Closing Bell: Bulls back in action; Sensex rises 1310 pts, Nifty above 22800

Indian equity indices ended on strong note with Nifty above 22,800 on April 11. At close, the Sensex was up 1,310.11 points or 1.77 percent at 75,157.26, and the Nifty was up 429.40 points or 1.92 percent at 22,828.55.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Tuesday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Markets wrapped up the week on a strong note, gaining nearly 2%, buoyed by positive global cues. The U.S. decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown. As a result, the Nifty index opened with a strong gap-up and tested resistance near the 20-day exponential moving average (DEMA) around 22,900. It then moved in a narrow range before settling at 22,828.55.

Sector-wise, metals, energy, and pharma led the gains, while broader indices also saw a solid rebound, rising between 1.82% and 2.86%.

The recovery, supported by a continued decline in the volatility index, is a positive sign, though such sharp moves remain challenging to trade. On the index front, a decisive close above 22,900 could pave the way for a retest of the key moving average zone near 23,400. On the downside, immediate support lies at 22,300. Until more stability is seen, we recommend maintaining a hedged approach. Participants should stay focused on global developments and corporate earnings for further direction.

The Indian rupee appreciates after three days of decline following stronger regional currencies and risk-on sentiments. The US government's decision of pausing reciprocal tariff for 90 days and tit-for-tat approach between US-China weighed on the greenback.

In the near-term, spot USDINR has support at 85.40 and resistance at 86.90.

An unexpected pause on reciprocal tariffs by the US provided relief in the midst of the uncertainty. Though the IT major’s result missed the street estimates, it opines optimism in the latter half of FY26 owing to growth in the order book. Any development in the bilateral trade negotiations can alter the near-term outlook on the export-driven sectors. The supportive domestic environment with an ease in interest rates and a benign inflation trajectory is encouraging investors to have a balanced portfolio to aid in a better risk-reward in the long term.

The Nifty faced resistance around the 21-EMA on the daily timeframe, leading to a close off the day’s high. The trend appears bearish unless it decisively moves above 23,000, where significant open interest has been added.

On the downside, support is placed at 22,750; a break below this level could intensify the bearish sentiment. Conversely, a decisive move above 23,000 may trigger a rally towards 23,500, as suggested by the positive divergence in the RSI.

Markets defied the bearish world equities sentiment to end sharply higher on the back of strong all-round buying. The Trump government's decision on not to impose any import tariffs on any nations for another 90-days provided a sigh of relief to investors that fuelled short covering. However, intra-day volatility with a negative bias is expected to make a comeback as China hitting back with 125% tariffs on US imports could trigger a sell-off going ahead.

#1 Market sees a minor fall this week, but relatively outperforms global markets

#2 Nifty, Sensex & Midcap index slips 0.3 percent each & Nifty Bank nearly 1 percent

#3 Friday’s gains of 2 percent help market cut its weekly losses

#4 IT, metal & realty are worst performing sectors, indices down 2-4 percent

#5 PSU & FMCG are top gaining indices, up 2-4 percent

Indian rupee ended higher at 86.05 per dollar on Friday against Wednesday's previous close of 86.69.

Indian equity indices ended on strong note with Nifty above 22,800 on April 11.

At close, the Sensex was up 1,310.11 points or 1.77 percent at 75,157.26, and the Nifty was up 429.40 points or 1.92 percent at 22,828.55. About 3006 shares advanced, 807 shares declined, and 110 shares unchanged.

Biggest Nifty gainers included Hindalco Industries, Tata Steel, JSW Steel, Coal India, Jio Financial, while losers were TCS, Asian Paints and Apollo Hospitals.

All the sectoral indices ended in the green with Metal index rose 4 percent, while Auto, Oil & Gas, Power, PSU, Telecom, Pharma up 2 percent each.

The BSE midcap index was rose 1.8 percent and smallcap index added 3 percent.

Indian Rupee gained by nearly 0.7% today on sharp decline in the US Dollar index and positive domestic markets. US Dollar fell below the 100-mark after US President Donald Trump paused trade tariff on all countries except China. However, a recovery in crude oil prices and FII outflows capped sharp gains.

We expect Rupee to trade with a negative bias amid trade tariff uncertainty which may dent global market sentiments. However, overall weakness in crude oil prices may support the rupee at lower levels. Traders may take cues from PPI and consumer sentiment data from the US. USDINR spot price is expected to trade in a range of Rs 85.75 to Rs 86.50.

NBCC (India) has successfully sold 560 residential units at Aspire Leisure Park, Greater Noida (W), U.P. through an e-auction at total sale value of approximately Rs. 1153.13 crore.

HSBC keeps 'hold' rating on the stock, target price cut to Rs 385 from Rs 460

#1 Challenging demand in Europe, driven by geopolitical tensions, trade disruptions & high energy costs

#2 Europe spreads hit €170/t In Q3FY25, down from €240/t

#3 Transformation program to cut controllable costs by 15 percent & save €500 mn in FY26, but uncertain impact from global tariffs

The United States Food and Drug Administration (USFDA) has conducted an inspection at Raleigh Plant, North Carolina, USA, owned by Aurolife Pharma LLC, a wholly owned step-down subsidiary of the Company, established for manufacturing Inhalers and Derma products, from March 24, 2025 to April 10, 2025.

The inspection was completed on April 10, 2025 and at the conclusion, the USFDA issued a Form 483 with 11 observations. These observations are procedural in nature.

The Sensex was up 1,302.09 points or 1.76 percent at 75,149.24, and the Nifty was up 431.20 points or 1.93 percent at 22,830.35. About 2796 shares advanced, 635 shares declined, and 88 shares unchanged.

The March 2025 AMFI data shows gross equity sales up by approx. Rs 2100 crore though net flows down by 14% to Rs 25000 crore from Rs 29300 crore mainly because of higher redemption in sectorial and thematic funds. Interestingly, equity AUM grew by 7.5% to Rs 29.5 lakh crore, and the overall industry AUM rose to Rs 65.74 lakh crore in March 2025.

Continued incremental inflows were mainly seen Flexi Cap , Small cap and Multi Cap, which is a positive sign, indicating a long-term investment approach by investors despite global and macroeconomic concerns.

The company’s wholly owned subsidiary, Carbogen Amcis (Shanghai) Co., has received a drug manufacturing license from the National Medical Product Administration (NMPA) for its Shanghai facility in China.

#1 Shivalik Bimetal: Direct exposure remains manageable

Franklin Templeton has temporarily suspended additional purchases into its Franklin India Corporate Debt Fund following the receipt of proceeds from the insolvency resolution of its exposures to Reliance Broadcast Network and Reliance Capital.

In a statement, the fund house clarified that it is currently seeking legal guidance on the appropriate treatment of these funds. “This receipt of the proceeds will not be considered in the Net Asset Value (NAV) of the scheme until legal guidance is received by the AMC,” Franklin Templeton noted.

The Sensex was up 1,310.29 points or 1.77 percent at 75,157.44, and the Nifty was up 433.15 points or 1.93 percent at 22,832.30. About 2777 shares advanced, 615 shares declined, and 94 shares unchanged.

Virat Sunil Diwanji has been appointed as National Head – Consumer Banking and designated as a senior management personnel of the bank, effective April 10.

The company has successfully sold 1,185 residential units at Aspire Dream Valley, Phase III, Greater Noida (West), UP through an e-auction, achieving a total sale value of Rs 1,504.69 crore. NBCC will earn a marketing fee at 1% of the sale value.

The Board has approved the appointment of Rohan Parekh as Chief Financial Officer of the company, effective April 16.

The company has commissioned and capitalised a new facility for producing an agrochemical intermediate at Dahej, Gujarat, at a cost of Rs 235 crore.

#1 Transformation program for Netherlands business aims to cut controllable costs by 15 percent & save €500 m in FY26

#2 Expecting €80/t profitability improvement, but will monitor further EBITDA changes

Aurionpro Solutions announced the acquisition of Fintra Software Private Limited to enhance its Transaction Banking offerings. The proposed transaction includes acquisition of 100% stake in Fintra including all the intellectual property rights and resources.

#1 Q4 marginally below expectations albeit strong deal TCV of USD 12.2 billion, aided comfort

#2 North America order book of USD 6.8 billion, highest-ever, was encouraging

#3 Management did call out seeing deal deferrals & delayed decision making in some segments during quarter

#4 Management continue to see robust deal momentum in North American BFSI

#5 Despite the macro uncertainty, management sees possibility of FY26 to be better than FY25

The Sensex was up 1,508.48 points or 2.04 percent at 75,355.63, and the Nifty was up 496.25 points or 2.22 percent at 22,895.40. About 2779 shares advanced, 559 shares declined, and 109 shares unchanged.

The company has received Letter of Award (LOI) from Oil India for hiring of services for providing high pressure Mobile Boiler along with ancillaries for Generation of HighQuality steam.

#1 Leqselvi's preliminary injunction lifted; launch expected in FY26

#2 Sun pharma may achieve global peak sales of more than USD 500 mn

Through its subsidiary SMRP BV, the company has proactively initiated a series of transformative measures in Central and Western Europe. These measures will be implemented in phases, targeting cost optimization of approximately 50 million euro per annum once fully executed over the next three years.

The company’s non-convertible debentures (NCDs) issue has been oversubscribed 4.75 times as of April 9. Due to this oversubscription, the issue will close on April 11, ahead of its original proposed closing date of April 23, 2025. The issue was offered on a first-come-first-served basis with an option for early closure.

The company reported a cyberattack incident on its IT infrastructure late on April 9. Necessary steps have been taken to investigate and respond, including shutting down affected systems. The company is working with leading cybersecurity experts to assess the extent of the issue and take remedial actions.

#1 Q4 subdued, revenue growth & EBIT margin slightly below expectations

#2 Company faces delays in decision-making, project ramp-downs & discretionary spend cuts

#3 Reduced FY26-27 revenue estimates by up to 3 percent

The US Court of Appeals for the Federal Circuit has ruled in favour of the company and vacated the preliminary injunction on the launch of LEQSELVI (deuruxolitinib) in the United States, effective immediately.

While litigation with Incyte Corporation continues, the preliminary injunction is no longer in effect. Sun Pharma will disclose LEQSELVI launch plans in due course.

Rajshree Polypack bagged order of Rs 4.76 crore for supply of packaging products for beverages to the customer.

The company’s subsidiary, JSW Neo Energy, has completed the acquisition of O2 entities from sellers (O2 Power Pooling Pte, O2 Power SG Pte, and certain individuals). The O2 entities, including O2 Power Midco Holdings Pte and O2 Energy SG Pte, have a consolidated operational and under-construction/development renewable energy portfolio of 4.7 GW.

The company’s subsidiary, Biocon Biologics, announced that the US Food and Drug Administration (US FDA) has approved Jobevne, a biosimilar to the reference product Avastin (bevacizumab). JOBEVNE is a recombinant humanized monoclonal antibody used to treat various types of cancer.

BHEL has signed a Memorandum of Understanding (MoU) with the Italian company Nuovo Pignone International S.r.l. to address compressor revamp opportunities in India’s fertilizer sector, with an equal business share of 50 percent in financial terms.

The Sensex was up 1,310.39 points or 1.77 percent at 75,157.54, and the Nifty was up 420.45 points or 1.88 percent at 22,819.60. About 2701 shares advanced, 500 shares declined, and 119 shares unchanged.

#1 Sales value down 13% YoY & down 7% QoQ at Rs 250 crore

#2 Collections down 8% YoY & up 9% QoQ at Rs 182 crore

Akme Fintrade (India) has entered into an agreement with Kilpi Technology (FINAYO) and Services Private Limited for the financing of Electric Vehicles (EVs).

BHEL has signed a Memorandum of Understanding (MoU) with the Italian company Nuovo Pignone International S.r.l. to address compressor revamp opportunities in India’s fertilizer sector, with an equal business share of 50 percent in financial terms.

The company's subsidiary, CuraTeQ Biologics, has successfully completed the Phase 1 pharmacokinetic (PK) and pharmacodynamic (PD) study of the denosumab biosimilar BP16. Denosumab works by specifically targeting the RANK ligand (RANKL), a critical protein in the lifecycle of osteoclasts—cells that break down bone.

#1 More misses than hits in Q4FY25, growth visibility for FY26 remains unclear

#2 Management expects FY26 to outperform FY25 in major markets

#3 2-3 percent FY26-27 EPS cut; stock trades at 21.4x FY27 EPS

The digital services and consulting company has extended its strategic collaboration with AIB, a financial services group operating predominantly in the Republic of Ireland and the UK. The collaboration aims to deliver application development and maintenance services, agile practices, and AI-powered tooling.

Telecommunications Consultants India (TCIL), a significant shareholder of Bharti Hexacom, has requested the company to initiate a fresh process for the sale of its infrastructure business to Indus Towers.

Accordingly, in order to uphold the highest standards of corporate governance and transparency, the company has agreed to put the current proposal in abeyance and undertake a fresh exercise in consultation with TCIL.

The gap up opening in the Nifty this morning is unlikely to sustain beyond a point given the elevated uncertainty in global markets. President Trump’s retreat from the reciprocal tariffs imposed on countries except China, was forced by the US bond market where instead of safe-haven buying in US treasuries, there was big selling, pushing the 10-year bond yield up to 4.5%. In brief, bond vigilantes forced Donald Trump to retreat. The 10-year yield is even now at around 4.46%. The dollar index has fallen to 100.

There is no room for a sustained rally in the market in the present uncertain context. But investors can take relief from the fact that Indian macros are good and we are one of the least impacted countries in this trade war. Investors have to be cautious and should prioritise safety over returns. Safety now is in fairly valued largecaps.

#1 Company achieves highest ever annual sales of Rs 3,722 crore in FY25

#2 Sales in Q4 stand at Rs 1,235 crore

#3 Collections in Q4 stand at Rs 113 crore, FY25 at Rs 484 crore

The Sensex was up 1,333.45 points or 1.81 percent at 75,180.60, and the Nifty was up 430.45 points or 1.92 percent at 22,829.60. About 2661 shares advanced, 377 shares declined, and 118 shares unchanged.

#1 Focus on profitable growth, management halting M&A & splitting the company

#2 Expect 10-11 percent revenue CAGR & 15 percent EBITDA CAGR over FY25-27