Benchmark indices extended their winning streak on April 16, with the Nifty 50 rising 109 points and the Sensex advancing by over 300 points, powered by a broad-based rally.
The Sensex added 309.40 points, or 0.40%, to end at 77,044.29, while the Nifty rose 108.65 points, or 0.47%, to settle at 23,437.20.
The broader market participated in the upmove with the BSE Midcap higher by 0.5%, while the Smallcap index rose nearly 1%. Among sectors, media, PSU banks, and oil & gas stocks posted healthy gains of 1-2%. In contrast, the auto, IT, and pharma sectors saw some profit booking. Banks underpinned the rally, with midcap PSU lenders standing out as key gainers.
Landmark Cars’ shares rose 3% on positive Q4 business update, after the company reported a strong operational performance owing to continued momentum in vehicle sales and expanding after-sales network. The consolidated revenue from operations rose by 17.3 % YoY to Rs 1,525 crore.
Nifty Bank nudged higher for a third consecutive session, with Axis Bank emerging as the top gainer on the index, rising nearly 4%, while Federal Bank shares followed, trading 1.6 percent higher. Canara Bank, Axis Bank and Punjab National Bank (PNB) shares were trading over 1% higher each.
ICICI Prudential shares rose by 4% on better margins for Q4FY25, with Motilal Oswal reiterating its 'buy' call with a target price of Rs 2,200. Goldman Sachs rated the stock as 'neutral' while Bernstein called it a 'market perform' following the March quarter earnings.
ABB India shares climbed 3% as domestic brokerage Motilal Oswal reiterated its ‘buy’ call with a target price of Rs 6,700. In the annual report, ABB India had stressed upon the potential high-growth segments, aiming to expand further into Tier 2 cities as well as development of new products.
IREDA shares jump over 9% on robust Q4FY25 earnings, with net profit higher by 49%, staging a rally of more than 20% in the past month. The state-run green energy financier reported a profit of Rs 501.55 crore for the fourth quarter, up from Rs 337.39 crore a year ago, boosted by strong growth in its core lending operations.
Nifty Metal index cooled off after a two-day rally to end a percent lower, with Hindalco, JSW Steel, Hind Zinc, other metal shares falling by 2% amid US-China trade war fears. The sharp sell-off was seen after US President Trump ordered a probe into potential new tariffs on all US critical minerals import.
ICICI Bank share price ended higher by 0.5 percent after the bank announced a cut in its savings account deposit interest rate by 0.25%. This move followed a similar decision by HDFC Bank, which cut savings rate amid a succession of cuts in deposit offerings, following RBI's back-to-back repo rate cuts.
Gensol Engineering shares tank 5% as promoters barred from accessing equity markets. Following an interim order issued by the Securities and Exchange Board of India (SEBI), the firm and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, have come under scrutiny for alleged fund diversion and misleading disclosures.
Hindalco share prices sank by over 2% owing to concerns over market volatility in the metals segment due to president Trump's policies.
Tata Motors’ shares slipped 1.5% a day after yesterday’s surge due to tariff-related volatility. The decline comes against the backdrop of a market environment marked by mixed investor sentiment, especially for the automotive sector due to President Trump's tariff policies.
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