Why did market rise today? Sensex soars 890 pts, Nifty closes above 24,250; 4 factors behind Rs 4 lakh cr gains on D-Street

Sensex soared nearly 889 points to close at 77,655 while Nifty gained around 265 points to end the session above 24,250. The sharp gains added over Rs 4 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up to Rs 483 lakh crore.

Hindustan Unilever (HUL) and Infosys shares were the top gainers on Sensex, jumping 4-5% each. Trent, Tata Steel, L&T shares followed, rising nearly 3% each, while those of Bharti Airtel, HDFC Bank, TCS, HCL Tech, Kotak Mahindra Bank, Eternal and Axis Bank gained 1-2%. Adani Ports however closed 3% lower to lead losses on the benchmark index after its Q1 earnings.

India VIX, which is a measure of volatility in the market, dropped more than 4% to 12.01 despite the renewed uncertainties. Broader markets also traded in deep green, with Nifty Midcap 100 and Nifty Smallcap 100 indices rising up to 1.5%.

Sectorally, Nifty IT and Nifty Metal jumped more than 2.3% each to lead gains, while Nifty FMCG surged around 2%. Bucking the trend, Nifty Realty and Nifty Auto slipped into the red. The overall market breadth turned positive, with the NSE seeing 2,130 advances against 1,183 declines, while 128 stocks remained unchanged.