Closing Bell : Nifty closes at 24,125 while Sensex rises 855 points; Nifty Bank touches record high with all other sectoral indices ending in green

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates:

“Domestic benchmark indices opened on a positive note amid mixed global cues. The Nifty opened with a gap-up, maintained its bullish momentum, and eventually settled at 24,126. The broader markets outperformed the benchmark Nifty, with the Nifty Midcap 100 and Nifty Smallcap 100 advancing by 2.50% and 2.21%, respectively.

From a technical perspective, the Nifty has formed a strong bullish candle on the daily chart, indicating strength. Moreover, it has crossed the barrier of 23,870 and witnessed a fresh breakout of the rounding bottom pattern. This has sparked renewed buying interest, helping the index surpass its 200-Day Simple Moving Average (200-DSMA), which is placed around 24,050. The next major hurdle for the index is near 24,230. If the index manages to close above this level, the rally could extend towards 24,500–24,800. As long as the index holds above 23,870, a 'buy on dips' strategy is recommended.

The Bank Nifty index opened with a gap-up and maintained strong buying interest, ultimately settling on a bullish note at 55,305. Technically, the index decisively crossed its previous all-time high of around 54,470 and witnessed a fresh breakout of a rounding bottom pattern on the daily chart, reflecting strength. The breakout zone of 54,470 now acts as immediate support for Bank Nifty, and as long as this level is sustained, the index could potentially rally towards the 56,000–56,300 levels. Hence, traders are advised to adopt a "buy on dips" strategy.”

Daily market commentary by Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services:

Nifty rallied for the fifth consecutive day, ending with gains of 274 points at 24,126 (+1.2%). The index has jumped 11% in the past eight trading sessions. Today’s rally was driven by strong buying in heavyweight stocks and sustained foreign fund inflows. The FII flows were positive for the third consecutive day on Thursday (+Rs 4,668 Cr), cumulating to Rs14,670 crore inflows in last three sessions. The Nifty Bank index surged to an all-time high, topping the 55,200 mark. This resulted due to a combination of factors, including strong quarterly earnings from major banks, consecutive rate cuts by the Reserve Bank of India, and ample liquidity in the banking sector. The Nifty IT index jumped over 2%, making it one of the top-performing sectoral indices for the day after banking. IT stocks surged due to upbeat guidance from Infosys and short covering across the sector. Broader market indices showed a sharp outperformance with Nifty Midcap100 and Smallcap100 rising 2.5% and 2.2% respectively. The continued weakness in the US Dollar Index, which slipped below the 98 mark today, is further reinforcing positive sentiment in the Indian market. There is optimism over U.S. Vice President JD Vance’s four-day visit to India on hopes of a bilateral trade deal between the two countries. We expect positive momentum to continue in the market, supported by strong domestic cues with stock/sector specific movements on the back of ongoing Q4 earnings announcements. Key results tomorrow include HCL Tech, Havells, AU Small Finance Bank, Tata Communications, Waaree Energies amongst others.

Rohan Mandora, Analyst, Equirus Securities:

A stronger than expected results from the segment leaders - ICICI & HDFC bolstered the Nifty Bank index to record high levels. The earnings scorecard was marked by positive surprises on NIMs, and asset quality. The sentiment is further buoyed by the central bank's intent to maintain comfortable systemic liquidity. PSU Banks' improved profitability and progress on governance reforms is also supporting the Banking index.

Some challenges in H1FY26

H1FY26 may pose some challenges for banks, as the transmission of a 50 bps repo rate cut is expected in Q1, with an additional 25–50 bps cut likely in FY26. Large private banks - HDFC, ICICI, and Axis have already reduced their savings deposit rates by 25 bps in April 2025. Some have also cut peak term deposit rates by 5–40 bps—partially mitigating NIM compression. NBFCs on the contrary will be a beneficiary as their cost of funds would fall.

Limited signs of froth

While valuations have expanded in the wake of the rally, they remain meaningfully below historical peak multiples, indicating limited signs of froth. Asset quality is expected to remain stable overall, though certain segments such as microfinance, unsecured business loans, and credit cards may continue to see elevated credit costs in Q4. We anticipate a more favorable environment for financials, supported by improving business momentum and macro tailwinds from H2FY26 onwards.

Hemant Sikka appointed as MD and CEO

Bajaj Broking Research:

Benchmark indices extended their winning streak for the fifth consecutive session on April 21, propelled by strong Q4 earnings from key private sector lenders such as ICICI Bank and HDFC Bank. Investor sentiment was further bolstered by sustained foreign institutional inflows, with FIIs remaining net buyers for the third straight session. The Nifty closed the day with a robust gain of 273.90 points, or 1.15%, to settle at 24,125.55. The Nifty Bank index emerged as the star performer, scaling a record high of 55,461, buoyed by impressive quarterly results from ICICI Bank, HDFC Bank, and Yes Bank. Sectoral performance was broadly positive. Nifty IT surged 2.5%, led by strong moves in Tech Mahindra and HCL Tech. Nifty Auto advanced over 2%, while Metal, Oil & Gas, PSU Bank, and Realty indices each posted gains exceeding 2%. On the downside, the Nifty FMCG index underperformed, slipping nearly 1%, dragged lower by losses in ITC, Hindustan Unilever, and Varun Beverages. Broader markets outshone the frontline indices, with the Nifty Midcap 100 climbing 2.5% and the Nifty Small cap 100 rising 2.2%, reflecting strong participation across the market spectrum.

Ajit Mishra – SVP, Research, Religare Broking Ltd.

"The market kicked off the week on a strong note, extending last week's momentum with gains of over one percent. Following a gap-up opening, the Nifty moved higher, led by strength in banking and financial stocks, which lifted overall sentiment and triggered broad-based buying. All sectors participated in the rally—except FMCG—with energy, IT, and realty leading the charge. The broader markets also joined the uptrend, with mid- and small-cap indices surging nearly 2% to 2.5%.

The Nifty has finally broken past the key hurdle at 23,800 decisively, after two months of broad consolidation, indicating a potential move towards 24,250 initially, and then gradually higher towards 24,600. We reiterate our positive outlook on the index and suggest continuing with a “buy on dips” strategy, while acknowledging the possibility of an intermediate pause or consolidation following the recent vertical rally. Traders should align their positions accordingly and avoid adopting a contrarian stance."

Rupak De, Senior Technical Analyst at LKP Securities:

"The Nifty has given a clean breakout above the previous swing high on the daily chart as optimism among investors increases. Sentiment is expected to remain positive as long as the index sustains above the critical moving average. Moreover, the Nifty has moved above the critical resistance of 24,100; therefore, it looks well on track to reach the 24,450–24,500 zone in the short term. On the lower end, support is placed at 23,850."

The company guided for 0-3% sales growth in FY26

Investec upgrades stock to 'buy' while Dolat Capital raises it to 'accumulate'

The current guidance protects against downside risks to earnings cuts for FY26 and FY27, mentions a note by Motilal Oswal. The brokerage has maintained a neutral rating on the stock

Axis Securities:

This week has the highest average return (2.98%) out of all 52 weeks in a year.

Only one other week (ending May 27) has shown a 100% win record.

Among all 12 NSE sectors, Private Banks have delivered the best average returns in this particular week.

US Currency fell to the lowest since early 2024

Trump has contemplated firing Fed Chair Powell

Nifty 50 gains 1% to 24,097.45 --- highest since Jan 3 while BSE Sensex rose at the same magnitude

Gains driven by global funds as stocks outperform regional and emerging markets benchmarks of MSCI. Over $1 Billion invested in local stocks last week amid tariff volatility.

Yes Bank shares up over 5%

ICICI Bank shares rise over 2%; target price raised

HDFC Bank shares at about 1.50% gain; cut to add at Kotak Securities

Bank Nifty already at a gain of 1.62% reaching 55,100 as its all-time high

Devarsh Vakil, Head of Prime Research at HDFC Securities:

Time to look at smaller stocks:

Indian stock markets posted significant gains during the truncated trading week, driven by easing retail and wholesale inflation figures that bolstered hopes for policy stability.

U.S. stock indices retreated last week; volatility remains elevated by historical standards. Investors are navigating an increasingly complex landscape characterised by dramatic policy shifts.

The trade environment has become particularly chaotic with a series of significant developments: a substantial 245% tariff on Chinese imports, new chip export licensing requirements for China,

Beijing's unexpected cancellation of Boeing orders, discussions of potential automotive sector exemptions, and rumours of forthcoming pharmaceutical tariffs. These rapid-fire announcements have intensified market anxiety and uncertainty.

U.S. Vice President JD Vance’s visit to India comes with hopes that both countries can secure a quick deal and a reprieve from weightier levies while maintaining a 10% baseline tariff.

As earnings season progresses, market participants will scrutinise corporate commentaries for insights into how businesses adapt to the new tariff regime and what they observe throughout their supply chains and customer bases.

Large private banks have taken the lead, surging to new all-time highs. Their quarterly results over the weekend aligned with market expectations and will continue to drive markets higher.

Market gains could extend their strength on the back of sustained inflows. Large-cap stocks have performed well recently, mainly driven by short-covering. We anticipate that mid-cap and small-cap stocks are positioned to outperform in the coming period.

The Nifty is firmly positioned above all key moving averages, reinforcing the bullish trend across all timeframes. The next significant resistance level for the Nifty is 24,050, which represents the 50% retracement level of the entire decline from the peak of 26,277 to the recent swing low of 21,743. The support level for the index has now shifted upwards to 23,500.

Indian markets are expected to open marginally lower, digesting last week's impressive surge.

The company said that the Indian-Owned-and-Controlled Company (IOCC) will enable Blinkit to improve its margins -- particularly in fragmented or unbranded categories, as well as in established FMCG segments, where owning inventory allows for better margins. Eternal also noted that several Indian companies benefit from IOCC status by owning inventory in their online commerce operations.

Mandar Bhojane, Research Analyst at Choice Broking:

The benchmark Sensex and Nifty indices are expected to open on a Flat to Negative note on April 21, tracking GIFT Nifty trends that indicate a loss of 30 points for the broader index.

After the positive opening, Nifty is likely to find support at 23,700, followed by 22,600 and 22,500. On the upside, 24,000 may act as the immediate resistance, followed by 24,200 and 24,500.

Bank Nifty charts indicate potential support at 54,000, followed by 53,700 and 53,500. If the index moves higher, resistance could emerge at 54,500, with subsequent levels at 54,700 and 55,000.

The Relative Strength Index (RSI) is currently at 72.28 and trending upward, signaling improving strength. Meanwhile, the Stochastic RSI has shown a positive crossover, suggesting short-term bullish momentum.

Market volatility has eased, as the India VIX dropped by 2.51% to 15.4675, indicating reduced fear after a recent spike. Open Interest (OI) data reveals heavy call writing at the 24,000 and 24,100 levels, suggesting strong resistance. On the other hand, robust put writing at 23,500 reflects a strong support base.

Overall, while the bulls seem to hold the current momentum, intraday volatility and profit booking near resistance zones remain likely. Traders are advised to remain cautious near upper resistance levels and consider buying on dips toward key support zones.

Stocks in news

Infosys Q4 profit rises 3.3% QoQ to Rs 7,033 crore. Company sees FY26 revenue growth in constant currency at 0-3%

HDFC Bank Q4 earnings above estimates. Profit grows 6.7% YoY to Rs 17,616 crore. Asset quality improves

ICICI Bank Q4 numbers beat estimates. Profit zooms 18% YoY to Rs 12,630 crore. Asset quality improves

HDFC Life Insurance Company Q4 value of new business grows 11.5%, total APE increases 10% YoY

Yes Bank Q4 numbers above expectations. Profit surges 63.3% YoY to Rs 738 crore

Jio Financial Services Q4 profit rises 1.8% YoY to Rs 316.1 crore, revenue jumps 18% to Rs 493 crore

Tata Elxsi Q4 profit declines 13.4% QoQ to Rs 172.4 crore, revenue drops 3.3% to Rs 908.3 crore

Just Dial Q4 profit spikes 36% to Rs 157.6 crore, revenue grows 7% to Rs 289.2 crore

IndusInd Bank appoints Santosh Kumar as Deputy CFO

TCS partners with Vianai Systems for cutting-edge GenAI tools for decision intelligence

ABB plans to spin off its robotics division as a separately listed company

NIIT acquires 70% stake in iamneo - a scalable AI powered deep skilling SaaS platform

Route Mobile says board appoints Mark James Reid as Chairman of the company

LIC Housing Finance appoints Lokesh Mundhra as CFO

Divis Labs signs confidential long-term agreement with global pharma company for advanced intermediates supply

Craftsman Automation commences commercial operations of new plant at Kothavadi, Coimbatore

Ujaas Energy says board approves bonus issue of 17 equity shares for every 25 shares held

Adani Ports to acquire Abbot Point Port Holdings Pte, Singapore from Carmichael Rail and Port Singapore Holdings Pte

Zydus Lifesciences subsidiary Zydus Medtech & Brazil’s Braile Biomedica signs global licensing pact to commercialise TAVI Technology

Eternal (Zomato) will cap foreign shareholding up to 49.5%

Directorate of Enforcement conducts search operations at residences of CMD Alok Kumar & Joint MD Shashank Agarwal of Salasar Techno Engineering

Q4 Results Today: Stocks in focus

Tata Investment Corporation

Mahindra Logistics

Alok Industries

Anant Raj

Aditya Birla Money

GNA Axles

Himadri Speciality Chemical

International Gemmological Institute India

Lotus Chocolate Company

Pitti Engineering

Rajratan Global Wire

# Dow, Nasdaq clock 3-day losing streak

# Dow slumps over 500 points amid slide in UnitedHealth shares

# Dow, Nasdaq each lost over 2% while S&P 500 slid 1.5% for the week

# US Weekly Initial Jobless Claims At 2.15 Lk Vs 2.24 Lk

# US 10-year yield rose around 5 bps to 4.33%

# USD index ticked lower on Thursday