The Indian stock market began the week on a strong note, with benchmark indices Sensex and Nifty50 opening higher on Monday, April 21, 2025. Both indices signaled optimism across domestic equities despite global uncertainties and geopolitical concerns.
Opening Bell: Bulls Take Charge
The BSE Sensex opened 349.89 points, or 0.45 per cent, higher at 78,903.09. The broader NSE Nifty50 mirrored this sentiment with a gain of 97.50 points, or 0.41 per cent, to start at 23,949.15. This positive opening reflects investor confidence ahead of a heavy earnings week and despite mixed cues from global markets.
Among Sensex constituents, Tech Mahindra, Axis Bank, HDFC Bank, State Bank of India, and Infosys led the rally. Tech Mahindra surged the most, gaining over 3.2 per cent in early trade. Strong buying interest in these frontline stocks drove the benchmark indices higher during the initial hours.
Sectoral Indices and Broader Markets in Sync
The broader markets also joined the upward movement. Mid-cap and small-cap indices on the NSE gained up to 0.60 per cent, reinforcing bullish sentiment across the board.
Sectorally, Bank Nifty, Financial Services, IT, PSU Bank, and Private Bank indices all registered gains of over 1 per cent each. Financial and IT stocks remained the prime movers, benefiting from improved earnings expectations and positive macro trends. PSU banks also saw increased activity, indicating rising investor confidence in government-backed lenders.
Gold Surges Amid Trade War Tensions
Outside equities, gold prices skyrocketed to new all-time highs, driven by rising fears of a renewed trade war between the United States and China. Investors flocked to the yellow metal as a safe-haven asset.
Spot gold broke past the $3,300 level, climbing to a record high of $3,368.92 per ounce. This spike came after escalating tensions between Washington and Beijing sparked concerns about global economic stability. Gold’s rally reflects a flight to safety as traders hedge against geopolitical risk and potential market volatility.
Trade War Fears Dampen Sentiment
While domestic equities surged, the upside remained capped by global headwinds. The potential re-ignition of the US-China trade conflict has begun to cast a shadow over markets.
US President Donald Trump reignited tensions by criticizing Federal Reserve Chair Jerome Powell. Trump’s comments — stating that Powell’s termination “couldn’t come fast enough” — rattled investor sentiment. The President blamed Powell’s policies for slowing economic momentum and claimed that the Fed’s stance clashed with his trade agenda.
Powell, on the other hand, warned that Trump’s aggressive trade measures could hamper the Fed’s progress toward achieving its 2 per cent inflation target. This standoff between the executive branch and the central bank stoked market volatility and raised questions about US monetary policy direction.
Global Market Performance
In Asia, the picture remained mixed.
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Japan’s Nikkei 225 fell 0.74 per cent, weighed down by profit booking and lack of fresh domestic triggers.
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South Korea’s Kospi rose 0.5 per cent, benefiting from gains in tech shares and strong retail investor participation.
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Markets in Australia and Hong Kong remained shut for Easter Monday, limiting liquidity and trading volumes in the broader Asia-Pacific region.
Meanwhile, US index futures traded lower, with futures tied to the S&P 500, Nasdaq-100, and Dow Jones slipping 0.5 per cent each. Investor concerns about the Fed’s credibility and the fallout from Trump’s statements contributed to early weakness.
China Holds Rates Steady
China’s central bank kept its key interest rates steady. The 1-year and 5-year Loan Prime Rates (LPR) remained unchanged, signaling a wait-and-watch approach amid global tensions and domestic economic challenges.
Markets received this move with caution, as traders speculated whether the People’s Bank of China would need to step in with stimulus if global headwinds intensify. For now, the Chinese economy appears stable, but growth concerns linger in the background.
Q4 Earnings in Focus
Back home, all eyes remain on Q4 earnings season, which has entered a crucial phase. Over 100 companies are expected to announce their March quarter results this week.
Among those set to report today are:
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Alok Industries
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Anant Raj
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Birla Money
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GNA Axles
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Himadri Speciality Chemical
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International Gemmological Institute India
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Indag Rubber
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Lotus Chocolate Company
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Mahindra Logistics
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Pitti Engineering
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Purple Finance
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Rajratan Global Wire
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Shekhawati Industries
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Shilchar Technologies
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Siel Financial Services
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Tata Investment Corporation
Investors are keenly tracking results for revenue growth, margin expansion, and management commentary on FY26 guidance.
Apart from these smaller players, heavyweight financials such as HDFC Bank, ICICI Bank, and HDFC Life will also release their earnings. Analysts expect strong performance from private lenders, supported by credit growth and improving asset quality.
Investor Outlook
With earnings in full swing, market participants expect increased stock-specific action throughout the week. Analysts believe upbeat corporate earnings and steady macro indicators could sustain market momentum, provided global tensions don’t derail investor sentiment.
Foreign Institutional Investors (FIIs) continue to participate actively, especially in financials, IT, and consumer stocks. Domestic Institutional Investors (DIIs) are also contributing to stability by supporting broader indices during global sell-offs.
Despite external challenges, India’s strong economic fundamentals—including robust GDP growth, stable inflation, and healthy corporate balance sheets—provide a cushion for equity markets. However, traders remain alert to any escalation in geopolitical risks or shifts in global monetary policy.
Conclusion
The Indian stock market began Monday on a high note, powered by strong gains in banking and IT stocks. Sectoral breadth remained positive, and broader markets participated in the rally. While gold’s record-breaking run highlights global uncertainty, domestic investors stayed focused on Q4 earnings and economic resilience.
Going forward, market momentum will hinge on corporate earnings, global cues, and geopolitical developments. As earnings reports start pouring in, traders and long-term investors alike will analyze results for clues on FY26 growth and strategic direction.
Despite global headwinds, India’s equity market shows underlying strength. With consistent domestic flows, solid corporate fundamentals, and macroeconomic tailwinds, bulls may continue to hold the reins—at least for now.
