Sensex, Nifty 50 climb for 6th day in a row amid buying in FMCG, bank stocks

Despite a poor handover from Wall Street, the Indian stock market continued to soar on Tuesday, April 22, for the sixth consecutive session. The main indices ended the session higher thanks to robust gains in financials and automobiles as well as a fantastic recovery in FMCG sectors.

Following the government's imposition of a 12% interim safeguard duty for 200 days on five categories of steel products, metal stockpiles also provided assistance to the benchmarks. But, thanks to more liquidity, real estate stocks rose as much as 6%.

With both mid- and small-cap stocks continuing to rise as mood in the Indian stock market improved due to powerful domestic factors, broader markets continued to beat frontline indices. The Sensex finished the trading day with a surge of 0.21%, closing at 79,576 points, while the Nifty 50 completed the session with a gain of 0.14%, closing at 24,158 points. The Nifty Small Cap 100 index, its peer, ended the trading at 16,883 points, 0.66% higher than the previous close, while the Nifty Midcap 100 gained an additional 0.7% to conclude at 54,352 points.

Indian benchmark indices have gained 9% in the last nine trading sessions, powered by optimism over a probable rate decrease from the RBI, falling inflation, ongoing trade discussions with the US, the return of Foreign Portfolio Investor (FPI) inflows. Amidst growing tensions between the United States and China, as well as worries about a possible recession in the American economy, gold continues to shine brightly in another asset class, with spot prices reaching a fresh record high of $3,490 per troy ounce. Due to the intense pressure these factors have placed on the US Dollar Index, gold has been able to sustain its appeal on a global scale.