Source: Upstox
Stock Market Closing Bell – Tuesday, April 22, 2025
Indian benchmark indices maintained their upward trajectory, marking the sixth consecutive day of gains for the market on Tuesday in spite of weak global cues. The rally was based on widespread buying in sectors like FMCG, consumer durables, banking and real estate. The financial sector surged as the Reserve Bank of India’s (RBI) recent relaxation of liquidity coverage ratio (LCR) norms, which are expected to boost credit growth and stimulate economic activity. The BSE Sensex added 187.09 points, or 0.24%, to close at 79,595.59, while the Nifty50 climbed 41.70 points, or 0.17%, to settle at 24,167.25.
The session also celebrated the 29th anniversary of the Nifty50 index. Market breadth remained positive, 1,834 stocks up while 2,986 stocks traded on the NSE. In all, 71 stocks touched their 52-week highs, while just 11 fell to their 52-week lows signalling a positive market undercurrent.
Among the Nifty50 stocks, the top gainers were ITC, Hindustan Unilever, HDFC Bank, Jio Financial Services and Mahindra & Mahindra, all gaining up to 2.36%. In contrast, the biggest losers were IndusInd Bank, Power Grid, Infosys, Hero MotoCorp and Bharti Airtel, dropping by as much as 4.79%. In the broader market, the Nifty Midcap100 and Nifty Smallcap100 indices rose by 0.78% and 0.73%, respectively. Waaree Energies, Motilal Oswal Financial Services, Data Patterns (India), KFin Technologies, and Trident were among the top gainers in this space.
Sectorally, the Nifty Realty index was the top performer, surging 2.42% with all its constituents in the green. Phoenix Mills and Prestige Estates Projects led the sector with gains nearing 4.89%. The Nifty FMCG and Consumer Durables indices also performed well, rising 1.89% and 1.50%, respectively, supported by stocks like Dixon Technologies, Colgate-Palmolive (India), and Emami. On the downside, the Nifty IT index dropped 0.57%, weighed down by losses in Infosys, Wipro, TCS, and Tech Mahindra.
The banking sector was still healthy. The Bank Nifty index, which hones in on 12 of the most liquid banking stocks, hit a new record of 55,961.20 before settling at 55,647.20, or 342 points, or 0.62% higher. HDFC Bank and Canara Bank were major contributors to the gains. Similarly, the Nifty PSU Bank and Private Bank indices were up 0.75% and 0.34%, respectively.
Vinod Nair, Head of Research at Geojit Financial Services, pointed out that domestic markets have remained optimistic despite global uncertainties, including tensions between former U.S. President Donald Trump and the Federal Reserve. “The RBI’s relaxed liquidity coverage ratio guidelines, which are anticipated to enhance credit growth, have boosted the finance sector. Foreign inflows have remained consistent for the fourth consecutive day, driven by a weakening dollar and attractive valuations”
“Additionally, domestic macroeconomic conditions are improving, with declining inflation and rising expectations of further rate cuts by the RBI, which are likely to lower costs and stimulate demand. These factors are expected to support corporate earnings in FY26,” Nair said
Nifty50 Technical View:
The Nifty50 started the session flat but fluctuated early on before settling into a range-bound movement. “With the Nifty having reached its immediate target of 24,250, some consolidation in the index is likely,” said Ajit Mishra, SVP, research, Religare Broking.
From a technical perspective, Hrishikesh Yedve, AVP – technical and derivatives research at Asit C Mehta Investment Intermediates, noted that the Nifty50 formed a spinning top candle on the daily chart, suggesting indecision in the market. However, the index remains above its 200-Day Simple Moving Average (200-DSMA), which is positioned around 24,050, maintaining the broader market structure intact. Looking ahead, Yedve pointed out that the 24,230–24,250 zone remains a critical resistance area. “On the upside, the 24,230–24,250 zone remains a key hurdle; a sustainable breakout above 24,250 could push the index further towards 24,500–24,800,” he said. On the downside, immediate support is seen at 24,050, with further support at 23,870.
