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Indian benchmark indices ended higher for the fifth consecutive session on April 25 led by buying across sectors, with the exception of realty. The market made a smart recovery from the day's low, extending the winning streak to a fifth straight session, although last-hour profit booking capped the gains. The Sensex closed at 74339, up 486 points, while the Nifty closed at 22570, up 167 point.
Market Movement: The market opened lower on weak global cues but traded flat in the first half. It witnessed a sharp surge in the second half amid buying across sectors, particularly led by PSU banks. The PSU Bank index rose nearly 4% to hit a record high of 7421 BSE midcap and smallcap indices gained 0.5% each.
Top Gainers and Losers: Biggest Nifty gainers included Axis Bank, SBI, Dr. Reddy's Labs, JSW Steel, and Nestle India. Top losers comprised Kotak Mahindra Bank, LTI Mindtree, HUL, SBI Life Insurance, and Titan Company.
Sector Performance: Except for realty, all indices ended in the green. The PSU Bank index saw significant gains, while Pharma also outperformed. Mixed trends were observed in the broader markets, with Midcaps underperforming and Smallcaps moving in tandem with the Benchmark Index.
Stock Movement: Volume spikes of more than 500 percent were observed in L&T Finance Holdings, Zee Entertainment Enterprises, and Hindustan Copper. Long build-up was seen in Multi Commodity Exchange of India, Aditya Birla Capital, and Bharat Forge, while short build-up was seen in Kotak Mahindra Bank, Dalmia Bharat, and Indian Hotels.
Market Outlook: The Nifty witnessed a volatile day of trade, opening gap down but eventually closing with gains of around 150 points. A positive crossover in the hourly momentum indicator signals a buy, with the next immediate hurdle placed at 22,776. For Bank Nifty, a smart recovery was witnessed, closing with gains of around 300 points post opening down almost 400 points. Minor degree pullbacks should be viewed as buying opportunities, with the next hurdle placed at 49,000.
Conclusion: The markets displayed extreme volatility, witnessing both dips and recoveries throughout the day. Despite a tepid opening and knee-jerk reactions, the market managed to settle with gains, led by the banking sector. A bullish engulfing candlestick pattern suggests a potential move towards previous highs, with support levels shifting higher. Investors should remain vigilant amidst the volatile environment and capitalize on buying opportunities presented by minor pullbacks.
Disclaimer: This report is for informational purposes only and should not be construed as investment advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.
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