Sensex Gains 510 Points as Bulls Erase 800-Point Crash
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- Sensex recovered from a morning plunge of over 800 points to close up 510 points at 74,616, while Nifty 50 rose 155 points (0.68%) to 23,124, erasing all losses as IT heavyweights TCS, HCLTech, and Infosys each jumped around 3%.
- The rally added nearly Rs 2 lakh crore to BSE-listed market cap, taking the total to Rs 429 lakh crore — part of a Rs 17 lakh crore recovery in the first four sessions of April following March's massive selloff.
- Brent crude futures fell about 1% to near $108 per barrel, providing relief after prices had crossed the $100 mark in March following the Strait of Hormuz closure amid the Iran war.
- Indian rupee rose 0.1% to 92.98 against the US dollar, though LKP Securities' Jateen Trivedi warned the bounce is a technical pullback, with underlying crude and global uncertainty pressures persisting and support seen at 92.45.
- Foreign institutional investors extended their selling streak to 24 consecutive sessions, offloading shares worth nearly Rs 8,167 crore on Monday even as the headline indices rallied, leaving domestic institutions as the sole marginal buyers.
- Trump escalated his threats against Iran, warning that 'the entire country of Iran could be taken out in one night' and that 'every power plant' could be destroyed if Tehran failed to comply, while postponing his planned military action — fresh Israeli airstrikes and Iranian retaliatory fire continued.
- Geojit's Vinod Nair noted gains were 'largely confined to IT, FMCG, and metals' with broader market breadth weak, and flagged the upcoming RBI policy decision, where rates are widely expected to remain on hold, as the next key catalyst.
Why it matters: Indian equities added Rs 2 lakh crore in market cap in a single session, but foreign investors have now sold for 24 straight sessions — offloading Rs 8,167 crore on Monday alone — meaning domestic institutions are single-handedly propping up the Rs 429 lakh crore market. The rupee's bounce past 93 is described by analysts as a 'technical pullback, not a structural reversal,' and Trump's escalation against Iran keeps the geopolitical premium on crude firmly in place.
