Indian Market Rebounds: Sensex Gains 350 Points, Nifty Surpasses 24,250

Indian Stock Market Sees Partial Recovery on April 23

The Indian stock market staged a partial recovery on April 23, after a gap down opening, with the benchmark Sensex rising 350 points from its day's low. The Nifty also reclaimed the 24,250-mark, marking a significant turnaround in the market.

At 10:15 am, the Sensex was down 434.41 points or 0.55% at 78,082.08, and the Nifty was down 99.45 points or 0.41% at 24,278.65. The market saw a significant shift in investor sentiment, with about 1,764 shares advancing, 1,650 shares declining, and 167 shares remaining unchanged.

Market Analysts Cite Value Buying as Key Reason for Recovery

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Value buying emerged as a key reason behind the market's partial recovery. According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, the Indian market has seen a trend of the broader market outperforming, with no significant pressure from Foreign Institutional Investor (FII) selling. Instead, FII have been buying stocks in the mid and small-cap segments, leading to the outperformance of the broader market. This trend is likely to continue, with stock-specific action in response to earnings results.

Pharma Shares Drive Market Recovery

The Nifty Pharma index rose nearly 2.5% on April 23, driven by buying in pharma shares. Nomura reported that the India pharmaceuticals market continued to grow in double digits at 10.1% year-on-year in March. Most companies under the brokerage's coverage grew ahead of expectations during the month.

Top Gainers in Pharma Sector

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The market's technical reason for the recovery was also attributed to the Nifty taking support at the 24,100 level and starting to move upwards.