Indian equity benchmarks, the Sensex and the Nifty, continued their upward trajectory for the fourth consecutive session on April 24, with market participants directing their focus on metal and commodity sectors. This buy-interest aligned with a broadly positive sentiment reflected in global stock markets.
In spite of this general bullishness, particular segments of the Indian market faced downward pressure. Sectors like telecommunications, information technology, and tech experienced intense sell-offs that somewhat restrained the overall market advances, according to trading insiders.
The Bombay Stock Exchange’s (BSE) flagship index, the Sensex, rose modestly by 114.49 points or 0.16%, closing at 73,852.94. The trading day witnessed moments of stronger optimism, seeing the index ascend as much as 383.16 points or 0.51%, to touch an intraday peak of 74,121.61.
Similarly, the National Stock Exchange’s (NSE) benchmark, the Nifty, saw an increase, albeit slight, of 34.40 points or 0.15%, ending the session at 22,402.40. It’s noteworthy that both indices came under some selling pressure as the session approached its end, which led to a trimming of the initial gains scored earlier in the day.
Among the components of the Sensex, a diverse array of stocks contributed to the upward movement. Leading the pack in gains were heavy hitters such as JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC, and Bajaj Finance. Each of these companies registered significant price increases, signaling strong investor confidence in these particular stocks.
On the other side of the spectrum, certain industry-leaders faced setbacks, with shares of companies like Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries, and Titan ending the day on a weaker note, reflecting the nuanced and sector-specific nature of the day’s trading session.
In terms of the broader Asian market atmosphere, cities such as Seoul, Tokyo, Shanghai, and Hong Kong concluded the day in the green, showcasing the widespread positive investor sentiment across the continent. European markets, mirroring this optimism, traded mostly higher during their respective sessions, while Wall Street wrapped up its Tuesday’s trading with notable gains.
Investors and traders also kept an eye on oil prices, with the global oil benchmark Brent crude experiencing a slight dip of 0.35%, settling at $88.11 a barrel. This minor movement in oil prices could influence various sectors, particularly those sensitive to fluctuations in energy costs.
Foreign Institutional Investors (FIIs) displayed a negative disposition towards Indian equities on Tuesday, as evidenced by the sale of shares worth ₹3,044.54 crore, according to the exchange data available. Such offloads by FIIs can have a notable impact on the market sentiment and currency fluctuations.
Reflecting on the performance leading up to April 24, the BSE Sensex had concluded the previous session on Tuesday with a modest increase of 89.83 points or 0.12%, finishing at 73,738.45. In a similar vein, the NSE Nifty, after chopping down much of its early gains, settled at 31.60 points or 0.14% higher at 22,368.
These market movements suggest a cautious yet optimistic outlook held by the investors amid an overall favorable trend in the global equity scene. The focus largely remains on the performance of global markets, corporate earnings, and developments in commodity prices, particularly within key sectors that are driving the current market trends.
