The domestic equity benchmarks ended on a firm footing today, marking their fourth straight session of gains. After a tepid start amid mixed global cues, the indices traded rangebound in the early hours. But come mid-session, the bulls took charge.

The Nifty, which opened at 23,401.85, climbed steadily to end the day at 23,851.65, up 414.45 points (1.77%). Meanwhile, the S&P BSE Sensex soared 1,508.91 points (1.96%) to settle at 78,553.20.

ICICI Bank (up 3.68%), Bharti Airtel (up 3.38%), Reliance Industries (up 2.9%) and HDFC Bank (up 1.53%) boosted the indices.

Today's volatility was largely fueled by the weekly expiry of Nifty50 options, but investor sentiment remained upbeat, bolstered by positive developments on US-Japan trade talks.

All NSE sectoral indices ended in the green, with Nifty Bank leading the charge. The index jumped 2.21% to close at 54,290.20, inching closer to its record high.

With today's rally, the Sensex and Nifty have now gained 6.37% and 6.48%, respectively, over the four trading sessions.

In the broader market, the S&P BSE Mid-Cap index advanced 0.56%, and the S&P BSE Small-Cap index rose 0.52% today.

Market breadth remained firmly in the green. On the BSE, 2,396 stocks advanced, while 1,563 declined. 147 stocks ended flat.

Meanwhile, India VIX'the NSE's volatility gauge'slipped 2.50% to 15.47, hinting at growing investor confidence.

The stock market will remain closed on Friday, 18 April 2025, in observance of Good Friday.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.26% to 6.476, compared with the previous close of 6.493.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.3750, compared with its close of 85.6400 during the previous trading session.

MCX Gold futures for the 5 June 2025 settlement shed 0.29% to Rs 95,380.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.26% to 99.53.

The United States 10-year bond yield rose 0.54% to 4.302.

In the commodities market, Brent crude for June 2025 settlement gained 60 cents or 0.91% to $66.45 a barrel.

Global Markets:

US Dow Jones index futures dropped 530 points, indicating a weak opening in US stocks today.

European stocks traded lower on Thursday as traders awaited the latest monetary policy decision from the European Central Bank.

The European Central Bank is expected to make yet another interest rate cut on today, as global tariff turmoil has created widespread uncertainty and spurred fears about the eurozone's economic growth.

Most Asian shares ended higher, supported by positive signals from U.S. equity futures, as investors turned their attention to the upcoming U.S.-Japan trade discussions. Japan is one of the first countries to enter direct trade talks with the U.S., making the outcome of these negotiations a key focal point for global markets.

Data released by Japan's Ministry of Finance on Thursday showed that exports rose 3.9% year-on-year in March, marking the sixth consecutive month of growth. Imports increased by 2% over the same period, resulting in a trade surplus of 544.1 billion yen (approximately $3.84 billion).

In contrast, U.S. markets declined sharply overnight. Federal Reserve Chair Jerome Powell cautioned that ongoing trade tensions could affect the central bank's ability to meet its inflation and employment targets. His comments contributed to broad-based selling in equities.

The Dow Jones Industrial Average closed 1.7% lower, the S&P 500 fell 2.2%, and the NASDAQ Composite declined by 3.1%. Notable declines included Advanced Micro Devices (down over 7%), Intel Corporation (down 3%), and Broadcom Inc. (down 2.4%).

Powell also indicated that the Federal Reserve is not inclined to cut interest rates in the near term, citing inflationary pressures and economic uncertainties linked to the implementation of new tariffs. He emphasized a cautious, wait-and-see approach in response to the evolving economic environment.

Separately, U.S. retail sales data released Wednesday showed a 1.4% increase in March, following a revised 0.2% gain in February. The rise was driven in part by increased vehicle purchases, as consumers anticipated the impact of potential tariffs.

Stocks in Spotlight:

Infosys rose 0.51%. The IT major on Thursday reported a 11.7% year-on-year (YoY) decline in its consolidated net profit for the March quarter, at Rs 7,033 crore compared to Rs 7,969 crore in the year-ago period. The company reported Q4FY25 revenue of Rs 40,925 crore, up 7.9% from Rs 37,923 crore in the corresponding quarter of the previous financial year. TCV of large deal wins was $11.6 billion for the year, with 56% net new. The company has projected revenue growth of 0%-3% in constant currency and an operating margin of 20%-22%.

Wipro dropped 4.28% after a domestic broker downgraded the stock to a 'Hold' and slashed its target price to Rs 260 from Rs 300. The brokerage flagged the IT major's weak Q4FY25 quarter, with IT services revenue falling short of expectations. It also pointed to subdued Q1FY26 revenue guidance, reflecting macro uncertainties from global tariffs. With limited visibility on FY26 growth, the brokerage said Wipro's turnaround thesis looks challenged.

The IT major announced that its consolidated net profit grew 6.43% to Rs 3,569.6 crore in Q4 FY25 as against Rs 3,353.8 crore posted in Q3 FY25. However, revenue from operations increased marginally to Rs 22,504.2 crore in Q4 FY25 as against Rs 22,318.8 crore reported in Q3 FY25.

Sonata Software declined 6.11% after the company said that the revenue estimates for Q4 2024-25 from its largest client are likely to be lower than anticipated, resulting in lower revenue from its international business for the said quarter than previously envisioned during the previous analyst/investor call held on 6th February 2025.

During its February 2025 earnings call, the company's CFO, Jagannathan CN, stated that the company expected about 2.5% to 3.5% of degrowth next quarter, including a seasonal impact.

Angel One rose 0.16%. The company's consolidated net profit declined 48.7% to Rs 174.52 crore on a 22.1% fall in total revenue from operations to Rs 1,056.01 crore in Q4 FY25 over Q4 FY24. On quarter on quarter (QoQ) basis, the company's net profit and total revenue from operations dropped 38% and 16.34% respectively in Q4 FY25.

Waaree Renewable Technologies soared 8.15% after the company's consolidated net profit surged 82.72% to Rs 93.81 crore in Q4 FY25 as against Rs 51.34 crore posted in Q4 FY24. However, revenue from operations jumped 74.37% year-on-year (YoY) to Rs 476.58 crore in the quarter ended 31 March 2025.

E2E Networks slumped 5%. The company's standalone net profit surged 286.65% to Rs 13.61 crore in Q4 FY25 compared with Rs 3.52 crore in Q4 FY24. Revenue from operations jumped 13.84% YoY to Rs 33.47 crore in Q4 FY25.

Prestige Estates Projects rose 0.66%. The company said that its new sales for Q4 FY25 aggregated to Rs 6,957.4 crore, marking a 48% year-on-year (YoY) growth, driven by strong customer response to launches and premium offerings. Sales volume for the period under review stood at 4.49 million square feet, a 9% increase YoY, reflecting healthy absorption. The company sold 2,301 units in Q4 FY25.

UltraTech Cement rose 1.50% after the company announced that it will acquire a 26% equity stake in AMPIN C&I Power Eight, a renewable energy generation and transmission company. The move, involving an investment of up to Rs 25.50 crore, is part of UltraTech's strategy to meet its green energy requirements, the company added.

Gensol Engineering hit a lower limit of 5% as investor confidence continued to crumble in the wake of a major fraud exposure by the Securities and Exchange Board of India (SEBI).

The meltdown follows a damning interim order issued by SEBI on 15 April 2025, which accused Gensol's promoters ' Anmol Singh Jaggi and Puneet Singh Jaggi ' of diverting massive funds meant for electric vehicle procurement. SEBI's probe, which was initiated after a complaint in June 2024, unearthed significant misuse of Rs 977.75 crore in loans secured from IREDA and PFC. These funds were meant to finance the purchase of 6,400 electric vehicles. However, only 4,704 EVs were actually acquired, leaving over Rs 207 crore unaccounted for.

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