Title: Closing Stocks: April 29 - Nifty up 0.03%, Sensex up 0.09%; Sector Analysis
Sluggish Tuesday: Nifty maintains 24,300, Sensex remains at 80,000; cement and pharmaceutical sectors experience strain - 5 pivotal points
Hey there! Let's dive into today's market wrap!
The major Indian equity indices took a breather, concluding the session on a flat note. The IT, consumer durables, and oil & gas sectors provided the necessary push.
On April 29, the Nifty 50 rose by 7.45 points or 0.03% to close at 24,336, while the BSE Sensex edged up 70 points or 0.09% and ended at 80,288.38. Caution prevailed amid geopolitical concerns over border tensions that triggered a largely range-bound oscillation in the national market. Despite this, sustained inflows from Foreign Institutional Investors (FII) helped maintain market sentiment and limited pessimism. Mixed Q4 results raised worries regarding potential downward revisions to FY26 projections, while concerns of retaliatory actions heightened the risk of consolidation in the near term.
Highlights of the Day:
happily trade higher in the morning hours but showed signs of weakness later on. The Sensex, peaking at 80,661.31, lost momentum and couldn't break the 80k mark. Nifty, too, advanced 130 points in the initial trade and reached 24,457.10, only to slip back from the promising 24,400 level.
The day's top performers were Trent, a Tata Group retail and fashion company, which recorded a 5.77% increase. Other prominent gainers were BEL, Tech Mahindra, Reliance Industries, and Eternal (Zomato). At the opposite end were Sun Pharma, UltraTech Cement, Coal India, Oil & Natural Gas Corp., and Dr. Reddy's Laboratories.
In sectoral analysis, the IT sector outperformed, rising 1.23% by the end of trading. However, the pharma and metal sectors dragged the indices, with the pharma sector falling 1.06% and the metal sector losing 0.95%.
Economic concerns, such as tariff policies and potential retaliatory actions, have been weighing on the IT sector. US economic fears play a crucial role here. In addition, delayed contract signings, weak technology spending, and brokerage downgrades also contribute to the sector's challenges[2][3][4]. Meanwhile, the pharma sector factors were not discussed in the provided context, but regulatory approvals, generic drug pricing, R&D pipelines, and currency fluctuations are some of the common pharma sector influencers.
The Nifty Bank underperformed the main indices, experiencing a slight decline of 0.07% to close at 55,391. The BSE Midcap and NSE Nifty also performed well, rising 0.23% and 0.01%, respectively. In the broader markets, small- and mid-cap stocks ended the day in the green, opposing the overall market sentiment. The volatility index (VIX) increased by 2.53% to reach 17.37.
Moving along, let's stay updated with Ather Energy IPO developments. Don't forget to check the GMP, IPO allotment dates, and find out why investors are approaching the offering cautiously!
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Sources:[1] https://www.business-standard.com/article/companies/tcs-q4-net-profit-down-7-1-percent-yoy-uncertain-outlook-halves-raising-guidance-123042701384_1.html[2] https://dealstreetasia.com/stories/q4fys23-results-forecasts-20230428132410-market-analysis/[3] https://www.reuters.com/world/india/india-it-stocks-hedge-risk-tariffs-pricing-power-2023-03-24/[4] https://www.financialexpress.com/stock-market/domestic-indexes-set-to-open-lower-on-monday-asian-markets-take-a-hit-by-worsening-us-china-ties-earlier-nafra-data-show/2319289/
- Despite geopolitical concerns, sustained inflows from Foreign Institutional Investors helped maintain market sentiment, limiting pessimism in the Indian equity market.
- On April 29, the Nifty 50 and the BSE Sensex ended the day with a slight increase, but the market showed a largely range-bound oscillation due to border tensions.
- The IT sector outperformed all other sectors, rising 1.23% by the end of trading, while the pharma and metal sectors dragged the indices down.
- Trent, a Tata Group retail and fashion company, was the day's top performer, recording a 5.77% increase.
- The Nifty Bank underperformed the main indices, experiencing a slight decline, while small- and mid-cap stocks ended the day in the green.
- In the broader markets, the BSE Midcap and NSE Nifty also performed well, with the former rising 0.23% and the latter 0.01%.
- The volatility index (VIX) increased by 2.53% to reach 17.37.
- Economic concerns, such as tariff policies and potential retaliatory actions, have been weighing on the IT sector, with delayed contract signings, weak technology spending, and brokerage downgrades also contributing to its challenges.
