Sensex Surges 250 Points, Nifty Exceeds 23,600 Amid Strong Q4 Earnings

Indian Equity Indices Post Strong March-Quarter Earnings, Firm Global Cues

The benchmark equity indices Sensex and Nifty traded higher on Monday, driven by strong March-quarter earnings announcements by IndiGo and Asian Paints. Investors also took a cue from firm global cues, with Asian markets trading higher and Wall Street futures advancing.

At around 9:30 am, the Sensex was up 243.46 points or 0.33 percent at 75,019.20, while the broader Nifty was at 23,614.20, up 66.45 points or 0.28 percent. The strong performance was attributed to the impressive results from Asian Paints and Interglobe Aviation.

Asian Paints gained 3.4% after beating March quarter profit expectations, supported by volume growth in the decorative paints segment. Shares of Interglobe Aviation rose 4% despite posting a quarterly loss, as multiple brokerages reiterated their positive view on the airlines operator citing improving passenger unit revenue guidance and attractive valuations.

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The market also witnessed value buying after both the benchmarks lost about 1.5 percent on Friday, marked by a record foreign outflow of about Rs 21,000 crore and the highest ever turnover on the National Stock Exchange of India.

Rajesh Palviya, Head of Research at Axis Direct, noted that the Nifty is likely to witness buying interest on declines, with 23,400 and 23,200 acting as immediate support levels. On the upside, a sustained move above 23,850 could trigger fresh short covering and strengthen the recovery momentum towards the 24,000 mark.