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End - Session

Detailed review of the post market session of the day.

Seven and counting: benchmarks ride the bull wave, Nifty tops 24,300

23-Apr-25 17:20 Hrs IST

The domestic equity benchmarks put on another solid show today, clocking in their seventh straight day of gains, riding the wave of buoyant global sentiment. The mood turned sunnier after U.S. President Donald Trump indicated he had no plans to dismiss the Federal Reserve Chair, while also dropping hints about possible tariff relief for China. The Nifty breezed past the 24,300 mark, rebounding nicely after dipping to 24,119.95 earlier in the day. Leading the charge were IT, auto, and pharma stocks, while consumer durables and banks stocks hit the pause button after their recent run-up.

The S&P BSE Sensex advanced 520.90 points or 0.65% to 80,116.49. The Nifty 50 index rose 161.70 points or 0.67% to 24,328.95. In the seven trading sessions, Sensex and Nifty jumped 8.49% and 8.62%, respectively.

HCL Technologies (up 7.74%), Infosys (up 3.75%) and Mahindra & Mahindra (up 2.97%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.94% and the S&P BSE Small-Cap index added 0.26%.

The market breadth was positive. On the BSE, 1806 shares rose and 1144 shares fell. A total of 133 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.30% to 15.52.

Politics:

Prime Minister Narendra Modi returned to New Delhi on Wednesday morning, cutting short his two-day visit to Saudi Arabia, following a devastating terror attack in Jammu and Kashmir's Pahalgam.

At least 26 people, including two foreign nationals, were killed in what is being described as one of the deadliest attacks in the region in recent years. The strike occurred around 2:30 PM on Tuesday, when a group of heavily armed terrorists'disguised in military fatigues'opened fire on tourists gathered at Baisaran meadow, a popular scenic spot in Pahalgam.

The rare and brazen assault has sent shockwaves through the nation, with security forces launching a massive operation to track down the perpetrators.

Economy:

The International Monetary Fund (IMF) on Tuesday slashed India's FY26 GDP growth projection to 6.2%, down from its earlier estimate of 6.5%, citing growing global trade tensions and economic uncertainty following the United States' recent tariff imposition.

The downward revision comes as the U.S. levies a 26% tariff on imports from India, casting a shadow over India's trade outlook and prompting the IMF to temper its expectations. The FY27 growth forecast has also been dialed back to 6.3% from the earlier projection of 6.5%.

China's growth outlook for 2025 has been cut to 4%, down from 4.6%, reflecting continued challenges in its property sector and weakening global demand. Meanwhile, the U.S. economy is projected to slow to 1.8%, a sharp decline from the 2.7% forecast in the IMF's January 2025 World Economic Outlook (WEO) update.

Meanwhile, the HSBC Flash India Composite Output Index rose to 60.0 in April 2025 as compared to 59.5 in March 2025. The Flash India Manufacturing PMI jumped to 58.4 in April 2025 as against 58.1 in March 2025, indicating the strongest improvement in the health of the sector for one year. The HSBC Flash India Services PMI business activity index stood at 59.1 in April 2025 as against 58.5 in March 2025.

Numbers to Track:

The yield on India's 10-year benchmark federal paper grew 1.80% to 6.440, compared with the previous close of 6.422.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.4450 compared with its close of 85.1925 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement fell 1.50% to Rs 98,878.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.21% to 99.19.

The United States 10-year bond yield fell 1.41% to 4.327.

In the commodities market, Brent crude for June 2025 settlement rose 86 cents or 1.28% to $68.30 a barrel.

Global Markets:

Dow Jones futures surged 680 points on Wednesday, setting the stage for a robust Wall Street open.

European markets advanced on Wednesday, as global market sentiment rebounded amid receding concerns over a trade war between the U.S. and China.

Most Asian markets ended higher, buoyed by optimism following a strong U.S. session. The cheer stems from growing hopes that U.S.-China trade tensions might be cooling off. President Trump hinted that upcoming tariffs on Chinese exports 'won't be anywhere near as high as 145%,' though he quickly added, 'They won't be 0% either.'

In a separate comment, Trump confirmed he has 'no intention' of firing Fed Chair Jerome Powell before his term ends. That assurance calmed fears about potential political meddling in central bank affairs.

Back in Japan, the manufacturing scene remains in the doldrums. The au Jibun Bank manufacturing PMI for April ticked up to 48.5 from 48.4 in March. With a sub-50 reading, it still marks the tenth straight month of contraction.

Back in the U.S., stocks rallied hard on Tuesday. Trump's toned-down rhetoric about Powell helped ease investor anxiety. The S&P 500 spiked 2.5%, the NASDAQ surged 2.7%, and the Dow soared 2.7% as traders hit the buy button across the board.

Tesla zoomed up 5.1% in after-hours trading, despite missing revenue and profit estimates for the March quarter. Elon Musk declared he'll dial back his government engagements and shift focus squarely back to Tesla from May.

Stocks in Spotlight:

The Nifty IT index jumped 4.34% today. Coforge (up 6.38%), Oracle Financial Services Software (up 5.71%), LTIMindtree (up 5.03%), Mphasis (up 4.96%), Tech Mahindra (up 4.76%), Persistent Systems (up 4.01%), Wipro (up 3.87%), Infosys (up 3.75%) and Tata Consultancy Services (up 2.73%) surged.

HCL Technologies surged 7.74%. The company had reported 6.2% fall in net income to Rs 4,307 crore on a despite a 1.2% increase in revenues to Rs 30,246 crore in Q4 FY25 as compared with Q3 FY25. Meanwhile, the company's board has declared a dividend of Rs 18 per share, marking it the 89th consecutive quarter of dividend pay-out.

Cyient DLM rallied 3.56% after the company's consolidated net profit surged 36.49% to Rs 31.04 crore in Q4 FY25 as compared to Rs 22.74 crore in Q4 FY24. Revenue from operations jumped 18.30% YoY to Rs 428.06 crore in the quarter ended 31 March 2025.

Waaree Energies climbed 15.10% after the company reported 34.10% surge in consolidated net profit to Rs 618.91 crore in Q4 FY25 as against Rs 461.52 crore posted in Q4 FY24. Revenue from operations climbed 36.38% year on year (YoY) to Rs 4,003.93 crore in the quarter ended 31 March 2025.

AU Small Finance Bank (SFB) soared 8.01% after the bank reported a standalone net profit of Rs 503.69 crore in Q4 FY25, up 35.86% as against Rs 370.73 crore posted in Q4 FY24. Total income surged 49.27% to Rs 5,031.26 crore in Q4 FY25, compared with Rs 3,370.51 crore posted in Q4 FY24.

Choice International rallied 7.90% after the company's consolidated net profit jumped 35.85% to Rs 53.51 crore on 17.93% increase in revenue from operations to Rs 253 crore in Q4 FY25 over Q4 FY24.

Eicher Motors fell 0.95% after the media reported that the Indian government is evaluating a proposal to reduce import duties to zero on high-end motorcycles with engine capacities of 705cc and above. Investors fear that Royal Enfield's flagship Bullet may face stiffer competition from globally renowned players like Harley-Davidson.

Mahindra & Mahindra Financial Services slipped 2.8% after the NBFC's standalone net profit declined 9.02% to Rs 563.14 crore in Q4 FY25 as against Rs 618.99 crore reported in Q4 FY24. However, total income increased by 14.54% year on year to Rs 4245.09 crore in the quarter ended 31 March 2025.

Maharashtra Scooters advanced 1.72% after the company reported net profit of Rs 51.63 crore in Q4 FY25, steeply higher than Rs 0.1 crore posted in Q4 FY24. Revenue from operations jumped 28.37% year on year (YoY) to Rs 6.65 crore in the quarter ended 31 March 2025.

Havells India declined 3.18%. The home appliance company's standalone net profit gained 16.35% to Rs 522.26 crore on a 20.2% increase in revenue to Rs 6,532.21 crore in Q4 FY25 over Q4 FY24.

Delta Corp slipped 0.48%. The company's consolidated net profit zoomed 127.26% to Rs 164.56 crore in Q4 FY25 as against Rs 72.41 crore in Q4 FY24. However, revenue from operations declined 1.20% to Rs 182.65 crore in Q4 FY25, compared with Rs 184.87 crore in Q4 FY24.