Sensex surges 700 points today: 5 major reasons behind the rally

Stock market today: Top five index contributors were ICICI Bank, SBI, HDFC Bank and Kotak Bank. Nifty Bank index hit its highest intraday point of 48,979.10.

Updated on: Apr 29, 2024, 15:03:10 IST

By HT News Desk

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Stock market today: The S&P BSE Sensex rose almost nearly 700 points today (April 29) while Nifty50 climbed 150 points to move past 22,550 while India VIX was up over 12% to 12.25.

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Reuters)

Here are some reasons behind the surge today:

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Banking stocks traded with strong momentum today. Top five index contributors were ICICI Bank, SBI, HDFC Bank and Kotak Bank while Nifty Bank index hit its highest intraday point of 48,979.10 as it rose by 780 points. Other than IDFC First Bank and Bandhan Bank, remaining 10 counters in Nifty Bank traded in the green and PSU Bank Index rose over 1%.
The surge in Indian indices comes as Nasdaq Composite finished at 15,927.90, up by 316.14 points or 2.03% while S&P 500 closed at 5,099.96, gaining 51.54 points or 1.02%. Read more: Bank holidays in May: Will Banks be closed on May 1? Check state-wise list here
Japan's Nikkei 225, Hong Kong's Hang Seng index and China's Shanghai Composite also gained between 0.81% and 0.65% around this time which likely had an impact on Indian indices as well.
Crude oil prices were also low amid geo-political tensions after Iran's missile attacks on Israel earlier this month. US WTI crude oil contracts traded at $83.030 per BBL, down by $0.820 or 0.980%. Brent Oil futures were down by over $1 per BBL to $88.490. Read more: Watch Elon Musk's praise for China: 'I'm a big fan. I also have fans here'
This also comes as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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