dow Jones Futures were seen trading with miniscule gains of 0.10% at 38,480. Global stocks rallied on the back of strong corporate earnings. This outweighed worries about prolonged high interest rates, with everyone watching for the outcome of the US Federal Reserve's policy meeting.

UltraTech Cement Ltd.'s consolidated net profit rose by 35.2% in Q4FY24, beating street estimates. The company's profit stood at ₹2,258 crore in the quarter-ended March. Margin improved stood at 20.1% vs 17.8%. The board also recommended a dividend of ₹70 per share.

Shares of Radico Khaitan climbed about 2.4%. The company announced that Rampur Signature Reserve single malt whisky has made history by becoming the first Indian whisky to sell for ₹5 lakh per bottle.

KPIT Technologies ended the session on a high, gaining 6.5% after announcing its Q4 results. The company’s revenue increased over 29.5% YoY at ₹1,317.80 crore, while the net profit stood at ₹166.4 crore, up by 49.8%.