IT surge drives markets higher for seventh consecutive session 

Broader markets continued their upward momentum with the Nifty Midcap 100 index climbing 1.18% to 55,041.10, whereas the Nifty Smallcap 100 superior by 0.44%

Fairness benchmarks prolonged their successful streak for the seventh straight session on Wednesday, with the IT sector main the cost as easing international commerce tensions boosted market sentiment. The Sensex closed 520.90 factors or 0.65 per cent higher at 80,116.49, whereas the Nifty 50 elevated by 161.70 factors or 0.67 per cent to 24,328.95.

Markets opened on a optimistic observe however witnessed volatility all through the session. The Nifty started buying and selling at 24,357.60 earlier than slipping to an intraday low of 24,119, solely to get well within the latter half of the day. The optimistic undertone was largely impressed by Wall Road’s robust efficiency after US President Donald Trump’s feedback on Federal Reserve Chair Jerome Powell and commerce negotiations with China.

IT shares have been the standout performers, with the sector index surging over 4 per cent. HCL Applied sciences led the gainers, leaping 7.74 per cent, adopted by Tech Mahindra (4.76 per cent), Wipro (3.87 per cent), and Infosys (3.75 per cent). Tata Motors additionally confirmed robust efficiency, rising 4.44 per cent.

“The IT index outperformed, rallying over 4.35 per cent, whereas intraday revenue reserving was seen in selective client and monetary shares,” stated Shrikant Chouhan, Head Fairness Analysis, Kotak Securities.

Banking shares noticed profit-taking after their current rally, with Kotak Mahindra Financial institution and HDFC Financial institution each declining 2.09 per cent. Different high losers included Grasim (-1.98 per cent), State Financial institution of India (-1.08 per cent), and Eicher Motors (-0.93 per cent).

The broader markets continued their upward momentum with the Nifty Midcap 100 index climbing 1.18 per cent to 55,041.10, whereas the Nifty Smallcap 100 superior by 0.44 per cent. Market breadth remained optimistic with 2,028 shares advancing versus 1,949 declining on the BSE.

Nandish Shah, Deputy Vice President at HDFC Securities, famous, “Extending its bullish momentum for the seventh straight session, the Nifty climbed one other 161 factors (0.67 per cent) to shut at 24,328, marking a sturdy restoration of over 2,600 factors from its April seventh low of 21,743.”

The Indian rupee weakened for the second consecutive day, depreciating by 23 paise towards the US greenback to settle at 85.42, pushed by a strengthening Greenback Index.

Within the commodity market, gold costs witnessed a pointy decline, falling by ₹1,500 to settle at ₹95,800 on MCX. “This marks a steep sell-off of almost ₹2,500 since April third, signaling a attainable short-term reversal from current peak highs,” stated Jateen Trivedi, VP Analysis Analyst at LKP Securities.

Technically, the market maintains its bullish construction regardless of Wednesday’s volatility. “So long as the market is buying and selling above 24,150/79500, the bullish sentiment is more likely to proceed. On the upside, it may transfer as much as the vary of 24,450-24,500/80300-80500,” Chouhan added.

Nevertheless, analysts have flagged potential warning indicators. Rupak De, Senior Technical Analyst at LKP Securities, cautioned, “Though the sentiment stays upbeat because the index continues to commerce above the earlier swing excessive, the formation of a Hanging Man sample on the each day chart serves as a warning for these holding internet lengthy positions.”

Trying forward, the market is predicted to take care of its optimistic bias within the close to time period, with assist for Nifty seen at 24,072. “We preserve our optimistic outlook on the Nifty and advocate persevering with with a ‘purchase on dips’ strategy, citing robust assist across the 23,700–23,800 zone,” suggested Ajit Mishra, SVP, Analysis at Religare Broking Ltd.

The fast resistance for Nifty is positioned at 24,545, which represents the 61.8 per cent retracement of the whole fall from its all-time excessive of 26,277 to the April 7 low of 21,743. With the This autumn earnings season progressing, stock-specific motion is predicted to stay in focus within the coming classes.

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Printed on April 23, 2025