Stocks failed to hold on the intraday gains but ended little changed in a rangebound session on April 29, even as Nifty 50 index managed to hold above the 24,300 level.
At close, the Sensex was up 70.01 points or 0.09 percent at 80,288.38, and the Nifty was up 7.45 points or 0.03 percent at 24,335.95. Broader market indices BSE Mid and Smallcap indices ended marginally higher but in in-line with benchmark indices.
Reliance Industries continued to be a major contributor to Nifty's gains for a second day, adding Rs 1.5 lakh crore in market capitalisation to rise to more than six-month high. Bharat Electronics, Tech Mahindra, Reliance Industries, Eternal and Trent were among major gainers on the Nifty, while losers were Sun Pharma, ONGC, Coal India, UltraTech Cement and Dr Reddy's Labs.
On the sectoral front, capital goods, consumer durables, IT, oil & gas added 0.5-1 percent, while metal, power, telecom, pharma shed 0.5-1 percent.
Overnight, the S&P 500 and the Dow ended in positive territory at the conclusion of a choppy session on Monday and gold advanced as investors looked for signs of progress in tariff negotiations at the top of an eventful week of corporate earnings and economic data.
European indices were trading flat, while Asian stocks posted gain as investors awaited a slew of corporate earnings and economic data this week that will give an early indication of the impacts from President Donald Trump’s tariff war.
Also Read: Gold-silver ratio crosses 100 as yellow metal outshines white, will silver catch up?
In stock-specific action, Tata Technologies shares fell 6 percent on block deal of 1.6 crore share, Gensol Engineering shares slipped 5 percent after Directorate of Enforcement (ED) conducted raids at Gurugram, Ahmedabad premises, CSB Bank shed nearly 3 percent despite Q4 profit soars 26 percent.
More than 60 stocks on the BSE tested 52-week high including Mazagon Dock, Solar Industries, Max Financial, Coromandel International, ICICI Bank, among others. Click to View More
Outlook for April 30
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed a range-bound trading session, with the Nifty ends unchanged while the Sensex was up by 70 points. Among sectors, the Defense index outperformed, rallying 5 percent, while intraday profit booking was seen in select pharma stocks, resulting in a 1 percent decline for the Pharma index.
Technically, the market is consistently facing resistance near the 24,450/80500 resistance zone. A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears.
We are of the view that, on the upside, 24,450/80500 would be the immediate breakout level for the bulls. Above this level, the market could rally towards 24,550-24,600/80800-81000. On the other hand, if the market falls below 24250/80000, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150-24100/79700-79500.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After showing a sustainable upside bounce on Monday, Nifty shifted into a consolidation with small high low range on Tuesday and closed the day higher by 7 points. After opening with a positive note, the market was not able to continue with the morning gains and slipped into minor weakness from the highs in the early part of the session. It later shifted into a range bound action for better part of the session.
A small red candle was formed on the daily chart with minor upper shadow. Technically, this market action indicates failed upside breakout attempt of the hurdle of around 24350-24400 levels. Hence this could mean chances of more consolidation in the short term.
Bullish pattern like higher tops and bottoms is intact as per daily chart and one may expect Nifty to resume its upside momentum after a small consolidation or minor dip. Immediate support is placed at 24150 levels. A decisive move above the resistance of 24450 could open next upside target of 24850 levels in the near term.
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