Indian Markets Pause Rally Amid Global Signals and Sectoral Pressure, Sensex down by 315.06 points, Nifty by 82.25 points

Indian benchmark equity indices concluded Thursday's trading session in negative territory, marking a pause after a consecutive seven-day rally. Both the Sensex and Nifty settled lower, influenced by mixed cues from Asian markets despite positive overnight momentum on Wall Street.

Market Performance Snapshot

The Nifty 50 closed just below the 24,250 mark, settling at 24,246.70, down (-82.25) points or (-0.34%). The BSE Sensex ended near the 79,800 level, closing at 79,801.43, a decline of (-315.06) points or (-0.39%). The trading session saw 1,429 stocks advancing in the Nifty, while 1,254 declined, and 85 remained unchanged. On the BSE, 2,721 stocks gained, and 2,675 declined.

Midcap stocks notably traded in the green, with the Nifty Midcap 100 declining by (-0.13%) to 54,969.85 at the market closing. By the session's close, Foreign Institutional Investors (FIIs) were net buyers of shares worth ₹3,332.93 crore, while Domestic Institutional Investors (DIIs) were net sellers of shares worth ₹1,234.46 crore on April 23, 2025.

Global Factors and Market Drivers

Several factors influenced market sentiment today. Overseas, US President Donald Trump's statement indicating "no intention" to remove Federal Reserve Chair Jerome Powell before his term provided a degree of stability. Overnight, US markets surged on hopes of easing US-China trade tensions and Trump's comment on Powell. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closed significantly higher. Concurrently, the US Dollar Index (DXY), measuring the dollar's value against a basket of six major currencies, was down 0.11% at 99.73 on Thursday morning. This decline in the dollar occurred in hopes of trade war ease. 

The terror attack in Kashmir has further escalated tensions between India and Pakistan. India has taken several diplomatic actions against Pakistan, such as the suspension of the Indus Water Treaty, expelling Pakistani defense advisors and reducing embassy staff in Islamabad. These actions have also affected the stock market performance.

Gold prices retreated after crossing the ₹1 lakh mark per 10 grams, potentially due to the global uncertainty easing on expectations of tariff relief between the US and China. Crude oil prices, however, rose on Thursday morning.

Sectoral Performance and Key Stocks

Sectorally, FMCG stocks faced pressure, with the index trading down 1.06%. Key laggards in this sector included Hindustan Unilever, United Breweries, Varun Beverages, and Britannia. Hindustan Unilever, a Sensex 30 heavyweight, was the top laggard, sliding 4.12% in intraday trading following its Q4 results. Earlier in the day, HUL's share price had been trading higher after reporting a Q4FY25 profit of ₹2,464 crore (down 3.7% year-on-year) and announcing a final dividend of ₹24 per share, bringing the total dividend for FY25 to ₹53 per share.

In contrast, the Nifty Pharma index was on a winning spree in the weak market, trading up 1.08% at 21,974.60, led by Natco Pharma. Realty stocks were also down -1.41%. Among the Sensex 30 components, besides HUL, other key laggards included Bharti Airtel (-1.89%), Mahindra & Mahindra (-0.68%), ICICI Bank (-1.64%), and NTPC (-0.10%). Top gainers in the Sensex 30 pack included IndusInd Bank (+3.17%), Grasim Industries (+1.67%), Cipla (+1.32%), UltraTech Cement (+1.89%), and Tata Motors (+1.21%). 

Other Corporate Developments

Tata Consumer Products reported robust Q4FY25 results, with net profit growing 59.19% year-on-year to ₹344.85 crore, surpassing street estimates. Revenue from operations also saw a significant increase of 17.35% to ₹4608.22 crore.

Bajaj Finance announced its board will consider declaring a special interim dividend for FY25, a stock split of equity shares, and a bonus share issue at its upcoming meeting on April 29.

Nestle India reported a profit of ₹873.46 crore for Q4 FY25, marking a 6.50 percent drop compared to ₹934.17 crore in the corresponding quarter of the previous fiscal year.

Bharat Petroleum Corporation formed a joint venture with GPS Renewables Pvt. Ltd. to establish Compressed Biogas (CBG) plants across the country, aiming to convert organic biomass waste into an eco-friendly energy source.

Current Market Update

• The Sensex is trading in red at 79,852.81 down by (-263.68) points or (-0.33%).
• The NSE Nifty 50 is trading at (-62.80) points or (-0.26%) lower at 24,265.35.

Top Gainers of the Market

1. IndusInd Bank (INDUSINDBK)

• Opening Price: ₹795.00
  
  
• Current Market Price (LTP): ₹823.90
  
  
• % Change: +3.74%
  IndusInd Bank's shares rose likely due to the fact that the banking sector liquidity is in surplus. The Credit supply is further supported by reduction in risk weights for MFI and NBFC’s.

2. GRASIM Industries (GRASIM)

• Opening Price: ₹2,690.00
  
  
• Current Market Price (LTP): ₹2,733.50
  
  
• % Change: +1.78%
  The stock is trading above its 5-day exponential moving average of ₹2,517.36, suggesting a positive short-term trend. ​

3. Dr. Reddy’s Laboratories (DRREDDY)

• Opening Price: ₹1,179.00
  
  
• Current Market Price (LTP): ₹1,198.40
  
  
• % Change: +1.05%
  The pharmaceutical sector saw buying interest, with Dr. Reddy’s Laboratories benefiting from expectations of robust earnings and positive developments in its generic drug portfolio.

4. HDFC Life (HDFC LIFE)

• Opening Price: ₹713.00
  
  
• Current Market Price (LTP): ₹715.60
  
  
• % Change: +0.92%
  HDFC Life reported sales of ₹24,661.87 crore and a quarterly net profit margin of 39.02%, reflecting robust operational efficiency.

5. Asian Paints (ASIANPAINT)

• Opening Price: ₹2,450.00
  
  
• Current Market Price (LTP): ₹2,485.50
  
  
• % Change: +1.45%
  Asian Paints' shares climbed on expectations of strong demand in the decorative paints segment, supported by favorable monsoon forecasts and increased infrastructure spending.

Top Losers of the Market

1 .Hindustan Unilever (HINDUNILVR)

• Opening Price: ₹2,423.80
  
  
• Current Market Price (LTP): ₹2,329.80
  
  
• % Change: -3.88%
  HUL Q4FY25 results presented a decline in the net profit by 3.7 YoY to ₹2464 crore. The financial results were lower than the analyst’s expectations and this led to decline in the share price of the company.

2. Bharti Airtel (BHARTIARTL)

• Opening Price: ₹1,874.50
  
  
• Current Market Price (LTP): ₹1,860.00
  
  
• % Change: -1.15%
  Bharti Airtel's shares fell amid concerns over increasing competition in the telecom sector and potential margin pressures due to rising operational costs.

3. Oil and Natural Gas Corporation (ONGC)

• Opening Price: ₹250.00
  
  
• Current Market Price (LTP): ₹250.08
  
  
• % Change: -0.83%
  ONGC's stock experienced a slight decline, possibly due to fluctuations in global crude oil prices and concerns over upstream sector profitability.

4. Mahindra & Mahindra (M&M)

• Opening Price: ₹2,917.80
  
  
• Current Market Price (LTP): ₹2,895.10
  
  
• % Change: -0.78%
  Mahindra & Mahindra's shares dipped slightly, potentially influenced by profit-booking after recent gains and market anticipation of its upcoming earnings report.

5. ICICI Bank (ICICIBANK)

• Opening Price: ₹1,416.30
  
  
• Current Market Price (LTP): ₹1,413.50
  
  
• % Change: -0.77%
  ICICI Bank's minor stock decline may be attributed to sectoral rotation and investors adjusting their portfolios ahead of the bank's quarterly earnings release.

Market Open

Indian markets opened on the back foot today. At the opening bell, the BSE Sensex dropped by 58.06 points (0.07%) to 80,058.43 and the Nifty50 slipped 51.05 points (0.21%) to 24,777.90, with investors also eyeing the monthly Nifty F&O expiry and Q4 results from firms such as Tech Mahindra and Nestlé India.

Factors Influencing Market Sentiment

• Trump will not fire Jerome Powell: President Trump has indicated that he "has no intention" of removing Federal Reserve Chair Jerome Powell from office before the end of his term-even though he's just berated Powell for not lowering interest rates to boost growth, calling him a "major loser."
• Overnight US markets: In overnight trading, U.S. stocks advanced on hopes of U.S.-China trade tensions could dissipate and Powell's job is secure. The Dow Jones Industrial Average surged 419.59 points (1.07%) to 39,606.57. The S&P 500 gained 1.67% to 5,375.86, and the Nasdaq Composite rose 2.50% to close at 16,708.05.

Global Backdrop:

• US Dollar: The US Dollar Index (DXY), which gauges the value of the dollar compared to a basket of six foreign currencies, lost 0.11% at 99.73 on Thursday morning. The index compares the strength or weakness of the US dollar relative to major currencies. The basket includes currencies like the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee weakened 0.25% to close at 85.42 against the dollar on April 23.

• Gold Rate Today: The gold prices receded from the new peak following the US's signal of relaxing tariffs on China. The price of 24-carat gold today is Rs 94,970 for 10 grams. The gold rate is higher by 7.9% compared to the last month. The 22 kt gold price today is Rs 87,056 for 10 grams. The price of 18-carat gold today is Rs 71,228.
• Crude Oil: The crude oil prices increased on Thursday. WTI crude prices were at $62.47, up by 0.33%, while Brent crude prices were at $66.34, up by 0.34%, during Thursday morning

Stocks in Focus:

• LTIMindtree: Q4 FY25 consolidated net profit ₹1,128.5 cr (+3.97% sequential, +2.6% YoY); revenue ₹9,771.7 cr (+1.1%); Ebit margin 13.8%; final dividend ₹45/share.
• Bajaj Housing Finance: Q4 FY25 net profit ₹586.7 cr (+53.8% YoY); net total income ₹958 cr (+34%).
• Tata Consumer Products: Q4 FY25 consolidated net profit ₹344.85 cr (+59.2% YoY); revenue ₹4,608.2 cr (+17.3%); dividend ₹8.25/share.
• Biocon: Board approved raising up to ₹4,500 cr via equity, NCDs, warrants.
• BPCL: Partnered with GPS Renewables to install compressed biogas plants.
• Adani Green Energy: Subsidiary signed a PPA with UP Power Corp. for 1,250 MW pumped-hydro storage.
• Tamilnad Mercantile Bank: Q4 FY25 net profit ₹291.90 cr (vs ₹253.06 cr YoY).
• Rallis India: Q4 FY25 net loss ₹32 cr (vs ₹21 cr loss YoY); revenue ~₹430 cr (flat).
• Syngene International: Q4 FY25 net profit ₹183 cr (–3% YoY); total income ₹1,037 cr.
• Dalmia Bharat: Q4 FY25 net profit ₹439 cr (+37.2% YoY); revenue down 5%.
• Bajaj Finance: Board meeting on April 29 to consider special interim dividend, stock split and bonus-share proposals

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