Sensex adds 70 points: RIL rallies 2%, IT leads gains; pharma, metals lag

Business Standard

29-04-2025

Stocks market closing bell, Tuesday, April 29, 2025: Shares of information technology (IT) companies stole the spotlight on Tuesday, as the benchmark Indian equity indices settled with marginal gains. The broader markets, however, showed resilience and settled higher, while the sectoral markets witnessed profit booking and ended broadly on a lower note.
The benchmarks — BSE Sensex settled at 80,288.38, up marginally by 70.01 points or 0.09 per cent, and the NSE Nifty50 closed at 24,335.95, higher by merely 7.45 points or 0.03 per cent. Notably, the index heavyweight Reliance Industries, which was also the top gainer among the Sensex constituent stocks, settled with gains of 2.26 per cent.
Tech Mahindra, Eternals, IndusInd Bank, and HCL Tech were among the 16 constituent stocks that ended with gains of up to 2.14 per cent. Conversely, UltraTech Cement, Sun Pharma, Power Grid Corporation, NTPC, and Kotak Mahindra Bank were among the 14 Sensex constituent stocks that ended in the red, with losses extending up to 2.39 per cent.
Among the broader indices, the Nifty MidCap100 and Nifty SmallCap100 ended higher by 0.27 per cent and 0.37 per cent, respectively. Data Patterns (14.93 per cent), Garden Reach Shipbuilders (12.25 per cent), Cochin Shipyard (9.88 per cent), and Mazagon Dock Shipbuilders (8.71 per cent) were among the top gainers in the midcap space.
IT shines bright
Among the sectoral indices in the NSE, Nifty IT index hit a 3-week high and emerged as the top performer by settling higher by 1.23 per cent led by LTI MindTree (2.30 per cent), and Tech Mahindra (2.29 per cent). Consumer Durables (0.62 per cent), and Oil & Gas (0.47 per cent) were other sectoral indices that ended in green, while others settled lower on Monday. Among them, intraday profit booking was seen in select pharma stocks, resulting in a 1 per cent decline for the Pharma index. Nifty FMCG, auto, realty, and banking indices too closed in red.
Caution prevails, but stock selection key
The national market, Vinod Nair, head of research, Geojit Investments, said, exhibited largely range-bound oscillation, as caution prevailed amid geopolitical concerns over border tensions. The sustained inflows from FIIs provided support to market sentiment and restricted further pessimism.
"Meanwhile, mixed Q4 results have raised the risk of downward revisions to FY26 projections. In combination with apprehensions surrounding potential retaliatory actions, these developments may lead to some consolidation in the near term," said Nair. Markets traded lackluster and ended nearly unchanged in the absence of any significant trigger, said Ajit Mishra – SVP, research, Religare Broking. Beyond the strong performance from banking and financials, rotational buying was seen in heavyweight stocks from other sectors such as IT, energy, and auto. This trend, Mishra believes, could support the index in maintaining its positive bias. "Hence, any short-term pause or consolidation should be viewed as healthy. Participants are advised to continue with a 'buy on dips' strategy, focusing on stock selection based on relative strength," said Mishra.
Nifty50 Technical outlook
Technically, the Nifty index formed a shooting star candle on the daily chart, signaling selling pressure at higher levels, with 24,460 acting as a short-term hurdle. Sustaining above this level, Hrishikesh Yedve, AVP - technical and derivatives research at Asit C. Mehta Investment Intermediates, said, could lead to a rally toward 24,800–24,850.
"On the downside, key support lies at the 200-Day Simple Moving Average around 24,050, followed by 23,850. Traders should monitor these levels for potential trading opportunities," Yedve added.
Meanwhile, Shrikant Chouhan, head of equity research at Kotak Securities, pointed out that the market is consistently facing resistance near the 24,450 zone. A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears.
On the upside, Chouhan believes 24,450 would be the immediate breakout level for the bulls. Above this level, the market could rally toward 24,550–24,600. "On the other hand, if the market falls below 24,250, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150–24,100," said Chouhan.