Benchmark indices Sensex and Nifty faced a significant one percent decline on April 12 due to a broad-based selloff. Investor sentiment was dampened by US CPI inflation data, which dashed hopes of a June rate cut and led to a surge in treasury bond yields.
IT services major Tata Consultancy Services kicked off the earnings season for tech companies with its Q4 FY24 financial results on April 12. The company reported 9.1 percent rise in consolidated net profit at Rs 12,434 crore on year-on-year basis for the quarter ended 31 March, 2024, up from Rs 11,392 crore in the year-ago period.
Market participants will wait and watch the impact of TCS results on the equity market on April 15. On April 12, TCS closed 0.5 percent higher at Rs 4,003.80 on the NSE.
At close, the Sensex was down 793.25 points or 1.06 percent at 74,244.90, and the Nifty 50 was down 234.40 points or 1.03 percent at 22,519.40. About 1,280 shares advanced, 2,017 shares declined, and 64 shares were unchanged.
Nifty Midcap 100 and Nifty Midcap 150 hit their respective record highs in today's session.
Top Nifty gainers were Divis Laboratories, Tata Consumer Products, Nestle, and TCS while Sun Pharmaceutical Industries, Maruti Suzuki, Power Grid Corp, and Titan Co were the biggest laggards.
All sectoral indices closed in the red. Nifty Pharma and Nifty Healthcare were the worst hit as they were down 1.8 percent and 1.5 percent, respectively. Nifty Media, Nifty PSU Bank, and Nifty FMCG closed over 1 percent lower each.
The BSE midcap index also slipped 0.4 percent and the smallcap index shed 0.5 percent.
A long buildup was seen in IRCTC, Metropolis Healthcare, Syngene International, and Bharat Electronics while a short buildup was seen in Sun Pharmaceutical Industries, Page Industries, Laurus Labs, and Zydus Lifesciences.
Aarti Industries, ABB India, Aegis Logistics, Bharat Electronics, Cummins India, Eicher Motors hit their 52-week highs on the BSE among others. Click to view full list
Outlook for April 15
Asit C Mehta, Investment Intermediates Ltd
Indian equity benchmarks fell sharply on Friday, driven down by global market mood, as high US consumer price inflation data damaged potential of an early rate cut by the Federal Reserve. Meanwhile, the Mauritius government's decision to alter its double taxation avoidance agreement (DTAA) with India has impacted market sentiment.
From a technical perspective, we anticipate the index to trade within the range of 22,000 to 23,000 ahead of Q4FY24 earnings, with immediate support at 22,500. On the weekly scale, the index has formed a Shooting star candlestick pattern, indicating uncertainty prevailing in the market.
Brijesh Ail, Head Technical & Derivatives, IDBI Capital Markets & Securities Ltd
Nifty and Nifty Bank are already above their resistance levels and now we might see new levels on the higher side. The trend in Nifty 50 could turn more positive after the elections.
Midcaps and smallcaps will provide the momentum for the market rally, followed by the Nifty Bank. The momentum in midcaps could continue till the end of April. We don't see any major selling or profit booking in April, but, we may see some minor corrections. The next 15 days seem good for midcaps.
For the next two weeks Nifty 50 could find support at 22,000 and face resistance at 23,300.
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