Stock market today: The Indian stock market ended in the green on Wednesday, 29 April, but retreated sharply from the day’s highs as investors booked profits at elevated levels, triggering a sharp reversal in the benchmark indices during the second half of the session.
The day, which began on a flat note, gathered momentum in early trade, buoyed by a strong rally in auto and stocks. However, the market could not sustain the pace as the session progressed, giving up most of its gains to end with marginal advances.
The Nifty 50 slipped 170 points from the day’s high to settle at 24,164, up 0.70% from the previous close. Meanwhile, the Sensex erased 462 points from intraday high to conclude the session with a gain of 0.82%, closing at 77,520.
The broader market also displayed a similar trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 giving up most of their intraday gains to end the session on a mixed note.
The continued rise in crude oil prices is weighing on market sentiment, with Brent crude futures topping $115 a barrel amid fears of a prolonged closure of the Strait of Hormuz after reports emerged that the US may extend its blockade of Iranian ports, capping the market’s upside.
Vinod Nair, Head of Research, Geojit Investments Limited, said, “Despite weak global cues, elevated crude prices, and a depreciating INR, India’s equity markets rebounded from recent lows as investors used the correction to add exposure, supported by better-than-expected earnings despite geopolitical uncertainty.”
“Markets will closely track cues from the US Fed policy outcome, with sentiment likely to remain volatile amid evolving global developments and sector-specific earnings trends,” he further added.
Sectoral Watch: FMCG and realty stocks lead; PSU stocks lag
Sectoral performance was mixed, with the Nifty FMCG, Nifty Realty, and Nifty Auto indices emerging as the top gainers, each rising over 1%. Meanwhile, tech stocks continued to recoup their recent losses, with the index gaining another 0.80%.
Nifty Oil and Gas, Nifty Metal, Nifty Pharma, and Nifty Chemicals also posted gains ranging between 0.30% and 0.72%. On the losing side, Nifty Media and Nifty PSU Bank were the top laggards, each declining over 0.50%.
On the Nifty 50 outlook, Ponmudi R, CEO of Enrich Money, said that 24,300–24,400 remains a crucial resistance band on the upside, and a decisive close above this zone is required to revive bullish momentum towards the 24,600 level.
On the downside, 24,000–23,900 now acts as immediate support, followed by 23,800 as a key support zone. He said the outlook remains range-bound with a cautious undertone, with strength likely to emerge only on a sustained breakout above resistance.
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