3 weeks ago
Indian equities gained for the seventh straight day, with the benchmark Nifty 50 hitting a four-month high. The Nifty reclaimed the 24,300 level, and the Sensex rose above 80,000 for the first time since December 2024.
After opening with a positive note, the market slipped into decline in the early part of the session. It later witnessed a sustainable upside recovery in the mid to later part of the session and closed at the highs.
The index climbed another 162 points to close at 24,329, marking a robust recovery of over 2,600 points from its April 7 low of 21,743.
The broader market indices mirrored the benchmark's strength, continuing their upward journey for the seventh consecutive day. The Nifty Midcap 100 index surged by 1.18%, while the Nifty Smallcap 100 index advanced by 0.44%.
Sectorally, the IT, Auto, and Pharma sectors led the gains, while Consumer Durables, Private Banks, and PSU Banks experienced losses.
Strong results from HCL Technologies lead to a buying in IT names, with the Nifty IT index jumping 4%. The IT index saw its biggest single-day gain in nine months, with all constituents ending higher, up between 3% and 6%.
Banks saw profit booking after recent outperformance, with the Nifty Bank index slipping 0.5%. Banking heavyweights ended lower, with HDFC Bank and Kotak Bank among the top losers.
Shares of auto components manufacturer Sona BLW Ltd. surged as much as 6% on April 23, after Tesla Inc., its key client, shared positive commentary for the production of a key model. Tesla said in its post-earnings call, that the production rate of its key "Model Y" has returned back to earlier levels.
Looking ahead to Thursday, market attention will shift to earnings reports from Hindustan Unilever, Axis Bank, L&T Technology Services, Persistent Systems, Tech Mahindra, Nestle India, Mphasis, Laurus Labs, ACC, and SBI Card.
Additionally, LTIMindtree, Dalmia Bharat, which released its earnings after market hours on Wednesday, will also remain in focus.
Meanwhile, foreign investors continued to remain net buyers in the cash market on Wednesday, while domestic investors were net sellers.
On the global front, the White House is reportedly considering a significant reduction in tariffs on Chinese imports, potentially cutting them by more than half in an effort to ease trade tensions with Beijing. Individuals familiar with the discussions told Wall Street Journal (WSJ) that tariffs could be lowered to between 50% and 65%, though no final decision has been made.
LKP Securities' Rupak De said the Nifty remained volatile after an optimistic start, supported by positive global cues. Although the sentiment remains upbeat as the index continues to trade above the previous swing high.
"Going forward, a decline towards the 24,000–23,900 zone appears likely if the Nifty slips below 24,300. On the higher side, resistance is seen at 24,450–24,500," he added.
Nagaraj Shetti of HDFC Securities said the underlying trend of Nifty continues to be positive. "Though the market is facing hurdle and volatility at the highs, still there is no confirmation of any reversal pattern or tiredness at the highs. The next upside to be watched around 24,550 and 24,800 in the near term. Immediate support is placed at 24,100 levels."
Here are the stocks to watch ahead of Thursday's trading session:
- Tata Cons: Q4 Largely In-line With Estimates, Foods Biz Organic Revenue Up 17% YoY
- Bajaj Finance: Board To Consider Interim Dividend, Stock Split, & Bonus Issue On April 29
- LTIMindtree: EBIT Margin Flat, Co Is Confident Of Q1 Being A Growth Qtr
- Biocon: Board Approves Fund Raise Of Up To Rs 4,500 Cr Via NCDs, QIP
- Dalmia Bharat: Q4 Largely In-line With Est, Margin At 19.40% Vs 15.20% (YoY)
- Persistent Sys: CC Rev Growth Above Est, Co Optimistic About $2 Bn Rev By FY27
- Can Fin Homes: NIM At A 4-qtr High Of 3.82%, Disbursements Up 6.10% YoY & 30.65% QoQ
- Adani Green: Inks 1250 MW PPA With UP Power Corp For Supply From Hydro Project
- Syngene: FY26 Rev Growth Guidance In Mid Single-digits, EBITDA Up 8.74% (YoY)
- Samhi Hotels: Newsbreak Confirmed, GIC To Acquire 35% Stake In 3 Subsidiaries For `752 Cr
- Thyrocare: EBTIDA Up 73%, Margin At 30.70% Vs 21.55% (YoY)
- Bajaj Housing: Q4 Below Estimates, AUM Up 25.50% YoY & 5.90% QoQ
- Spandana: MD Shalabh Saxena Has Resigned
- Rallis India: Revenue Down 1.40%, EBITDA Loss At rs 20 Cr Vs EBITDA Of rs 6 Cr (YoY)
- Supreme Petro: EBITDA Down 17.40%, Margin At 9.40% Vs 11.20% (YoY)
