As per the provisional closing, the barometer index, the S&P BSE Sensex, surged 1,078.87 points, or 1.40%, to 77,984.38. The Nifty 50 index rallied 307.95 points, or 1.32%, to 23,658.35. In the six consecutive sessions, both the indices jumped 5.63% each.

In the broader market, the S&P BSE Mid-Cap index added 1.32%, and the S&P BSE Small-Cap index jumped 1.17%.

The market breadth was strong. On the BSE, 2,496 shares rose and 1,640 shares fell. A total of 162 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 8.94% to 13.70.

Economy:

India's private sector economy ended the 2024/25 fiscal year on a strong footing, sustaining robust expansions in new business intakes and output, according to preliminary HSBC flash PMI data. Although the rates of growth softened from February, they remained well above their respective long-run averages. Outstanding business volumes continued to rise, supporting another round of job creation, while price trends were mixed.

The HSBC Flash India Composite Output Index marginally decreased from February's final reading of 58.8 to 58.6 in March. The latest figure was still above its long-run average of 54.7, indicating a sharp rate of expansion.

The HSBC Flash India Manufacturing PMI increased from 56.3 in February to 57.6 in March, signaling a notable improvement in operating conditions that was broadly aligned with the average for the 2024/25 fiscal year.

The HSBC Flash India Services PMI Business Activity Index dropped to 57.7 in March, down from the February final of 59.0.

Pranjul Bhandari, Chief India Economist at HSBC, said, "India’s manufacturing sector expanded at a faster pace in March, according to the flash PMI. The output index rose to its highest level since July 2024. Yet the margin squeeze on manufacturers intensified as input price inflation ticked up, while factory gate prices rose at the weakest rate in a year. The moderation in new export orders growth was also noteworthy amid tariff announcements."

Buzzing Index:

The Nifty Private Bank index added 2.42% to 25,842.85. The index rallied 7.88% in six consecutive trading sessions.

Kotak Mahindra Bank (up 4.67%), Federal Bank (up 4.29%), RBL Bank (up 4.05%), IDFC First Bank (up 2.84%), Axis Bank (up 2.7%), HDFC Bank (up 1.67%), ICICI Bank (up 1.47%) and Bandhan Bank (up 1.41%) advanced.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 1.87% after the firm said that Subramanian Sarma will be elevated from whole-time director & president, Energy to deputy managing director (MD) & president of the company with effect from 2nd April 2025.

Meanwhile, the company’s subsidiary, L&T Energy Green Tech and John Cockerill signed a memorandum of understanding (MoU) to explore various technologies in concentrated solar power (CSP) and thermal energy storage (TES).

Godrej Properties (GPL) added 2.41% after the company announced the acquisition of approximately 10 acres of land in Yelahanka, Bengaluru, for a new development project with an estimated revenue potential of Rs 2,500 crore.

J Kumar Infraprojects advanced 3.22% after the company received a letter of acceptance (LoA) worth Rs 1,020 crore from City and Industrial Development Corporation of Maharashtra (CIDCO) for a construction project in Navi Mumbai.

Power Mech Projects surged 16.43% after the company announced that it had received an order worth Rs 579 crore from Bharat Heavy Electricals (BHEL) for the 2x800 MW Damodar Valley Corporation (DVC) Koderma TPS Phase-II in Jharkhand.

RailTel Corporation of India jumped 5.83% after the company announced that it had received a work order worth Rs 25.15 crore from Hindustan Petroleum Corporation (HPCL).

NCC gained 1.50% after the company announced that it has received a Letter of Acceptance (LoA) worth Rs 1,480.34 crore from the Bihar Medical Services & Infrastructure Corporation.

Global Markets:

US Dow Jones index futures rose 306 points, signaling a strong opening for US stocks today. Media reports suggest that President Donald Trump’s April 2 tariffs will be narrower and less stringent than initially feared, easing concerns about their economic impact.

European shares advanced on Monday as investors will be keeping an eye on preliminary purchasing managers’ index data from the U.K., France, Germany and the euro zone to get a gauge of business activity in the region’s manufacturing and services sectors.

Asian stocks ended mixed on Monday as investors braced for Trump’s looming April 2 tariff deadline.

In Japan, business activity shrank for the first time in five months. The au Jibun Bank Manufacturing PMI fell to 48.3 in March, down from 49.0 in February, marking its ninth consecutive month of contraction. Meanwhile, the Services PMI dropped to 49.5 from 53.7, the first decline since mid-2024. A PMI reading below 50 indicates contraction.

Meanwhile, Chinese Premier Li Qiang warned of “rising instability” and urged nations to open up their markets.

On Friday, US market closed higher as Trump hinted at "flexibility" on tariffs, although he reaffirmed the April 2 deadline for reciprocal duties.

The S&P 500 rose 0.08% to 5,667.56 points, while the NASDAQ Composite rose 0.52% to 17,784.05 points. The Dow Jones Industrial Average rose 0.08% to 41,985.35 points.

Nike stock slipped over 5% after the fiscal fourth-quarter revenue estimate came in below analysts’ expectations.

While stocks have rebounded from oversold levels, investors remain cautious. Until there is clarity on the tariff situation—expected by April 2—the market’s upside potential will likely remain limited.