Closing Bell: Nifty above 23,400, Sensex up 309 points; media, financials rally

Indian equity indices ended on a positive note with Nifty at 23,400 on April 16. At close, the Sensex was up 309.40 points or 0.40 percent at 77,044.29, and the Nifty was up 108.65 points or 0.47 percent at 23,437.20.

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

The benchmark indices continued their positive momentum, with the Nifty ends 109 points higher and the Sensex up by 309 points. Almost all the major sectoral indices traded in positive territory, with the PSU Bank index outperforming and rallying over 2.45 percent.

Technically, after a muted opening, the market found support near 23,275/76550 and reversed sharply. On the daily charts, it has formed a bullish candle, and on the intraday charts, it is holding uptrend continuation formation that is largely positive. For trend-following traders now, 23,275/76550 would be the key support zone. Above this level, the market could maintain its positive momentum until 23,500/77300. Further upside may also continue, potentially lifting the market to 23,575/77500.

On the flip side, if it falls below 23,275/76550, the sentiment could change. A drop below this level could lead the market to retest the 23,200-23,150/76500-76200 range.

After witnessing a sharp gain on Tuesday, Nifty continued its upside momentum on Wednesday and closed the day higher by 108 points. After opening with a negative note, the market slipped into further weakness in the early part of the session. It later recovered smartly from the lows and finally closed at the highs.

A reasonable bullish candle was formed on the daily chart with lower shadow. After shifting into a consolidation movement at the hurdle of 200day EMA around 23360 levels on Tuesday, Nifty surpassed the said hurdle on Wednesday and closed higher. The huge opening upside gaps of 11th and 15th April remains unfilled and these gaps could now be considered as bullish runaway gaps, which are normally formed in the middle of the trend.

The underlying trend of Nifty remains positive. Having moved above the hurdle of 200day EMA at 23360 levels, Nifty could advance towards another resistance at 23870 levels (swing high of 25th March) in the near term. Immediate support is placed at 23270 levels.

Globally, markets are undergoing fresh consolidation as tariff tensions intensify, with the US increasing tariffs to 245% on Chinese goods. Amidst global weakness, the Indian market exhibited a mild positive sentiment in anticipation that the trade fight between the US & China will not harm but benefit India, and March's CPI inflation which is at a 5-year low is indicative of further rate cuts in the near future. Domestically, the Q4FY25 earnings season has started on a weak note. Overall expectations remain subdued, suggesting potential profit booking at higher levels.

Markets edged higher, gaining nearly half a percent as the recovery phase continued. Following yesterday’s surge, the Nifty traded in a narrow range during the first half of the session. However, renewed buying interest in heavyweight stocks across sectors pushed the index higher in the final hours. As a result, it surpassed the resistance at 23,400 and eventually closed near the day’s high at 23,437.20. On the sectoral front, banking, energy, and FMCG were among the top gainers, while auto and pharma sectors remained subdued. The broader indices also posted healthy gains, ranging from 0.63% to 1.01%.

Participants responded positively to favorable cues, including the update on a normal monsoon, further easing of retail inflation, and, importantly, the absence of any negative surprises from global markets. Notably, the sustained strength in banking and financial stocks, along with rotational buying in other sectoral heavyweights, played a significant role in driving the momentum.

With the Nifty now above the 23,400 hurdle, a sustained move could pave the way for a test of the previous swing high around 23,800. Traders are advised to align their positions accordingly, focusing on the sectors that continue to outperform.

#1 EBIT up 0.7% at Rs 3,927 crore Vs Rs 3,899 crore, QoQ

#2 EBIT margin flat at 17.5%, QoQ

#3 Revenue seen declining 1.5% to 3.5% QoQ in CC terms

The Nifty closed higher after initial weakness in the first half of the session. On the daily chart, the index has closed above the 100-EMA for the second consecutive session. Support is now placed at 23,300, and a positive sentiment is likely to prevail as long as it remains above this level. A decisive fall below 23,300 might trigger a correction towards 23,150/23,000. On the higher side, resistance is visible at 23,650.

For most part of the trading session, the Index stayed within its previous day's range, but a sudden spike in the last session pushed the Index to break through its consolidation, ending the day at 23,437.20 with gains of 108.65 points. Sector-wise, Banking and Media were the top performers, while Auto and Pharma sectors experienced corrections of 0.43% & 0.18% respectively. Mid and Smallcaps outperformed the Frontline Index by soaring over 0.70% each.

The Index has formed a positive candle, but it is approaching a key resistance zone of 23,450- 23,500, and is showing a marginal overbought condition. If the Index manages to stay above these levels, the next significant resistance will be at 23,800, with support potentially holding at 23,275 on the downside.

• Indian rupee ended marginally higher at 85.68 per dollar on Wednesday against Tuesday's close of 85.77.

Indian equity indices ended on a positive note with Nifty above 23,400 on April 16.

At close, the Sensex was up 309.40 points or 0.40 percent at 77,044.29, and the Nifty was up 108.65 points or 0.47 percent at 23,437.20. About 2561 shares advanced, 1244 shares declined, and 129 shares unchanged.

IndusInd Bank, Axis Bank, Trent, ONGC, Asian Paints were among major gainers on the Nifty, while losers were Maruti Suzuki, Hindalco, Bajaj Finance, L&T, Tata Motors.

Among sectors, except auto, IT, pharma all other indices ended in the green with media, PSU Bank, oil & gas up 1-2 percent.

BSE Midcap index rose 0.5 percent and smallcap index jumped nearly 1 percent.

European stocks and US equity futures trim losses after Bloomberg reported China is said to be open to trade talks, seeking more respect from Donald Trump’s administration and naming a point person.

#1 Reported 10.2 percent YoY GWP growth

#2 GWP growth impacted by weaker vehicle sales & deferred accounting of long-term products

#3 CoR falls 23 bps QoQ but rises 26 bps YoY to 102.5 percent

#4 Loss ratio increased 298 bps YoY / 578bps QoQ to 71.6 percent, partially offset by lower expense ratios

#5 Underwriting loss at Rs 210 crore

#6 Weak Investment Income Drives APAT Down 1.9 percent YoY / 29.7 percent QoQ to Rs 510 crore

#1 4Q: no positive catalyst seen

#2 APE at Rs 3,500 cr, down 3 percent YoY

#3 VNB margin improved by 120 bps YoY/ 150 bps QoQ to 22.7 percent

#4 VNB growth of 2 percent YoY (Vs +19 percent YoY in Q3)

#5 IPRU aims to outpace the industry’s estimate 15 percent growth in FY26 & targets higher VNB growth relative to APE

#1 Q4 presales at Rs 5,700 crore, up 96 percent YoY despite a strong base

#2 Beat driven by Birla Arika, Gurugram (Phase 1), which achieved record bookings of Rs 3,100 across 300+ units, along with strong launches in Bengaluru

#3 FY25 presales: Rs 8,000, up 101 percent YoY

#4 Strong launch pipeline for FY26: eight launches planned, including the third tower of flagship Niyaara project in Worli

Today, spot gold has risen to a fresh record high of USD 3299 on soaring safe haven demand as trade war escalates. Wall Street Journal has reported that the US is planning to isolate China through tariff policies. Although the US president Trump said that he is looking at a possibility of relaxation on auto tariffs, he threatened with tariffs on semiconductor as soon as the next week. It is to be noted that the US President has already called for levying tariffs on pharmaceuticals and lumbering soon.

Gold is surging as the US Dollar tumbles further. The metal may reach USD 3400 in the coming weeks. Support is at USD 3245/3190

The Sensex was up 299.23 points or 0.39 percent at 77,034.12, and the Nifty was up 102.65 points or 0.44 percent at 23,431.20. About 2335 shares advanced, 1096 shares declined, and 103 shares unchanged.

#1 Despite a 33.1 percent YoY jump in group APE in Q4FY25, a 7.8 percent YoY decline in retail APE led to a 3.2 percent YoY dip in total APE

#2 Product mix supported steady VNB margin at 22.7 percent

#3 VNB rises 2.4 percent YoY to Rs 800 cr, 4.8 percent above estimate

#4 For FY25, total APE up 15 percent YoY

#5 185 bps decline in VNB margin to 22.8 percent limited VNB growth to 6.4 percent YoY at Rs 2, 370 crore

Bajaj Electricals entered into an agreement with SEAK s.r.o., a company incorporated and registered under the laws of the Slovak Republic, and engaged in the business of manufacturing and distributing lighting control electronics and software.

#1 PAT missed estimates due to weak underwriting

#2 While the focus on profitable growth is appreciated

#3 Limited upside seen from current valuation amid weak topline growth & tepid earnings

The index is being dragged down by Infosys and Coforge with both declining by -1.02%, followed closely by LTIMindtree, which is down by -1.01%

Stocks dragging down the index as of 2:30 pm: Maruti Suzuki is experiencing the most significant decline in both absolute terms (-₹198.00) and percentage terms (-1.67%), followed by Bharat Forge (-1.52%) and Tata Motors (-1.13%).

Kfin Technologies  acquires 51% in Ascent Fund Services (Singapore) Pte. Ltd. for an aggregate consideration of USD 34.68 million.

#1 APM gas allocation reduced by 18 percent, leading to a 26 percent drop in CNG volume coverage

#2 The gap is being filled with new

#3 Projects flat EPS for FY25–27, driven by strong volume growth but compressed margin

The Nodal Agency, GAIL (India), has reduced the allocation of APM-priced domestic gas to the company by 15%, effective April 16. This reduction is being offset by the supply of New Well Gas (NWG). However, the higher cost of NWG and lower APM gas allocation are expected to adversely impact the company’s profitability. The company is exploring all possible measures to mitigate the impact.

#1 The impact of derivative discrepancies is limited to 2.27 percent of net worth

#2 Slightly lower than the number estimated in the bank’s internal review

#3 Views this as incrementally positive in the near-term

#4 Impact of discrepancies will remain in line with earlier management estimates

Board of Directors has decided to expand the installed production capacity of the existing Integrated Steel Plants (lntegration of Sponge Iron, Billetg Pellets,

Captive Power Plant and Rolling Mill Unit) at Gorakhpur.

A total of Rs L,01.4.98 crores of capex for the above expansion and Captive Solar Power Plant have been approved by the Board of Directors. Further, the total project capex of Rs 1,014.98 crores shall be funded by the Company through Internal Accruals without borrowing any debt.

The company has signed a license agreement for a hotel property—Lemon Tree Resort—in Mori Bera, Rajasthan. The property will be managed by its subsidiary, Carnation Hotels, and is expected to commence operations in FY27.

Enforcement Directorate (ED) conducts searches at 50 locations w.r.t Mahadev app case: CNBC-Awaaz

ED conducts searches some locations related to EaseMyTrip promoter Nishant Pitti

The Sensex was up 7.39 points or 0.01 percent at 76,742.28, and the Nifty was up 14.75 points or 0.06 percent at 23,343.30. About 2300 shares advanced, 1060 shares declined, and 113 shares unchanged.

Indian rupee is trading 14 paise higher at 85.63 per dollar on Wednesday against Tuesday's close of 85.77.

Pudumjee Paper Products to acquire shares worth Rs 20 crore of Lloyds Enterprises via open market purchase for investment purpose.

The company has secured 9 blocks under OALP Round IX, adding over 51,000 sq. km to its exploration portfolio—6 blocks as the sole operator and 3 as a consortium partner. With this addition, OIL’s total exploration acreage has increased from 60,000 sq. km to 110,000 sq. km, registering an 85% growth.

The bank has received a report from an external agency identifying discrepancies related to derivative deals. The report has quantified the negative impact of these derivative deals, as of June 2024, at Rs 1,979 crore.

The agency has assessed an adverse impact (on a post-tax basis) of 2.27% on the bank’s net worth as of December 2024 due to these discrepancies.

The bank will appropriately reflect the resultant impact in the financial statements for FY25 and will continue to take suitable steps to strengthen internal controls related to derivative accounting operations.

#1 Annual premium equivalent (APE) drops 3.1% to Rs 3,502 crore Vs Rs 3,615 crore, YoY

#2 Value of new business grows 2.4% to Rs 795 crore Vs Rs 776 crore, YoY

#3 VNB margin expands to 22.7% Vs 21.5%, YoY

#4 Profit surges 122.3% to Rs 386.3 crore Vs Rs 173.8 crore, YoY

#5 Net premium income grows 10.7% to Rs 16,369.2 crore Vs Rs 14,788.5 crore, YoY

#6 Net commission rises 0.6% to Rs 1,575.2 crore Vs Rs 1,565.9 crore

#7 Company declares final dividend of Rs 0.85 per share

#1 External audit confirms IndusInd Bk's derivative loss estimate at 2.35% of Q3FY25 net worth

#2 Will closely monitor findings from the comprehensive audit report for more clarity on discrepancies

#3 Will closely monitor upcoming Q4FY25 earnings for insights into margin, growth & asset quality outlook

Dabur International FZE, a step-down wholly owned subsidiary of Dabur India, has decided to incorporate a new entity in the UK. This new entity will also be a step-down wholly owned subsidiary of Dabur India and will engage in the sales and distribution of FMCG products.

After the successful completion of its trial run, NHPC has declared the commercial operation (COD) of Unit-4 (200 MW) of the Parbati-II HE Project (4x200 MW) in Himachal Pradesh. The commercial operation of Unit-1, Unit-2, and Unit-3 (200 MW each) was already declared on April 1.

The Board has approved raising funds of up to Rs 125 crore through the issuance of equity shares via a rights issue.

The Sensex was down 178.13 points or 0.23 percent at 76,556.76, and the Nifty was down 44.85 points or 0.19 percent at 23,283.70. About 2135 shares advanced, 1104 shares declined, and 113 shares unchanged.

The Nodal Agency, GAIL (India), has reduced the allocation of APM-priced domestic gas to the company by 15%, effective April 16. This reduction is being offset by the supply of New Well Gas (NWG). However, the higher cost of NWG and lower APM gas allocation are expected to adversely impact the company’s profitability. The company is exploring all possible measures to mitigate the impact.

The company has secured 9 blocks under OALP Round IX, adding over 51,000 sq. km to its exploration portfolio—6 blocks as the sole operator and 3 as a consortium partner. With this addition, OIL’s total exploration acreage has increased from 60,000 sq. km to 110,000 sq. km, registering an 85% growth.

The Competition Commission of India (CCI) has approved the proposed merger of Quality Care India (QCIL) into Aster DM Healthcare via a scheme of amalgamation.

Post-merger, Aster will be renamed Aster DM Quality Care. Prior to the merger, Aster will acquire a 5% stake in QCIL from BCP Asia II TopCo IV Pte Ltd and Centella Mauritius Holdings in exchange for a primary share issuance by Aster.

The existing shareholders of QCIL—Centella, BCP, and certain minority shareholders—are proposed to hold a stake in the merged entity, with Centella holding less than 10% without any control rights.

Cairn Oil & Gas has acquired 7 new blocks in the Open Acreage Licensing Policy (OALP) Round IX auction. These newly awarded blocks include 4 onshore and 3 shallow water blocks located in the hydrocarbon basins of Cambay, Saurashtra, and Mumbai. With this addition, Cairn’s portfolio now comprises 69 blocks across the country.

The Sensex was up 99.65 points or 0.13 percent at 76,834.54, and the Nifty was up 30.55 points or 0.13 percent at 23,359.10. About 2177 shares advanced, 868 shares declined, and 123 shares unchanged.

Infosys and Spark New Zealand (Spark), New Zealand’s largest telecommunications and digital services company, today announced a strategic agreement that will support the transformation of Spark’s technology delivery model through digital innovation.

The allocation of Administrative Price Mechanism (APM) natural gas to the company has been reduced by 18%, effective April 16, compared to the previous fortnight’s allocation.

The reduced APM volume is being replaced with New Well/Well Intervention Gas (NWG). This reduction in APM gas allocation is expected to adversely impact profitability. However, the company is exploring all measures to mitigate the impact.

The market construct appears positive after the Nifty recouping all the losses caused by April 2nd reciprocal tariffs. The market is indicating calm after the storm. But investors should not jump to the conclusion that stability has returned to the market and it is poised for further up moves. Since the trade war between US and China is heating up after China’s latest decision to halt exports of rare earths and orders for Boeing, more actions, reactions and volatility are on the cards.

A significant take away from the recent market trend is the resilience of many domestic consumption bluechips. Stocks like Bajaj Finance, Bharti Airtel, Indigo Airlines and Eicher Motors are at 52-week highs. HDFC Bank, ICICI Bank and Kotak Bank are resilient while IT stocks are weak. The market is sending the message that domestic consumption themes will be safer than externally-linked segments during this chaotic global environment.

Wipro, Angel One, Waaree Renewable Technologies, Reliance Industrial Infrastructure, Swaraj Engines, and GTPL Hathway will announce their quarterly earnings on April 16.

The food delivery company has signed a Memorandum of Understanding (MoU) with the Ministry of Labour & Employment to enhance gig and logistics employment opportunities on the National Career Service (NCS) portal, aiming to create over 12 lakh job opportunities over the next 2–3 years.

#1 Profit falls 1.9% to Rs 509.6 crore Vs Rs 519.5 crore, YoY

#2 Gross premium written jumps 10.2% to Rs 6,903.9 crore Vs Rs 6,263.1 crore, YoY

#3 Net premium written soars 15% to Rs 5,481 crore Vs Rs 4,767.2 crore, YoY

#4 Operating profit drops 25.9% to Rs 415.9 crore Vs Rs 561.6 crore, YoY

#5 Underwriting loss narrows to Rs 209.7 crore Vs loss of Rs 235.6 crore, YoY

#6 Combined ratio increases to 102.5% Vs 102.3%, YoY

#1 Annual premium equivalent (APE) drops 3.1% to Rs 3,502 crore Vs Rs 3,615 crore, YoY

#2 Value of new business grows 2.4% to Rs 795 crore Vs Rs 776 crore, YoY

#3 VNB margin expands to 22.7% Vs 21.5%, YoY

#4 Profit surges 122.3% to Rs 386.3 crore Vs Rs 173.8 crore, YoY

#5 Net premium income grows 10.7% to Rs 16,369.2 crore Vs Rs 14,788.5 crore, YoY

#6 Net commission rises 0.6% to Rs 1,575.2 crore Vs Rs 1,565.9 crore

#7 Company declares final dividend of Rs 0.85 per share

FY25

#1 APE grows 15.04% to Rs 10,407 crore Vs Rs 9,046 crore, YoY

#2 Value of new business rises 6.4% to Rs 2,370 crore Vs Rs 2,227 crore, YoY

#3 VNB Margin drops to 22.8% Vs 24.6%, YoY

#4 Profit zooms 39.5% to Rs 1,189 crore Vs Rs 852.4 crore, YoY