These 20 stocks soared as markets surged – Here’s what sparked India’s biggest midcap rally

India’s equity markets witnessed a broad-based rally on April 15, 2025, with midcap and smallcap stocks at the forefront, surging on a mix of domestic policy signals and global trade developments. Riding the tailwind of a dovish monetary policy stance by the Reserve Bank of India (RBI) and temporary relief from new U.S. tariffs, investors returned to high-beta stocks with renewed enthusiasm. The rally was especially pronounced in financial services, renewables, industrial manufacturing, pharmaceuticals, and commodity-linked sectors, as capital rotated aggressively into risk-on trades.

The BSE Sensex surged 1,578 points to settle at 76,734.89, while the NSE Nifty50 jumped 500 points to close at 23,328.55, marking one of the strongest single-day gains of the year. What stood out, however, was the action in the broader market, where 20 stocks logged double-digit gains, some hitting upper circuit limits. These moves reflect investor appetite for value in sectors benefiting from either policy support or global supply chain realignment.

What Catalysed India’s Stock Market Rally on April 15?

Multiple factors combined to drive sentiment. Firstly, the RBI’s recent decision to reduce the repo rate by 25 basis points and adopt an accommodative stance signalled a clear shift in monetary policy toward growth support. Secondly, U.S. President Donald Trump announced a temporary pause on the implementation of broader retaliatory tariffs targeting key trade partners, including India. This move was interpreted as de-escalatory, giving investors room to take on risk.

At the sectoral level, the Nifty Realty index led gains, rising over 5.6%, followed by metals and autos, each of which climbed more than 3%. India VIX, a volatility index that reflects investor fear, fell by nearly 20%, signalling a more stable outlook in the near term. The return of foreign institutional investment, which had been net negative for much of March, added further momentum to the day’s rally.

Which 20 Indian Stocks Led the April 15 Surge?

Among the most notable performers was The Investment Trust of India Ltd, which gained 20% to close at ₹145.33. The sharp move came amid renewed interest in non-banking financial firms, with investors expecting improved earnings visibility due to falling borrowing costs and rising retail participation.

Fino Payments Bank Ltd also rallied 20% to ₹249.02, boosted by optimism around digital financial inclusion, particularly in Tier 2 and Tier 3 cities. As India accelerates its fintech ecosystem through public-private collaboration, payment banks are seen as key enablers.

Pondy Oxides and Chemicals Ltd surged 20% to ₹728.20, reflecting strength in the specialty chemicals and metals recycling sectors. The company is part of a broader thematic play on the China+1 strategy, which is prompting multinational corporations to diversify procurement to Indian suppliers.

Eimco Elecon (India) Ltd, an industrial machinery manufacturer, gained 20% to ₹1,758.80. Its performance is aligned with India’s increased capital expenditure on mining and energy infrastructure projects. With mineral demand recovering and thermal coal production being stabilised, equipment manufacturers are regaining pricing power.

Packaging and technical textile player Emmbi Industries Ltd rose 19.99% to ₹105.94. Demand for high-performance woven materials and agricultural packaging is expected to improve ahead of the sowing season, especially as commodity exports rise.

Inox Green Energy Services Ltd, which maintains wind power assets, also hit the upper circuit with a 19.99% jump to ₹143.02. This comes on the back of several state governments increasing wind power targets under their renewable energy policies.

Rama Phosphates Ltd and Precot Ltd gained 19.99% each to ₹110.08 and ₹450.75, respectively. The former is part of the fertiliser sector, which benefits cyclically from monsoon forecasts and urea subsidy clarity, while the latter is a textile exporter that’s riding a resurgence in global demand from Europe and Southeast Asia.

Autoline Industries Ltd, a two-wheeler and commercial vehicle component manufacturer, advanced 19.59% to ₹86.99. The company is seen as a key beneficiary of the auto sector’s revival, especially in the context of pre-election rural income schemes boosting transportation demand.

Pharmaceutical major Jubilant Pharmova Ltd gained 17.83% to ₹1,284.00, continuing its rebound after launching a new line of anti-infectives and contract manufacturing wins from overseas clients. The pharmaceutical sector broadly benefited from the perception of policy continuity and regulatory easing.

Other gainers included Goldiam International Ltd, up 16.24% to ₹380.00, as the gems and jewellery sector gained ground following Trump’s tariff freeze. Dhani Services Ltd added 16.15% to ₹62.72 on strong trading volumes and expectations of digital lending growth.

SRM Contractors Ltd, an infrastructure player from the northern belt, rose 15.40% to ₹372.10, with analysts citing state project execution momentum. Entero Healthcare Solutions Ltd added 13.73% to ₹1,320.00, reflecting increased demand for logistics-enabled pharma distribution models.

Windlas Biotech Ltd, a CDMO for the generic drug segment, gained 13.64% to ₹1,099.00. My CloudTag Ltd, an IoT-focused firm, was up 13.42% to ₹67.00 on the back of increased retail interest in technology-focused counters.

Among smaller players, Mangalam Global Enterprise Ltd rose 13.25% to ₹14.79 as edible oil prices rose, improving margins. Sai Life Sciences Ltd, another pharma services company, gained 13.05% to ₹756.90 amid a broader rotation into CRAMS plays.

Sugar and ethanol-focused Avadh Sugar & Energy Ltd gained 12.77% to ₹480.00, with the market pricing in strong ethanol demand ahead of blending target revisions. GMR Power and Urban Infra Ltd ended 12.71% higher at ₹131.60 as power sector infrastructure saw renewed policy traction.

How Do These Gains Align with Broader Economic and Policy Trends?

The April 15 surge was not isolated but part of a pattern increasingly seen in Indian markets, where domestic tailwinds can amplify global relief triggers. While the RBI rate cut provided liquidity, the postponement of adverse U.S. tariffs restored confidence in export-linked sectors. The rally across chemical, renewable, and financial stocks aligns with long-term structural reforms under India’s “Make in India” and energy transition missions.

However, Moody’s Analytics recently downgraded India’s 2025 GDP growth forecast from 6.4% to 6.1%, citing a potentially volatile global trade environment. While President Trump’s tariff relief was welcomed, the future of U.S.-China trade policy remains a risk factor for Asian manufacturing exports, including India’s pharma and electronics sectors.

Moreover, questions remain around the sustainability of the rally. While valuation re-ratings are expected in select midcaps, investors are urged to remain selective. Energy prices, election-linked spending, and monsoon outcomes will all play key roles in determining the trajectory of equities in the next quarter.

India’s stock market rally on April 15 offered a glimpse into how quickly sentiment can shift when global uncertainty eases and domestic policy supports risk-taking. The top 20 gainers show a cross-section of India’s evolving economic story—one powered by clean energy, digital financial inclusion, industrial recovery, and healthcare scale-up. For investors, the day was not just a market bounce but a validation of India’s resilience amid an increasingly fragmented global economy.