In a volatile session on April 23, the Indian benchmark indices ended on a positive note for the seventh consecutive session, led by the Information Technology, Pharma and Auto stocks.
At close, the Sensex was up 520.90 points or 0.65 percent at 80,116.49, and the Nifty was up 161.70 points or 0.67 percent at 24,328.95.
The Nifty50 index comfortably closed above 24,300, hitting 4-month high, while BSE Sensex closed above 80,000 for the first time since December 2024.
Overnight, US stocks rebounded on Tuesday from the previous day’s selloff as investors focused on earnings, while the dollar rose after U.S. Treasury Secretary Scott Bessent said in a closed-door meeting that he believes there will be a de-escalation in U.S.-China trade tensions.
European indices were trading higher and Asian indices ended on a positive note after President Donald Trump said he had no plans to fire the head of the Federal Reserve, and hinted at lower tariffs for China.
On the sectoral front, IT index jumped 4 percent, auto index added more than 2 percent, while PSU Bank, consumer durables indices were down 0.5-1 percent.
HCL Technologies, Tech Mahindra, Tata Motors, Wipro, Infosys were among biggest gainers on the Nifty, while losers were HDFC Bank, Kotak Mahindra Bank, Axis Bank, SBI, Grasim Industries.
BSE Midcap index rose 1 percent and Smallcap index was up 0.2 percent.
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In stock-specific action, HCL Technologies shares gain most since October 2021 post Q4 earnings, Cyient DLM shares jumped 3.5 percent after consolidated Q4 profit jumps 36.5%, and Jammu and Kashmir Bank breaks 5-day winning run, falling nearly 9 percent amid J&K terror attack.
However, Airline, hotel stocks remained under pressure a day after 26 people got killed in a terror attack in Pahalgam in Jammu and Kashmir's Anantnag district.
80 stocks on the BSE tested 52-week high, including Krishna Institute of Medical Sciences, UPL, AstraZeneca Pharma, Bharti Hexacom, Laurus Labs, JK Cement, HDFC Bank, AAVAS Financiers, among others. Click here to view full list
Outlook for April 24
Aditya Gaggar Director of Progressive Shares
The Benchmark Index experienced a volatile trading session initially, struggling to maintain its opening gains due to the pressure from the overbought Banking stocks. However, in the second half of the trading session, the Index gradually recovered, driven by strong performance in the IT sector, and additional support from the Pharma and Auto segments. This collective momentum helped the Index close at 24,328.95 with notable gains of 161.70 points.
The Broader markets showed mixed trends-Midcaps out performed with over 1% gains, while Small caps lagged.
Technically, the Index formed a Hanging Man candlestick pattern, signaling a potential reversal. A decisive move above today’s high could invalidate this bearish setup, whereas a break below today’s low would confirm a short-term downtrend. Key levels to watch are 24,125 for support and 24,500 for resistance.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty remained volatile after an optimistic start, supported by positive global cues. Although the sentiment remains upbeat as the index continues to trade above the previous swing high, the formation of a Hanging Man pattern on the daily chart serves as a warning for those holding net long positions. Additionally, the RSI is on the verge of confirming a negative divergence.
Going forward, a decline towards the 24,000–23,900 zone appears likely if the Nifty slips below 24,300. On the higher side, resistance is seen at 24,450–24,500.
Shrikant Chouhan, Head Equity Research, Kotak Securities
The benchmark indices continued their positive momentum for the seventh day in a row, with the Nifty ends 162 points higher, while the Sensex was up by 521 points. Among sectors, the IT index outperformed, rallying over 4.35 percent, whereas intraday profit booking was seen in selective consumer and financial stocks.
Technically, after a gap-up open, the market witnessed an intraday sell-off; however, it found support near 24,150/79500 and bounced back sharply. Additionally, on both daily and intraday charts, the market is holding a higher high and higher low formation, which supports a further uptrend from current levels.
We are of the view that, as long as the market is trading above 24,150/79500, the bullish sentiment is likely to continue. On the upside, it could move up to the range of 24,450-24,500/80300-80500. Conversely, if it falls below 24,150/79500, we could see a quick short-term correction down to the 24,050-24,000/79200-79000 range.
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