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Equity benchmark indices traded marginally lower on Thursday as geopolitical tensions weighed on investor sentiment. The government has taken diplomatic measures against Pakistan in response to the recent terror attack in Pahalgam.
Sensex dipped marginally by 98.29 pts or 0.12 per cent to 80,018.20 as at 10.15 am, and Nifty 50 slipped 31.80 pts or 0.13 per cent to 24,297.15
Other Asian markets also declined on the day.
Commenting on the Nifty outlook, Anand James, Chief Market Strategist, Geojit Investments Limited, said, “A spinning top candle stick formation on the day before, that hinted at a pause, has now been followed up by a hanging man, suggesting that sellers are gaining dominance. This makes 24150-24050 vulnerable.”
“Break of the same will bring in 23900-670 as the initial landing point for drops, but a collapse beyond the same is less expected. Alternatively, if 24050 region continues to hold initial slippages, expect sharp upswing aiming 24500,” James added.
Bank Nifty is expected to stay within a broader trading range of 54500 and 56000, according to Kotak Securities.
On Wednesday, the benchmark indices extended their winning streak for the seventh straight session, with the IT sector leading the charge. Market experts believe that continuous rally, led by foreign portfolio investors, may see some moderation due to profit-taking.
FIIs bought equities worth ₹3,332.93 crore on Wednesday, according to exchange data.
In early trade today, sectoral indices showed a mixed trend and the volatility index rose 3.05 per cent to 16.45 at the time of writing. Nifty smallcap and midcap indexes traded flat at 17,022.65 and 55,131.05, respectively.
Realty index declined 1 per cent, while pharma rose over 1 per cent.
Among the Nifty 50 pack, shares of IndusInd, Nestle, Asian Paints, Grasim and Tech Mahindra traded in positive territory with marginal gains. IndusInd soared 3.93 per cent to 825.45 as at 9.57 am. Meanwhile, Tata Consumers, Bharti Airtel, Eternal, ICICI Bank and HDFC Bank declined.
Tata Consumers declined nearly 4.5 per cent to a low of ₹1,098.30 after Q4 results.
Persistent Systems soared 3 per cent after recording a 26 per cent increase in consolidated net profit for quarter ended March 2025. Major companies including Hindustan Unilever, Axis Bank, Nestle India, SBI Life Insurance Company, Tech Mahindra, Macrotech Developers, Adani Energy Solutions, SBI Cards & Payment Services and LT Technology Services are set to announce their financial performance for the quarter ended March. Track live updates
On Wednesday, the US stock market ended higher on revived hopes for progress in the US-China trade dispute. On the macroeconomic front, preliminary April S&P Global PMI data suggested that the U.S. economy continued to expand in April, but at a slower pace than the prior month.
Activity in Europe appears to have stagnated in April, with the eurozone composite PMI registering at 50.1, below the prior month’s reading of 50.9 and the lowest reading since December of last year.
Brent crude climbed 0.12 per cent to $66.20 a barrel.
“Sentiment remains cautious amid signs of escalation in geopolitical tensions between India and Pakistan after the Pahalgam terror attack,” Devarsh Vakil, Head of Prime Research at HDFC Securities, said.
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Published on April 24, 2025
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