Top Gainers and Losers on April 1: GRSE, Angel One, BSE, DMart, UCO Bank, Mazagon Dock, OLA Among the Day's Notable Performers

Indian Equities Kickstart FY27 with Strong Rebound

The Indian equities market has started the new fiscal year, FY27, with a bang, as both key indices rallied over 1.5% to snap a two-day sell-off and recover from the steepest monthly drop in six years in March. Market sentiment improved on the back of a drop in crude oil prices and rising hopes that the US-Iran war could end soon, giving a much-needed boost to Dalal Street investors.

The strong rebound in financials and auto stocks helped lift the markets, with the Nifty 50 eventually settling 1.56% higher at 22,676, while the Sensex closed at 73,134, up 1.65% from Monday's close. The broader markets also mirrored the sharp rebound, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices closing higher by 2.3% and 3.3%, respectively.

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Among sectoral indices, the Nifty PSU Bank index emerged as the top performer, surging 3.70%, while the Nifty Media, Nifty Chemicals, Nifty Metal, Nifty Realty, Nifty Auto, and Nifty IT indices all rallied over 2%. The Nifty Pharma index was the only sectoral loser, slipping 1%.

The rally was supported by sustained optimism around India's defence manufacturing push and a recent wave of large procurement approvals, keeping the sector firmly in focus for investors seeking both momentum and long-term structural growth. Defence and auto stocks led the recovery rally, with Garden Reach Shipbuilders, Ola Electric, and Mazagon Dock Shipbuilders emerging as top gainers among Nifty 500 constituents, surging 19.6%, 13.6%, and 12.3%, respectively.

Other defence stocks such as Cochin Shipyard, Bharat Dynamics, and BEML also surged up to 12.2%. A strong business update from DMart drove the stock 8% higher, while Ircon International rebounded 9%. Another railway stock, RailTel Corporation, advanced 7.2% to ₹263.8 apiece.

Capital market stocks such as Motilal Oswal Financial Services (MOSL), Angel One, and BSE ended with gains of up to 7.4% after the Reserve Bank of India (RBI) deferred its circular on capital market exposures of banks for a period of three months. Groww, CAMS, Nippon Life India AMC, HDFC AMC, and Anand Rathi Wealth also closed higher in the range of 3-6%.

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Similarly, all state-owned banks staged a strong recovery, with Punjab & Sind Bank rallying 6.6% and Bank of Maharashtra surging 5.8%. This was followed by UCO Bank, Central Bank of India, Indian Bank, Union Bank of India, and State Bank of India, all rising over 4%.

However, not all stocks joined the party, with Acutas Chemicals being the top laggard, falling 9% to ₹2,332, while Ipca Laboratories and LG Electronics India were also down 5.8% and 3.8%, respectively. While broader auto stocks staged a strong recovery, select stocks such as Hyundai Motor India and Ashok Leyland closed lower, declining 3.5% and 3.3%.