Closing Bell: Sensex extends gain to 6th day, ends over 150 pts higher; Nifty above 24,100

Domestic indices Nifty 50 and Sensex extended their rally for the sixth consecutive session on April 22, albeit on a more muted note compared to the bumper gains recorded  during this winning streak. At close, the Sensex was up 187.09 points or 0.24 percent at 79,595.59, and the Nifty was up 41.70 points or 0.17 percent at 24,167.25.

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.

Despite negative global cues related to Trump-Fed tensions, the national market has maintained its optimism. The RBI's relaxed liquidity coverage ratio guidelines, which are anticipated to enhance credit growth, boosted the finance sector. Foreign inflows have remained consistent for the fourth consecutive day, driven by a weakening dollar and competitive valuations. Additionally, domestic macroeconomic conditions are improving, with declining inflation and rising expectations of further rate cuts by the RBI, which are likely to lower costs and stimulate demand. These factors are expected to support corporate earnings in FY26.

The market took breather on Tuesday after a sharp upmove of the last two sessions and closed the day higher by 41 points. Nifty opened on a positive note and slipped into weakness soon after the opening . It later recovered from the lows, but was not able to sustain the highs and slipped into minor weakness amidst range movement towards the end.

A small red candle was formed on the daily chart at the swing highs. Technically, this pattern indicates a formation of doji or high wave type candle pattern. This market action signals an indecision among the bulls at the highs. Hence more consolidation or minor dip can’t be ruled out in the short term

Nifty was not able to sustain above the immediate resistance of 24200 (lower high of 2nd Jan) despite violating above it on Tuesday. Having surged up significantly over the last 7-8 sessions, the cooling off of the trend or minor dip is expected in the coming sessions before further upside. Immediate support is placed at 24000 levels. However decisive move above 24250 could open next upside towards 24550 levels.

The Sensex was up 187.09 points or 0.24 percent at 79,595.59, and the Nifty was up 41.70 points or 0.17 percent at 24,167.25. About 2389 shares advanced, 1453 shares declined, and 137 shares unchanged.

The Sensex was up 205.24 points or 0.26 percent at 79,613.74, and the Nifty was up 47.55 points or 0.20 percent at 24,173.10. About 2239 shares advanced, 1243 shares declined, and 112 shares unchanged.

Price target has been set to Rs 860, implying a 14% increase from last price

About 2324 shares advanced, 1139 shares declined, and 100 shares unchanged.

ICICI Securities:

Value Retail, Quick Commerce and the intersections / overlaps.

The value retail landscape in India is undergoing structural diversification, with three distinct formats competing for consumer wallet share.

DMart continues to execute with consistency through its owned-store, grocery-led model, focused on margin stability and operational control.

Vishal Mega Mart (VMM) has scaled rapidly via an asset-light strategy, expanding deeper into tier 2-3 India with a sharp price-value proposition and high private label contribution (~73%).

Quick commerce (QC) platforms, meanwhile, are reshaping urban consumption through app-led engagement, dark-store density and high-frequency transactions. As digital behaviours evolve and retail channels divide into control, coverage, and convenience, Vishal’s agility and affordability-led expansion offers a compelling exposure to urban and semi-urban growth, while DMart’s urban dominance faces rising competitive intensity.

We remain constructive on VMM, Eternal, Swiggy and watchful on DMart led by the acceleration of new-age retail models and likely higher customer acquisition costs.

Nifty’s power move: A signal bull’s don’t want to miss- Axis Securities

The Nifty's surge has sent its five-day rate of change to 7.7%

Last such instance was observed in Feb '21

In another boost to bulls, the previous week's candle has left an open gap with the candle from the week prior - this is the first such gap-up on the weekly chart since Dec '23 and represents behaviour that is strongly bullish

Top 5 BSE IT losers at 11:15 am

Only losers on BSE Power index at 11:15 am:

Analysts at UBS anticipate a potential rebound of sector earnings by 13% in fiscal year 2026.

Stock Upgrades and Downgrades:

Hindustan Unilever, ITC, and Trent have been upgraded from a neutral rating to a buy rating.

Colgate-Palmolive India has been downgraded from a buy rating to a sell rating.

Asian Paints, Dabur India, and Jubilant Foodworks have also been downgraded to sell.

Stock Preferences:

Avenue Supermarts and Trent are preferred as "income stimulus calls."

Hindustan Unilever and Godrej Consumer Products are favored as "turnaround stories."

Colgate-Palmolive and Britannia Industries are highlighted as picks for "earnings growth."

ITC is seen as presenting attractive value following a correction driven by tax concerns.

On the backdrop of a cautious stance by investors to navigate US tariff negotiations, fluctuations continue across stock and bond markets. While US assets showed some recovery from earlier losses, Asian stocks remained largely unchanged. Trade talks and potential challenges to the Federal Reserve's independence by Trump remain a concern.  Meanwhile, the oil market experienced gains, and cryptocurrencies presented a mixed performance.

Devarsh Vakil, Head of Prime Research at HDFC Securities:

Trump's Fed Criticism Rattles Markets

Amid escalating trade tensions, President Donald Trump intensified his public criticism of Federal Reserve Chair Jerome Powell on Monday, labelling him "a major loser" and "Mr. Too Late" for not lowering interest rates faster.

This persistent critique unsettled financial markets, already grappling with trade war uncertainties. US stocks experienced steep losses, with major indexes shedding significant value, as investor concerns mounted over the potential erosion of the Federal Reserve's independence from political influence.

Simultaneously, the US dollar extended its decline against international currencies, and Treasury bond yields increased, reflecting market anxiety. There was also apprehension that the Fed might become reluctant to ease policy further if such actions were perceived as bowing to political pressure.

Most European markets remained closed for the Easter Monday holiday.

Asian stocks retreated at the open after President Donald Trump's criticism of Federal Reserve Chair Jerome Powell raised concerns about central bank independence and triggered a selloff in US assets.

US assets showed signs of stabilisation in early Asian trading as equity-index futures built on a late Monday rally. The dollar index recovered after touching a 15-month low, while 10-year Treasury yields inched higher.

Tensions between the US and China escalated as Beijing cautioned other nations against making agreements with the United States at China's expense, further intensifying the tariff dispute between the world's two largest economies.

The Ministry of Finance announced the imposition of a 12 per cent provisional safeguard duty on certain steel products to protect the domestic industry from injury caused by a recent spike in imports of such products. The duty came into effect immediately for a period of 200 days — unless revoked.

RBI has relaxed some requirements of the new LCR framework. That will likely free up lendable assets of ~Rs 3 trn, or 1.9% of banks' loans. Bank stocks have led the markets higher, and we continue to favour them on declines.*

In the last eight trading sessions, the Nifty has risen more than 2400 points from the recent swing low of 21743. It rose for the fifth consecutive session yesterday and added a further 1.15% to the tally, closing at 24125. The previous swing high of 23870 is now expected to support the Nifty. On the higher side, immediate resistance is seen at 24226 and 24546.

As we noted yesterday, Indian markets are expected to remain largely unperturbed by the issues in US markets and continue to see strong buying interest, particularly in smaller stocks.

Nifty Bank touched record highs on Monday. Nifty Private Sector Bank gauge showing an 11% increase year-to-date, compared to a modest 1% rise for public sector banks.

Oil prices climbed in early trade on Tuesday as investors took advantage of the previous day's losses to cover short positions, although concerns persisted over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand.

Brent crude futures rose 51 cents, or 0.8%, to $66.77 a barrel at 0045 GMT, while U.S. West Texas Intermediate crude was at $63.59 a barrel, up 51 cents, 0.8%.

Both benchmarks dropped more than 2% on Monday on signs of progress in nuclear deal talks between the U.S. and Iran, helping ease supply concerns.

The dollar languished near its lowest level in three years on Tuesday as President Donald Trump's unrelenting attacks on the Federal Reserve chairman further eroded investor confidence in the U.S. economy.

The U.S. currency sagged close to the decade-low reached the previous day against the Swiss franc, and hovered near a 3-1/2-year trough versus the euro.

The dollar was steady at 0.8095 Swiss franc, not far from the decade-low 0.8042 reached in the previous session.

Asian markets were subdued Tuesday, tracking Wall Street’s sell-off after U.S. President Donald Trump doubled down on his pressure campaign on Federal Reserve Chairman Jerome Powell.

Trends on GIFT Nifty indicate a negative start for the broader index in India, with a loss of 24 points or 0.10 percent. The Nifty futures were trading around 24,126 level.

US stocks suffered steep losses on Monday as U.S. President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, prompting investors to worry about the central bank’s independence even as they grapple with the effects of Trump’s ongoing, erratic trade war.

The Dow Jones Industrial Average fell 971.82 points, or 2.48%, to 38,170.41, the S&P 500 lost 124.50 points, or 2.36%, to 5,158.20 and the Nasdaq Composite lost 415.55 points, or 2.55%, to 15,870.90.

#1 Asian markets subdued after Trump’s attack on Fed chair rattles Wall Street

#2 GIFT Nifty signals mildly lower start

#3 US Futures edge higher after sharp selloff overnight

#4 Fourth straight losing session for Dow and Nasdaq

#5 Dow plunges over 950 points, Nasdaq sheds over 2%

#6 Trump’s latest jab on Powell spooks sentiment

#7 Trump urges Powell to cut rates again

#8 Trump hinted at Powell’s termination last week

#9 Tesla to report quarterly earnings post market hours

#10 US 10-year yield rose around 8 bps to 4.4%

#11 Dollar dives to 3-year low amid Trump-Powell tensions

#12 USD index falls to 97.92, lowest since 2022

#13 Oil prices fall amid signs of progress in US-Iran talks

#14 Gold spikes to fresh record above $3,400/oz

Benchmark indices Nifty and Sensex extended their winning streak to a fifth consecutive session on April 21, after strong Q4 earnings from major lenders like ICICI Bank and HDFC Bank gave investors a significant momentum boost. The rally has also been fuelled by sustained foreign inflows, with FIIs remaining net buyers for the past three trading sessions.

At close, the Sensex was up 855.30 points or 1.09 percent at 79,408.50, and the Nifty was up 273.90 points or 1.15 percent at 24,125.55. About 2829 shares advanced, 1093 shares declined, and 149 shares remained unchanged.

Wide diversification is only required when investors do not understand what they are doing