Closing Bell: Nifty around 24,000, Sensex falls 589 pts; IT stocks outperform

Indian equity indices ended lower on second consecutive session on April 25 with Nifty around 24,000. At close, the Sensex was down 588.90 points or 0.74 percent at 79,212.53, and the Nifty was down 207.35 points or 0.86 percent at 24,039.35.

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.

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Markets began the first day of the new derivatives series on a weak note, primarily weighed down by escalating geopolitical tensions between India and Pakistan. After an initial uptick, the Nifty witnessed a sharp decline in the first half; however, a rebound in select heavyweight stocks helped pare some losses later in the session. Eventually, the index settled at 24,080, down by 0.69%. Across sectors, most traded in the red, with realty, pharma, and energy emerging as the top losers. The pressure was even more pronounced in the broader markets, as both the Nifty Midcap and Smallcap indices ended with losses exceeding two percent each.

The heightened geopolitical uncertainty has led investors to adopt a risk-off approach, triggering profit-booking after the recent sharp rally. Furthermore, the markets appeared slightly overstretched following the vertical rise, prompting traders to reduce exposure. On the benchmark front, sustaining above the 23,800 level is crucial for Nifty to retain its positive bias; failure to do so could lead to further profit-taking. Given the prevailing environment, we maintain a cautious stance and recommend a hedged approach for existing positions.

Today, the Indian stock market closed sharply lower amid escalating geopolitical tensions and mixed corporate earnings. The Sensex fell by 588 points (0.74%) to close at 79,212, while the Nifty 50 dropped 207 points (0.86%) to settle near the crucial 24,039 mark. The key driver of the downside was the spike in India-Pakistan tensions following the Pahalgam terror attack, which led to retaliatory firing along the Line of Control and the suspension of the Indus Water Treaty by India. This heightened geopolitical risk spooked investors, especially ahead of the weekend, triggering broad-based selling.

The volatility index surged 6%, reflecting increased investor fear. Small and midcap stocks were hit hardest, with the BSE Small cap and Midcap indices fall signaling concerns over stretched valuations in these segments. Despite the overall weakness, IT stocks outperformed, providing some relief.

Nifty has slipped after a consolidation on the daily chart, indicating a rise in bearish sentiment. Additionally, the index has fallen below its 200-DMA, signaling a potential re-entry into a bearish trend. Investor sentiment remains weak, with a clear risk-off approach ahead of the weekend, amid rising tensions between India and Pakistan.

In the short term, sentiment is likely to continue driving the market trend, with the possibility of the index heading lower. Support on the lower end, is placed at 23800/23515.

#1 Market posts gains of nearly 1% for the week, up for 2nd straight week

#2 Fall seen on Thursday & Friday brings the weekly gains lower

#3 Nifty Bank gains 0.7% & Midcap index nearly 2% for the week

Indian rupee ended 17 paise lower at 85.44 per dollar on Friday versus previous close of 85.27.

Indian equity indices ended lower on second consecutive session on April 25 with Nifty around 24,000.

At close, the Sensex was down 588.90 points or 0.74 percent at 79,212.53, and the Nifty was down 207.35 points or 0.86 percent at 24,039.35. About 682 shares advanced, 3138 shares declined, and 115 shares unchanged.

Among sectors, except IT, all other indices ended in the red with media, metal, PSU, telecom, power, oil & gas, realty down 2-3 percent.

BSE Midcap and smallcap indices shed 2.5 percent each.

Axis Bank, Adani Enterprises, Shriram Finance, Adani Ports, Trent were among biggest losers on the Nifty, while gainers included SBI Life Insurance, Infosys, TCS, Tech Mahindra, IndusInd Bank.

#1 Q4 VNB rose 10 percent YoY to Rs 1,700 crore, driven by improved product mix & term insurance

#2 APE growth was softer at 2 percent due to slower ULIPs

#3 Management expects early double-digit sales growth, aiding re-rating

#4 VNB estimates raised by 7 percent

#1 Q4 margin beat

#2 Turnaround continues with strong deal pipeline

#3 Steady progress toward mid-term goals

Indian Rupee declined on weak domestic markets and geopolitical tensions. Positive US Dollar also weighed on the Rupee. existing home sales data from the US missed forecast.

We expect Rupee to trade with a negative bias amid heightened geopolitical tensions and weak tone in the domestic markets. However, persistent FII inflows overall weakness in the US Dollar may prevent a sharp fall in the Rupee. USDINR spot price is expected to trade in a range of Rs 85 to Rs 85.90.

#1 Total/individual APE growth at 21 percent/7 percent YoY in Q4 vs 13.2 percent/12.5 percent in Q3FY25

#2 VNB margin expanded 220bps YoY; VNB grew 10 percent YoY

#3 Margin gains driven by product mix changes & rider attachment

#4 Outperformed peers (HDFC Life/IPRU Life)

IDFC First Bank, Bhansali Engineering, Indiabulls Enterprises, India Cements, Mangalore Refinery and Petrochemicals, SBFC Finance, Ugro Capital, and Vakrangee will announce their quarterly earnings on April 26.

#1 Q4 revenue & adjusted EBITDA were slightly below estimates

#2 Margin diluted QoQ, depending on project mix

#3 Q4FY25 OCF at Rs 2,300 crore

Despite Nifty opening at a higher level on Friday, the geopolitical tensions with the neighbouring nation have dropped the index by more than 1%. In the last few days, Nifty has also revived to 24,000 with the FII buying, banking stocks rally, and expectations of a positive outcome from US-India trade talks. Along with the geopolitical tensions, the profit booking by the investors is also adding to today’s market drop. India VIX has also surged by over 5% on Friday, signalling higher market volatility and investors’ cautious outlook. Both Nifty Midcap 100 and Nifty Smallcap 100 are trading in the red zone, signalling broader sell-off in the market, cooling down of valuations and muted March quarterly earnings.

However, the FII took the net buying position of Rs 8,250 crores on Thursday in the Indian market. Today, the rupee opened 8 paise stronger at Rs 85.19 after closing at Rs 85.27 against the US dollar on Thursday. Following these positive cues and Asian markets rally due to the expectation of easing tariffs on China, the Indian market can also revive soon. In this current falling scenario, the high-risk investors can consider the “buying the dip” strategy to profit from the potential market gains.

The Sensex was down 461.00 points or 0.58 percent at 79,340.43, and the Nifty was down 167.70 points or 0.69 percent at 24,079. About 551 shares advanced, 2898 shares declined, and 90 shares unchanged.

#1 Q4 revenue missed, but margin & profit beat estimate

#2 Strong deal wins support FY26 growth

#3 Margin expanded 210 bps in FY25, the goal of 530 bps expansion by FY27 seems ambitious

#4 At 27x FY26 PE ratio, stock is seen as fully valued, with a 20 percent premium to Infosys

Indian rupee is trading 19 paise lower at 85.46 per dollar versus previous close of 85.27.

Gold prices shinning brighter with sharp rally, reaching its all time high on April 22nd, and even briefly breached the psychological Rs 1 lakh level. When compared to last Akshaya Tritiya on May 10, 2024 gold was hovering at Rs 77,800, and this year's levels are near Rs 95,290 giving 32% return in just one year. Though the shift may appear sensational, it might not indicate a trend shift. The recent decline appears to be a healthy correction, and we have been in an extended rally. However, jewellers are concerned that if prices hover around Rs 1 lakh before Akshaya Tritiya, demand may fall by 40–45%.

On other hand Jewellers are trying to mitigate this drop by providing different options, including lightweight jewellery, gold exchange options, and advance booking schemes. Some jewellers, have expanded their affordable segment wedding collections to include 10 to 18-carat jewellery, as a lot has changed among customers. These adaptive strategies show how the industry is responding to price-sensitive buyers while keeping the cultural sentiment around gold alive. Outlook-wise, gold remains a key portfolio stabilizer amid economic uncertainty.

CRISIL fell 5.7%

IDFC First Bank, Bhansali Engineering, Indiabulls Enterprises, India Cements, Mangalore Refinery and Petrochemicals, SBFC Finance, Ugro Capital, and Vakrangee will announce their quarterly earnings on April 26.

At 2:30 S&B BSE IT was at a gain of 0.73% while Nifty IT was at a gain of 1.25%

# Net income at Rs 1.55 billion, up 83% YoY

# Revenue stood at Rs 6.03 billion, up 11% YoY

# Total costs came in at Rs 4.75 billion, up 7% YoY

# Dividend declared at Rs 6 per share

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Maruti Suzuki Q4 Earnings Highlights

#Final dividend aggregating to Rs 42.4 billion

#Q4 total costs at Rs 373.3 billion, up 8.6% YoY

#Q4 net income at Rs 37.1 billion

#Dividend per share at Rs 135

#Q4 revenue at Rs 406.7 billion

Reliance Industries, Maruti Suzuki India, RBL Bank, Tata Technologies, L&T Finance, Cholamandalam Investment and Finance, DCB Bank, Force Motors, Hindustan Zinc, Dr Lal PathLabs, Lloyds Metals and Energy, Bank of Maharashtra, Mahindra Lifespace Developers, Motilal Oswal Financial Services, Oracle Financial Services Software, Poonawalla Fincorp, Rossari Biotech, Shriram Finance, Tejas Networks, Zenotech Laboratories, and Zensar Technologies will release their quarterly earnings on April 25.

The Sensex was down 254.26 points or 0.32 percent at 79,547.17, and the Nifty was down 101.35 points or 0.42 percent at 24,145.35. About 541 shares advanced, 2874 shares declined, and 98 shares unchanged.

Indian rupee has recovered from day's low but still trading 12 paise lower at 85.39 per dollar versus previous close of 85.27.

#1 Limited growth visibility in Q4FY25

#2 No growth guidance & margin recovery timelines delayed

#3 Dividend policy under review

#4 Stock is cheap, but earnings cuts may lead to continued underperformance

The company has commissioned the first phase of a 25 MW group captive solar project out of a total planned 75 MW at Vastan.

The Board has approved a rights issue of 1.50 crore equity shares worth Rs 40.71 crore, with the issue price fixed at Rs 27 per share. The rights issue will open on May 13 and close on May 26.

The technology services and consulting company has announced the launch of its GitHub Center of Excellence (CoE) in Bengaluru, aimed at accelerating AI innovation.

Container Corporation of India has signed a Memorandum of Understanding (MoU) with GAIL (India) to develop LNG infrastructure at various CONCOR terminals across India, aimed at ensuring uninterrupted LNG fuel supply for CONCOR’s road transportation requirements.

#1 Profit falls 3.5 percent to Rs 311.1 crore Vs Rs 322.4 crore, QoQ

#2 Revenue grows 12.4 percent to Rs 2,982.4 crore Vs Rs 2,653 crore, QoQ

#3 EBIT declines 6.6 percent to Rs 3,939 crore Vs Rs 4,219 crore, QoQ

#4 Margin drops to 13.2 percent Vs 15.9 percent, QoQ

#5 Revenue in dollar terms increases 10.7 percent to $345.1 million Vs $311.9 million, QoQ

#6 Board recommends final dividend of Rs 38 per share for FY25

#7 Company expects FY26 to be a better year than FY25, with a double-digit revenue growth in constant currency

#1 Profit drops 19.4 percent to Rs 534.2 crore Vs Rs 662.4 crore, YoY

#2 Revenue rises 7.5 percent to Rs 4,674 crore Vs Rs 4,347.7 crore, YoY

#3 Gross NPA ratio at 3.08 percent

#4 Net NPA ratio at 1.46 percent

#1 Profit zooms 39.3 percent to Rs 170.4 crore Vs Rs 122.3 crore, QoQ

#2 Revenue declines 0.9 percent to Rs 1,909.2 crore Vs Rs 1,926.4 crore, QoQ

#3 Other income stands at Rs 41 crore Vs other income (loss) at Rs 16.6 crore, QoQ

#4 Board recommends final dividend of Rs 14 per share

IDFC First Bank, Bhansali Engineering, Indiabulls Enterprises, India Cements, Mangalore Refinery and Petrochemicals, SBFC Finance, Ugro Capital, and Vakrangee will announce their quarterly earnings on April 26.

Reliance Industries, Maruti Suzuki India, RBL Bank, Tata Technologies, L&T Finance, Cholamandalam Investment and Finance, DCB Bank, Force Motors, Hindustan Zinc, Chennai Petroleum Corporation, Dr Lal PathLabs, Lloyds Metals and Energy, Bank of Maharashtra, Mahindra Lifespace Developers, Motilal Oswal Financial Services, Oracle Financial Services Software, Poonawalla Fincorp, Rossari Biotech, Shriram Finance, Tejas Networks, VST Industries, Zenotech Laboratories, and Zensar Technologies will release their quarterly earnings on April 25.

#1 In-line results with modest volume & urban growth

#2 Input inflation & lower exports weighed on gross margin, while lower opex supported operating margins

#3 Exports declined; e-commerce & OOH segments continued growth

#4 Stock trades at 61x Mar-27 EPS; focus shifts to new leadership and strategy

#1 Q4 missed estimates across segments

#2 Domestic pricing pressure a concern

#3 Business model revamp commendable but gradual

#4 Challenging conditions persist

#5 Stock trades at a premium,1 SD above 10-year mean PE ratio

Indian rupee is trading 29 paise lower at 85.56 per dollar versus previous close of 85.27.

#1 Q4 results were broadly in-line, with CDMO division scaling up

#2 ARV sales rose 13 percent YoY due to higher formulation sales

#3 API segment declined 8 percent YoY

#4 Management provided no concrete FY26 sales guidance but expects growth

The Sensex was down 1,129.66 points or 1.42 percent at 78,671.77, and the Nifty was down 372.55 points or 1.54 percent at 23,874.15. About 359 shares advanced, 2998 shares declined, and 93 shares unchanged.

#1 Q4 PAT at Rs 230 crore slightly beat estimate as lower tax offset minor NII miss & higher opex

#2 Loan growth is expected to improve gradually in FY26

#3 NIMs should remain stable despite rate easing, thanks to slower repricing of back-book vs 60 percent EBLR/CP-linked liabilities

#4 Asset quality remains stable

#5 Sees 12 percent EPS CAGR & 17–18 percent RoE over FY25–27

#6 Valuation at 1.6x FY26 BV is seen as reasonable

Titagarh Rail Systems (TRSL), in collaboration with Bharat Heavy Electricals (BHEL) inaugurated the dedicated production line for the Vande Bharat Sleeper Trains at TRSL’s state-of-the-art manufacturing facility in Uttarpara, Kolkata, West Bengal.

The production line has been set up by TRSL, following the award of a contract by Indian Railways to design and manufacture 80 Vande Bharat Sleeper train sets under a consortium between TRSL & BHEL. With a total value of around Rs 24000 crore including long-term maintenance of 35 years.

The company’s subsidiary, POWERGRID Energy Services, has put an 85 MW solar PV power plant in Ujjain, Madhya Pradesh, into commercial operation effective April 24.

Note: "Overall trend is bullish and buying on dips should be the preferred trading strategy. Fresh support is placed at 24350/24300 and resistance will be placed at 24400/24600. Traders are advised to buy nifty above and near the support levels for target of 24400/24500/24600."

Rating indicates 4.7% increase from last price

About 401 shares advanced, 2898 shares declined, and 100 shares unchanged.

Outpaces drop in Sensex

Reliance Industries, Maruti Suzuki India, RBL Bank, Tata Technologies, L&T Finance, Cholamandalam Investment and Finance, DCB Bank, Force Motors, Hindustan Zinc, Chennai Petroleum Corporation, Dr Lal PathLabs, Lloyds Metals and Energy, Bank of Maharashtra, Mahindra Lifespace Developers, Motilal Oswal Financial Services, Oracle Financial Services Software, Poonawalla Fincorp, Rossari Biotech, Shriram Finance, Tejas Networks, VST Industries, Zenotech Laboratories, and Zensar Technologies will release their quarterly earnings on April 25.

The Sensex was down 920.47 points or 1.15 percent at 78,880.96, and the Nifty was down 308.15 points or 1.27 percent at 23,938.55. About 393 shares advanced, 2888 shares declined, and 103 shares unchanged.