Closing Bell: Sensex zooms 1,509 pts, Nifty at 23,850; auto, pharma, financials power the rally

Indian equity indices ended on strong note with Nifty at 23,850 on April 17 amid buying across the sectors. At close, the Sensex was up 1,508.91 points or 1.96 percent at 78,553.20, and the Nifty was up 414.45 points or 1.77 percent at 23,851.65.

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

After showing a range bound action at the hurdle of 200day EMA in the last couple of sessions, Nifty witnessed a decisive upside breakout on Thursday and closed the day higher by 414 points. After opening with a negative note, the market slipped into further weakness in the early part of the session. It later shifted into an excellent recovery from the lows and the upmove continued in the mid to later part of the session.

A long bull candle was formed on the daily chart, which indicates a faster upside retracement of recent down leg (9 days of decline has been completely retraced in 7 days of upmove). This is positive indication and indicates a significant trend reversal on the upside.

Nifty on the weekly chart formed a long bull candle with gap up opening. This is a formation of back-to-back long bull candles in the last two weeks. The unfilled weekly opening upside gap could be considered as bullish breakaway gap, which is more often formed at the beginning of sharp up trended movements.

The next upside levels to be watched around 24550 (61.8% retracement taken from Sept 24 top to April 25 bottom). Immediate support is placed at 23600 levels.

The market ended the holiday-shortened week on a strong note, rallying nearly 2% on the weekly expiry day, driven by favorable domestic cues. After a choppy start, the Nifty gained momentum as the session progressed, retesting its March high of 23,869.60 before closing at 23,840.10. All key sectors participated in the rally, with the banking index stealing the spotlight as it edged closer to its record high. While broader indices also moved higher, they underperformed relative to the benchmark.

Investor sentiment remains positive, supported by strong domestic fundamentals and the absence of any major global concerns. With the Nifty now hovering around its previous swing high near 23,800, focus will shift to the earnings announcements from heavyweights like Infosys, HDFC Bank, and ICICI Bank on Monday. We continue to advocate a “buy on dips” strategy, with a preference for rate-sensitive sectors for long trades, while remaining selective in other segments.

A strong rally in large-cap stocks was observed today, primarily driven by financials, amid expectations of improved margins stemming from changes in savings deposit interest rates. Positive sentiment was further supported by a reversal in FII flows, although the sustainability of this trend remains uncertain. Nonetheless, optimism surrounding the domestic market persists, bolstered by the expectation of a favourable outcome from US-India trade negotiations and a relatively minimal disruption from the US-China trade tensions. Additionally, a moderating inflation trajectory towards more comfortable levels is further enhancing market sentiment.

#1 Market records biggest weekly gain in more than 2 years

#2 Sensex, Nifty & Midcap index post gains of over 4% each

#3 Nifty Bank rises the most amongst frontlines, up over 6%

#4 Nifty Bank, led by heavyweights sees biggest weekly gain in nearly 2 years

#5 All Sectoral indices see gains, realty & financials top gaining indices

The Indian currency ascended for a fifth consecutive session, culminating in its most substantial weekly appreciation in four, fueled by an influx of overseas capital and a prevailing appetite for risk. Fiscal spheres are responding favorably to developments concerning trade between the United States and China, while the "China plus one" diversification tactic potentially help India. A redirection of investment from the US-China axis towards Indian markets appears plausible following prior years of asset disposals.

In the near-term, spot USDINR has support at 85.20 and resistance at 85.72.

Indian rupee ended 31 paise higher at 85.37 per dollar on Thursday versus Wednesday's close of 85.68.

Indian equity indices ended on strong note with Nifty at 23,850 on April 17 amid buying across the sectors.

At close, the Sensex was up 1,508.91 points or 1.96 percent at 78,553.20, and the Nifty was up 414.45 points or 1.77 percent at 23,851.65. About 2340 shares advanced, 1468 shares declined, and 149 shares unchanged.

All the sectoral indices ended in the green with telecom, PSU Bank, Oil & Gas, pharma, auto, energy, private bank rose 1-2 percent.

BSE Midcap and smallcap index added 0.5 percent each.

Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma, Eternal were among major gainers on the Nifty, while losers included Wipro, Hero MotoCorp, Tech Mahindra, Coal India and JSW Steel.

Indian Rupee gained today on surge in the domestic equities and fresh FII inflows. However, a recovery in the US Dollar index and positive crude oil prices capped sharp gains.

We expect Rupee to trade with a positive bias amid easing trade tariff worries and overall weakness in the US Dollar. Fresh foreign inflows may also support the Rupee. However, importer buying of Dollars and elevated crude oil prices may cap sharp gains. Traders may take cues from weekly unemployment claims and housing data from the US. USDINR spot price is expected to trade in a range of Rs 85.20 to Rs 85.70.

#1 IT services revenues declined 0.8 percent QoQ, below estimate

#2 Margin of 17.1 percent was below the estimate of 17.5 percent

#3 Q1 FY26 revenue growth guidance is -3.5 percent to -1.5 percent QoQ in CC terms, below the estimate of -2 percent to 0 percent

#4 TCV of USD 4 billion was in-line, with a mix gravitating towards large deals

#5 TCV showed 83.5 percent YoY growth

#6 All other verticals showed a QoQ decline

#7 In terms of geography, APMEA led growth

The Sensex was up 1,520.06 points or 1.97 percent at 78,564.35, and the Nifty was up 417.55 points or 1.78 percent at 23,854.75. About 2157 shares advanced, 1256 shares declined, and 128 shares unchanged.

#1 India’s discretionary landscape remains largely localised in both sourcing & end-markets

#2 Continue to back businesses with moats, as well as disruptors & self-help stories

#3 Downgrade Vedanta Fashion to equal-weight from overweight, target price cut to Rs 850

#4 Upgrade Aditya Birla Fashion to equal-weight from underweight, target price at Rs 269

#5 Market leaders such as Titan & Vishal Mega Mart remain strong

#6 Disruptors & self-help stories include Trent & Jubilant FoodWorks

Revenue estimates for Q4 FY25 from the company’s largest client are expected to be lower than anticipated. As a result, the company expects reduced revenue from its international business for the quarter.

Lupin gets EIR from US FDA for injectable facility in Nagpur.

Top 5 losers are Endurance Techn, Emami, Sun TV Network, Indian Renewable, and Paytm

Top gainers include HDFC, ICICI, SBI and Bajaj Finance at 2:15 pm

Glenmark Pharmaceuticals Inc., USA, has announced the upcoming launch of Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate, and Amphetamine Sulfate tablets (mixed salts of a single entity Amphetamine product).

The tablets will be available in 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg strengths. This product is bioequivalent and therapeutically equivalent to the reference listed drug Adderall tablets by Teva Women’s Health, Inc. Distribution is scheduled to begin in May 2025.

The Sensex was up 1,540.77 points or 2 percent at 78,585.06, and the Nifty was up 426.40 points or 1.82 percent at 23,863.60. About 2177 shares advanced, 1212 shares declined, and 120 shares unchanged.

Indian rupee is trading higher by 19 paise at 85.49 per dollar versus Wednesday's close of 85.68.

Dalmia Cement (Bharat) Ltd. (DCBL), a wholly owned material subsidiary of the company, has received a provisional attachment order of Rs 793.34 crore issued by the Enforcement Directorate (ED), Hyderabad, attaching land belonging to DCBL.

The historical purchase value of the land is Rs 377.26 crore. The attachment stems from a case registered by the Central Bureau of Investigation (CBI) in 2011, which involved allegations against DCBL concerning investments in Bharathi Cement Corporation. The matter is currently sub judice before the CBI Court in Hyderabad.

A meeting of the board of directors of the company is scheduled to be held on April 17, 2025, to consider a proposal for issuance of equity shares of the

company by way of preferential issue.

Puravankara  reported customer collections of Rs 3,937 crores in FY25, reflecting a 9% year-on-year growth compared to Rs 3,609 crores in FY24. Collections for Q4FY25 stood at Rs 946 crores.

Pre-sales for Q4FY25 stood at Rs 1,282 crores, bringing the total sales value for FY25 to Rs 5,006 crores.

Sustenance sales at Rs 4,223 crores, grew by 22% y-o-y, while the average price realisation increased by 10% during the financial year.

DLF on April 16, 2025, entered into a definitive Master Framework Agreement (MFA) with Srijan Realty and its subsidiary company(ies) for sale of its IT/ITeS SEZ comprising freehold land parcel admeasuring ~25.90 acres, situated in Kolkata along with constructed building namely DLF Tech Park with a gross leasable area of ~10,54,357 square feet for a consideration of ~ Rs  693 crore.

BHEL has signed a Technology Transfer Agreement with Bhabha Atomic Research Centre (BARC) for electrolyser systems for hydrogen production. The Mixed-Matrix Membrane Diaphragm Technology acquired from BARC will enable BHEL to achieve complete indigenous development of alkaline electrolyser systems.

#1 Profit tanks 48.7% to Rs 174.5 crore Vs Rs 339.9 crore, YoY

#2 Revenue falls 22.2% to Rs 1,056 crore Vs Rs 1,357.3 crore, YoY

#3 Board approves final dividend of Rs 26 per share for FY25

The company has entered into an Energy Supply Agreement and a Share Subscription and Shareholders Agreement to acquire 26% equity shares of AMPIN C&I Power Eight, a company engaged in the generation and transmission of renewable energy. The acquisition is aimed at meeting the company’s green energy requirements, optimizing energy costs, and complying with regulatory requirements for captive power consumption under electricity laws.

The Sensex was up 1,094.29 points or 1.42 percent at 78,138.58, and the Nifty was up 305.20 points or 1.30 percent at 23,742.40. About 2194 shares advanced, 1153 shares declined, and 127 shares unchanged.

The United States District Court, Delaware, passed an order against the company in a litigation matter pertaining to the validity of a patent held by Astellas Pharma Inc., USA. The patent was related to a sustained-release formulation of ‘Mirabegron,’ marketed in the US by Astellas under the brand name Myrbetriq. The company is evaluating the potential impact of the order on its operations and legal remedies.

Additionally, the company’s venture capital subsidiary, Zynext Ventures, has invested in Feldan Therapeutics—a Canada-based, early clinical-stage pharmaceutical company—focused on the development of treatments based on intracellular delivery of therapeutics.

Indian rupee is trading higher by 11 paise at 85.57 per dollar versus Wednesday's close of 85.68.

Due to certain deficiencies in the reconciliation process related to suspicious UPI Global transactions, the bank has appointed an external agency—Pipara & Co. LLP, Chartered Accountants, Ahmedabad—as forensic auditors to review and report on the matter.

NSE had filed for an NOC for its IPO with SEBI on March 28, 2025

#1 Macro concerns weigh on Q1 FY26 guidance

#2 Q4 FY25 results were a mixed bag

#3 Macro uncertainty is impacting decision-making & demand from clients

#4 Further margin improvement is unlikely given the weak revenue outlook

#5 A 2-4 percent cut in FY26-27 EPS is expected

#6 Wipro’s FY27 dividend yield is 4 percent & the stock currently trades at 18.6x FY27 EPS

Capital India Finance's equity shares, currently listed on the BSE, will now also be available for trading on the NSE under the same ticker symbol CIFL.

72.95 percent of CIFL’s equity is held by Capital India Corp Private Limited (CICPL).

SEBI will continue to expect higher power and governance. There is a need for industry to adopt tech solution, which is use of technology based solutions to comply with regulatory obligations that can help in improving compliance reporting, streamlining processes and improving the operation efficiency.

#1 Telecom stocks have remained the most defensive sector in an otherwise volatile market

#2 Bharti Airtel is up 10.1 percent YTD, while Indus Towers has gained 8.6 percent

#3 Most Asian telecom peers have seen declines ranging from -5 percent to -30 percent YTD

A#4 potential tariff hike, enhancing revenue visibility for the sector, could act as a key near-term catalyst

#5 Bharti Airtel remains the top pick, offering strong defensive characteristics amid market volatility

Corporate Governance is the foundation for a successful enterprise. For a regulators perspective good corporate governance is important for investor protection. We have been keenly engaged in enhancing corporate governance in India.

Increasing penetration of our securities markets, rise in detailed shareholders, including to mutual funds, accompanied with increase in size of the listed universe sets the stage for greater significance of public governance.

For listed companies robust governance mechanisms are essential for enhancing investor competence through transparent disclosures.

#1 Profit declines 19.3% to Rs 10.6 crore Vs Rs 13.2 crore, YoY

#2 Revenue rises 10.3% to Rs 891 crore Vs Rs 808 crore, YoY

#3 Board recommends dividend of Rs 2 per share, YoY

#1 Profit tanks 48.7% to Rs 174.5 crore Vs Rs 339.9 crore, YoY

#2 Revenue falls 22.2% to Rs 1,056 crore Vs Rs 1,357.3 crore, YoY

#3 Board approves final dividend of Rs 26 per share for FY25

Marking their maiden foray into wind energy, the project is set to be executed in Maharashtra’s Jath region.

Under this agreement Suzlon will supply 48 state‐of‐the‐art S120 wind turbine generators (WTGs) with Hybrid

Lattice Towers (HLT), each rated at a 2.1 MW capacity. It will supply the wind turbines, oversee equipment

installation, and execute the project, including erection and commissioning, while providing comprehensive

operations and maintenance services post‐commissioning.

#1 Profit soars 82.7% to Rs 93.8 crore Vs Rs 51.3 crore, YoY

#2 Revenue jumps 74.4% to Rs 476.6 crore Vs Rs 273.3 crore, YoY

#3 Board appoints Manmohan Sharma as Chief Financial Officer of the company, effective April 16

The Sensex was down 30.58 points or 0.04 percent at 77,013.71, and the Nifty was down 32.40 points or 0.14 percent at 23,404.80. About 1970 shares advanced, 1208 shares declined, and 141 shares unchanged.

Asian stocks nudged higher and the yen weakened as investors took heart from a first round of trade negotiations between the US and Japan.

Indian rupee is trading higher by 15 paise at 85.53 per dollar versus previous close of 85.68.

#1 Management reiterated concerns over an uncertain global macro environment

#2 Clients maintaining a cautious stance toward IT spending

#3 Wipro’s Q4 FY25 performance fell short of expectations

#4 IT services revenue declined 0.8 percent QoQ, hitting the lower end of its guidance range

#5 Q1 FY26 revenue guidance of -3.5 percent to -1.5 percent QoQ signals negative growth for FY26

The Board has approved the appointment of Saurav Mitra as Director (Finance) & Chief Financial Officer (CFO) of the company for a five-year term, replacing Vinod Kumar Mishra, whose tenure as Director (Finance) & CFO will expire effective April 18.

Venus Remedies announced that its investigational product VRP-034 has been granted Qualified Infections Disease Product (QIDP) designation by the United States Food and Drug Administration (USFDA) for the traeatment of bloodstream infections caused by polymyxin B (PMB) susceptible stains in adults.

The Sensex was down 36.97 points or 0.05 percent at 77,007.32, and the Nifty was down 36.05 points or 0.15 percent at 23,401.15. About 1708 shares advanced, 1293 shares declined, and 145 shares unchanged.

India’s largest pure-play credit card issuer has signed a partnership with Tata Digital to launch the Tata Neu SBI Card, aiming to provide a premium and highly rewarding shopping experience for customers across various segments.

The Board has approved the appointment of Alok Prakash as Chief Executive Officer of the company, effective April 16.

Vijay Shekhar Sharma, Chairman, Managing Director, and CEO of the company, has voluntarily forgone all 2.1 crore ESOPs granted to him under the One 97 Employees Stock Option Scheme, 2019, with immediate effect. This will result in a one-time, non-cash acceleration of ESOP expense amounting to Rs 492 crore in Q4 FY25, with an equivalent reduction in ESOP expenses in future years.

The company has announced a temporary production pause from April 17 to 19 at four of its manufacturing plants—Dharuhera, Gurugram, Haridwar, and Neemrana—due to a short-term supply alignment. Production will resume on April 21. Its Tirupati and Halol plants will continue to operate during this period. The pause will not impact the company’s ability to meet retail demand in domestic or international markets. Any production deferment will be efficiently recovered in the following month.

#1 IT services revenues declined 0.8 percent QoQ, below estimate

#2 Margin of 17.1 percent was below the estimate of 17.5 percent

#3 Q1 FY26 revenue growth guidance is -3.5 percent to -1.5 percent QoQ in CC terms, below the estimate of -2 percent to 0 percent

#4 TCV of USD 4 billion was in-line, with a mix gravitating towards large deals

#5 TCV showed 83.5 percent YoY growth

#6 All other verticals showed a QoQ decline

#7 In terms of geography, APMEA led growth

Infosys, HDFC Life Insurance Company, HDFC Asset Management Company, Jio Financial Services, Tata Elxsi, Mahindra EPC Irrigation, Indosolar, and National Standard (India) will release their quarterly earnings on April 17.