Bulls stayed in control of Dalal Street on April 15 as benchmark indices Sensex and Nifty continued to trade with strong gains in the afternoon session. The rally was supported by buying in realty, banking, and auto stocks. Market volatility also eased, with India VIX falling sharply by 18 percent after US President Donald Trump announced exemptions on tariffs for smartphones and computers, and hinted at a pause on auto tariffs.
Around noon, the Sensex was up 1,550 points or 2.06 percent at 76,707, and the Nifty was up 469 points or 2.06 percent at 23,298. The market was decisively positive as around 2,875 shares advanced, 555 shares declined, and 144 shares unchanged.
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All sectoral indices were trading in the green, except the Nifty FMCG index, which saw some profit-booking after last week’s gains. The Nifty Realty index was the top gainer, rising over 4.5 percent, followed by strong gains in Nifty Auto and Nifty Metal indices.
Mid and small-cap stocks also joined the rally. The Nifty Midcap 100 and Nifty Smallcap 100 indices each gained more than 2 percent.
However, analysts at ICICI Securities said that the Nifty may not be able to move past the 23,500 mark due to ongoing concerns about tariffs.
"We believe that there might be some respite in the volatility but continued sharp moves shouldn’t be ruled out. For this truncated week, we believe that 22,800 levels should act as immediate support while a sustain move above 23,500 seems difficult," the brokerage firm said.
Meanwhile, Manish Chokhani, Director at Enam Holdings, expressed optimism about the Indian markets. He noted that although the markets are eager to rise, they currently lack enough strong triggers. However, he added that once earnings begin to roll in, the market could see a significant move.
“Right now, the stars are aligning—we just need to be patient. India remains a relatively inexpensive market, especially in sectors like financials, metals, and public sector undertakings. Banking is leading this market cycle and will likely be a major wealth creator,” Chokhani said during a conversation with CNBC-TV18.
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