Final Trade: Market rallies for the 6th session in a row; Sensex up 187 pts; Nifty closes at 24,167

Indian equity benchmarks ended higher for the sixth consecutive session on April 22, supported by strong buying in FMCG, financials, auto, and metal stocks, despite a weak global handover. The Sensex rose 0.21 per cent to close at 79,576, while the Nifty 50 advanced 0.14 per cent to settle at 24,158.

Mid and small-caps steal the show

Broader indices once again outperformed frontline benchmarks, with positive sentiment supported by strong domestic liquidity and improving earnings visibility.

• Nifty Midcap 100 gained 0.7 per cent to end at 54,352,

• Nifty Smallcap 100 rose 0.66 per cent to 16,883.

Investor focus remained on high-beta segments as mid and small-cap stocks continued to attract flows amid a positive domestic macro outlook.

Sector check: FMCG, metals, banks shine; realty rallies up to 6%

FMCG stocks rebounded sharply, aided by expectations of improving rural demand ahead of the monsoon season.
Banking and auto stocks maintained upward momentum, with heavyweights in the private sector contributing to index gains.
Metal stocks rose after the government imposed a 12 per cent provisional safeguard duty for 200 days on five categories of steel products, a move that is expected to shield domestic producers from cheap imports.

Meanwhile, real estate stocks surged up to 6 per cent, benefiting from improving liquidity conditions and signs of revival in housing demand.

Global gold prices hit record $3,490 amid US-China tensions

In the commodities space, gold prices surged to an all-time high of $3,490 per troy ounce as investors sought safe-haven assets.
The rally in gold was driven by:

• Heightened geopolitical tensions between the US and China

• Fears of a slowdown in the American economy

• Weakening US Dollar Index, which enhanced gold’s global appeal

These global headwinds have bolstered demand for bullion, even as equities rally domestically.

Weak cues from Wall Street ignored

Despite a sharp 2 per cent fall in US indices overnight, following former President Trump's criticism of Fed Chair Jerome Powell, Indian equities remained resilient. Trump's remarks about possibly removing Powell have triggered fears about the politicization of monetary policy, further dampening investor confidence in US markets. However, Indian markets have remained decoupled from global weakness, buoyed by domestic institutional support and earnings optimism.

Market outlook

With benchmark indices posting their sixth consecutive day of gains, market watchers expect consolidation to follow, especially as corporate earnings and macro data remain in focus. The outperformance of mid- and small-cap stocks signals robust domestic participation, even as global volatility stays elevated.