Closing Bell: Market takes a breather; Nifty slips below 24,300, Sensex down 315 points

Indian equity indices ended on a negative note with Nifty below 24,300 on April 24. At close, the Sensex was down 315.06 points or 0.39 percent at 79,801.43, and the Nifty was down 82.25 points or 0.34 percent at 24,246.70.

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.

Today, the benchmark indices witnessed narrow range activity, with the Nifty ends 82 points lower, while the Sensex was down by 315 points. Among sectors, the Pharma index outperformed, rallying over 1 percent, whereas profit booking was observed in Realty and FMCG stocks, with both indices shedding over 1 percent.

Technically, after a muted opening, the market experienced narrow range activity. On the daily charts, it has formed an inside body candle formation, indicating indecisiveness between the bulls and bears. We believe that the short-term market texture is bullish, but a fresh uptrend rally is only possible after the dismissal of the 24350/80100 resistance zone. Above this level, the market could move up to 24450-24500/80400-80500. On the other hand, if the market falls below 24200/79600, we could see a quick intraday correction down to 24100/79300. Further downside may also continue, which could drag the market down to 24000/79000.

The current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders.

Today, the Indian stock market closed on a negative note with the Nifty 50 slipping below the 24,300 mark and the Sensex falling by approximately 315 points or 0.39%, ending at around 79,801 points. This decline followed a strong rally in the previous day when both indices hit multi-month highs, supported by robust gains in IT, pharma, and auto sectors. The downside was primarily driven by cautious investor sentiment amid geopolitical tensions following India's stringent response to the Pahalgam terror attack, which raised concerns about regional stability.

Additionally, mixed global cues and uncertainty over US-China trade talks contributed to the subdued market mood. Sector wise, FMCG and realty stocks were among the worst performers, dragging the indices lower, while select counters like IndusInd Bank and Tata Motors showed resilience.

While the short-term sentiment remains strong, signs of fatigue are becoming increasingly evident. A small correction may happen if the index sustains below 22,300. On the downside, the Nifty could decline towards 21,900, while resistance is seen at 24,300 and 24,500.

The domestic market witnessed mild profit booking after the recent rally. Similarly, global markets too experienced selling pressure as the market participants scaled back the possibility of a quick resolution of tariff disputes between the US and China. FMCG majors’ Q4 results were weak, impacted by subdued volumes and margin pressure, which led the sector to underperform. However, benign input prices and improvement in urban & rural demand are expected to revive the sector, which is available at reasonable valuations.

Markets remained subdued, trading within a narrow range on the monthly expiry day of the April derivatives contracts, and ended slightly lower. After an initial dip, the Nifty moved in a tight band throughout the session and eventually settled at 24,244.70. Mirroring the benchmark, most key sectors closed in the red, with realty and FMCG among the top losers. The broader indices also traded in a narrow range and ended largely unchanged.

This phase of consolidation in the index is in line with expectations and may continue in the coming sessions. Therefore, we recommend maintaining a focus on stock selection and using market dips as buying opportunities. Following their recent outperformance, banking and financial stocks may see some consolidation. Meanwhile, sectors like PSEs, metals, and pharmaceuticals could attract renewed interest, so plan your short-term positions accordingly.

SBI Life Insurance Company Ltd. on April 24 reported a 5.1 percent decline total premium income to Rs 23,86,071 lakh in Q4 FY25.

The lacklustre monthly expiry session ended on a subdued note, with the Index closing lower at 24,246.70 with a loss of 82.25 points. Sector-wise, Pharma and Metal emerged as the top performers, while Realty and FMCG witnessed the most significant corrections. Mid and Smallcap segments managed to outperform the Frontline Index, showing relative strength. The Index remained within the previous day’s range of 24,120-24,360, and a breakout on either side of this range is likely to provide a clear direction.

Indian rupee ended 15 paise higher at 85.27 per dollar on Thursday versus Wednesday's close of 85.42.

Indian equity indices ended on a negative note with Nifty below 24,300 on April 24.

At close, the Sensex was down 315.06 points or 0.39 percent at 79,801.43, and the Nifty was down 82.25 points or 0.34 percent at 24,246.70. About 1869 shares advanced, 1921 shares declined, and 144 shares unchanged.

HUL, Bharti Airtel, Eicher Motors, ICICI Bank, Eternal were among major losers on the Nifty, while gainers were IndusInd Bank, UltraTech Cement, Grasim Industries, Tata Motors, Dr Reddy's Labs.

Broader indices outperformed the main indices with BSE midcap and smallcap indices ended on a flat note.

Among sectors, FMCG, realty shed 1 percent each, while pharma index added 1 percent.

After a two-day pause, the Indian Rupee strengthened as the US Dollar retreated due to heightened geopolitical uncertainty. The ICE Dollar Index weakened amidst slowing US business activity, and US Treasury yields declined across the curve, with the 10-year yield falling 3 basis points to 4.35%.

Near-term technicals for spot USDINR indicate support at 85.03 and resistance at 85.70. High-frequency data suggests a stronger Rupee, though geopolitical factors may cap the gains.

#1 Q4 modest miss in revenue; margin in-line

#2 FY26 likely to be a ‘repair’ year

#3 New CEO shared a strategy based on sales transformation, revamping large Deal organisation becoming ‘fit to future’

#4 Margin recovery expected to be slow; improvement hinges on a sharp growth revival

#5 FY26–27 EPS cut by 2 percent

#1 Core business grew in double digits, supported by price hikes; this trend is expected to continue through FY26

#2 Growth business grew 24 percent organically & 66 percent including acquisitions

#3 OPM is on an improving trend; forecast 13 percent/18 percent EBITDA/EPS CAGR over FY25–28

#4 Stock trades at 55x FY27 EPS

Indian Rupee gained on weak US Dollar and overnight decline in crude oil prices. FII inflows also supported the Rupee. However, weak domestic equities capped sharp gains. US data was mixed with manufacturing PMI topping the forecast while services PMI trailed the forecast.

We expect the Rupee to trade with a positive bias as weakness in the US Dollar is likely to remain intact amid trade tariff uncertainties. However, risk-on sentiments in the global markets and FII inflows may support the Rupee at lower levels. Traders may take cues from weekly unemployment claims, durable goods orders and existing home sales data from the US. USDINR spot price is expected to trade in a range of Rs 85 to Rs 85.70.

#1 BHFL reports PBT growth of 1 percent QoQ & PAT growth of 7 percent QoQ

#2 For Bajaj Finance, forecasted PBT to be up 4.7 percent QoQ & PAT to rise 4.2 percent QoQ

#3 Management notes no change in loan mix, loan spreads for FY26 could compress by 10–15 bps YoY

#1 Profit of Rs 240 crore, 8 percent above estimates

#2 PPOP 1 percent above estimates; lower tax rate drove the PAT beat

#3 Loan growth stood at 9 percent YoY & 3 percent QoQ

#4 Disbursements of Rs 2,460 crore, in-line with guidance

#5 Management outlook on FY26 loan growth is key

The Sensex was down 324.73 points or 0.41 percent at 79,791.76, and the Nifty was down 86.75 points or 0.36 percent at 24,242.20. About 1666 shares advanced, 1755 shares declined, and 107 shares unchanged.

Indian rupee is trading higher at 85.33 per dollar versus Wednesday's close of 85.42.

Axis Bank, SBI Life Insurance Company, Tech Mahindra, Adani Energy Solutions, Cyient, Indian Energy Exchange, Laurus Labs, Macrotech Developers, L&T Technology Services, Mphasis, Nelco, Persistent Systems, SBI Cards and Payment Services, Supreme Industries, Sterling and Wilson Renewable Energy, Tanla Platforms, and Waaree Technologies will announce their quarterly earnings on April 24.

ACC net profit tumbles 20% to Rs 751 crore; revenue up 13%

The Board will meet on April 29 to additionally consider a special (interim) dividend for FY25, the sub-division/split of existing equity shares, and the issue of bonus shares, along with financial results.

The lender is set to announce the quarterly results today

BHEL's Bhopal plant is among the oldest heavy electrical equipment manufacturing plants in the country.

Shalabh Saxena has resigned as Managing Director and Chief Executive Officer of the company, effective April 23.

The Board has approved the appointment of Ashish Kumar Damani as the Interim Chief Executive Officer of the company, effective April 23. Ashish Kumar Damani is currently designated as President and Chief Financial Officer of the company.

The company has received an additional award worth $5.2 million (approximately Rs 44 crore) from UNICEF for the supply of 40 million doses of its bivalent oral polio vaccine (bOPV) in Q3 CY2025.

In December 2024, it had received an award worth $14.95 million (approximately Rs 127 crore) for the supply of 115 million doses of its bOPV in CY2025.

Max Estates had received the final approval from the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) and now with the successful closure, Max Estates has taken over the Delhi One Project.

The project spans approximately 2.5 mn sq. ft. of development part of around 10-acre land parcel constituting ~34,696 sq. mt. of area.

The Board has approved the issue price at Rs 150 per equity share for its rights issue worth Rs 125 crore. The rights entitlement ratio is 19 rights equity shares for every 100 equity shares held by eligible shareholders as of the record date of April 29. The rights issue will open on May 7 and close on May 22.

#1 Q4FY24 AUM growth was healthy; however, high-cost ratio & yield compression due to competition were drags

#2 Expect EPS growth to slow due to pressure on AUM growth, NIM compression, & normalisation of credit costs

#3 Cut FY26–27 EPS estimates by 2.8–3.1 percent

The Exchange has revised the eligibility criteria for Migration from NSE SME Platform to NSE Main Board. In this regard, securities listed on NSE SME Platform shall be eligible for listing on NSE main board, subject to such companies, fulfilling the revised eligibility criteria.

Sivakumar S has resigned as Chief Financial Officer (CFO) of the company due to personal reasons, effective April 23.

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the re-appointment of Krishnan Ramachandran as the CEO and Managing Director of the company for five years, effective May 1.

Axis Bank, SBI Life Insurance Company, Tech Mahindra, ACC, Adani Energy Solutions, Cyient, Indian Energy Exchange, Laurus Labs, Macrotech Developers, L&T Technology Services, Mphasis, Nelco, Persistent Systems, SBI Cards and Payment Services, Supreme Industries, Sterling and Wilson Renewable Energy, Tanla Platforms, and Waaree Technologies will announce their quarterly earnings on April 24.

The company’s subsidiary, Adani Hydro Energy Five, has entered into a Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation (UPPCL) for the supply of 1,250 MW of energy storage capacity from pumped hydro storage projects.

The Sensex was down 252.99 points or 0.32 percent at 79,863.50, and the Nifty was down 63.20 points or 0.26 percent at 24,265.75. About 1875 shares advanced, 1474 shares declined, and 124 shares unchanged.

#1 High-cost inflation, especially in tea, continued to weigh on margin

#2 EBITDA slightly reduced despite strong revenue growth (India UVG approximately 6 percent)

#3 Growth portfolio contribution rose, partly due to M&A

#4 Stock up 24 percent YTD; valuation now at 70x FY26 PE ratio, leading to downgrade

#1 Target price reduced due to lower visibility on fund raising

#2 Still attractive despite a more conservative stance on the data centre segment

#3 EPS CAGR of +40 percent expected over FY26–27

#4 DC capacity to reach 28 MW IT load by Q1FY26

#5 Long-term goal of 307 MW remains intact, though with a more measured approach to cloud mix

#6 Internal accruals expected to fund 50 percent of capex

#7 Peak net debt/equity to remain under 0.5x if funded via loans

#8 Strong residential launch pipeline of 3.1msf in FY26 with GDV of approximately Rs 6,000 crore

#1 Profit declines 2.8 percent to Rs 183.3 crore Vs Rs 188.6 crore, YoY

#2 Revenue rises 11 percent to Rs 1,018 crore Vs Rs 916.9 crore, YoY

#1 Q4 in-line; margin recovery likely in H2 FY26

#2 Growth businesses (28 percent of revenue) grew 18 percent YoY (organic) in FY25

#3 Starbucks revenue rose approximately 6 percent in Q4; 6 new stores added, total now 479 across 80 cities

#4 Company’s growth trajectory remains intact, led by strong core segments & new category expansion

The Board has approved the raising of funds up to Rs 6,500 crore via debt and the issuance of commercial papers worth Rs 675 crore.

Northeast Frontier Railway has sanctioned variation for the contract agreement to Ircon International for supply, installation, testing and commissioning of Integrated Tunnel Communication Systems, OFC based industrial grade network system including laying of OFC & other cables for Railway network which includes tunnels and stations in Jiribam- Khongsang section of Jiribam- Imphal new Railway Project. The value of aforesaid contract has been increased from Rs 144,16,66,955.90 to Rs 203,6080,858.313.

The meeting of board of directors is scheduled to be held on Tuesday 29th April, 2025, to consider and approve borrowing (raising of funds) up to a maximum amount of Rs 5,000 crore during the financial year 2025-26, by issuing secured/unsecured, redeemable, taxable/ tax free, cumulative, non-cumulative debentures (Bonds/ NCDs) in one or more tranches.

GPT Infraprojects has successfully commissioned its Steel Girder and Components manufacturing facility at Village Majinan, PS Gurap, Dist Hooghly, West Bengal on April 24, 2025 with an initial capacity of 10,000 MT per annum.

Axis Bank, SBI Life Insurance Company, Tech Mahindra, ACC, Adani Energy Solutions, Cyient, Indian Energy Exchange, Laurus Labs, Macrotech Developers, L&T Technology Services, Mphasis, Nelco, Persistent Systems, SBI Cards and Payment Services, Supreme Industries, Sterling and Wilson Renewable Energy, Tanla Platforms, and Waaree Technologies will announce their quarterly earnings on April 24.

#1 Q4 net sales up 17 percent YoY (12 percent organic), broadly in-line

#2 Gross profit in-line; gross margin missed by 50 bps due to high input costs

#3 EBITDA below estimates due to higher other expenses

#4 FY26–27 EBITDA cut by 0–1 percent; adjusted PAT raised by 4 percent on lower finance costs

#1 Profit increases 18.8 percent to Rs 41.4 crore Vs Rs 34.8 crore, YoY

#2 Revenue rises 5.3 percent to Rs 1,080 crore Vs Rs 1,025.8 crore, YoY

#1 Profit jumps 15.3 percent to Rs 291.9 crore Vs Rs 253.1 crore, YoY

#2 Net interest income rises 0.2 percent to Rs 567.9 crore Vs Rs 567 crore, YoY

#3 Gross NPA declines to 1.25 percent Vs 1.32 percent, QoQ

#4 Net NPA falls to 0.36 percent Vs 0.41 percent, QoQ

#1 Net loss narrows to Rs 306.4 crore Vs loss of Rs 309.3 crore, YoY

#2 Revenue declines 4.6 percent to Rs 308.3 crore Vs Rs 323.3 crore, YoY

The Sensex was down 181.75 points or 0.23 percent at 79,934.74, and the Nifty was down 47.55 points or 0.20 percent at 24,281.40. About 1971 shares advanced, 1222 shares declined, and 131 shares unchanged.

BPCL has entered into a joint venture (JV) agreement with GPS Renewables to establish compressed biogas (CBG) plants across India. This strategic alliance marks a significant step towards advancing India’s energy transition and contributes to BPCL’s net-zero goals.

The Board has approved the raising of funds up to Rs 4,500 crore via the issuance of equity shares, non-convertible debt instruments along with warrants, by way of qualified institutions placement(s), rights issue, preferential allotment, or private placement(s), in one or more tranches.

#1 Net loss widens to Rs 32 crore Vs loss of Rs 21 crore, YoY

#2 Revenue declines 1.4 percent to Rs 430 crore Vs Rs 436 crore, YoY

#1 Profit jumps 11.6 percent to Rs 233.8 crore Vs Rs 209.6 crore, YoY

#2 Net interest income increases 6.3 percent to Rs 365.3 crore Vs Rs 343.7 crore, YoY