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EQUITY
Post Session: Quick Review
Apr-23-2025

Indian equity markets extended their winning streak to the seventh consecutive session, with both the Nifty and Sensex surging over half a percent, ahead of the monthly F&O expiry. After making a positive start, soon indices pared most of their early gains as investors sentiment turned cautious as the International Monetary Fund (IMF) in its World Economic Outlook (WEO) report for April has lowered growth projection for India to 6.2% for the fiscal year 2025-26. However, markets regained momentum and ended higher, buoyed by strong buying interest in IT and Auto stocks, which helped to lift overall market sentiments.

Some of the important factors in trade:

Continuous foreign fund inflows: Foreign Institutional Investors (FIIs) bought equities worth Rs 1,290.43 crore on Tuesday, according to exchange data. Since the last five trading sessions, FIIs have been on a buying spree. 

India's private sector growth hits 8-month high in April: Traders got support as HSBC Flash India PMI report has showed that India's private sector growth hit an eight-month high in the month of April on the back of buoyant international demand for goods and services. 

India aims to double share of manufacturing in GDP: Some optimism came as Finance Minister Nirmala Sitharaman said that India plans to increase the share of the manufacturing sector from 12 per cent to 23 per cent over the next two decades, aiming to create jobs and drive economic growth. 

Global front: European markets were trading in green as Trump admitted that the 145 percent tariffs on China are ‘very high’ and they will come down substantially. Asian markets ended mostly in green despite manufacturing sector in Japan continued to contract in April, albeit at a slower rate with a manufacturing PMI score of 48.5.  

The BSE Sensex ended at 80116.49, up by 520.90 points or 0.65% after trading in a range of 79506.90 and 80254.55. There were 24 stocks advancing against 6 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index rose 0.94%, while Small cap index was up by 0.26%. (Provisional)

The top gaining sectoral indices on the BSE were IT up by 4.00%, TECK up by 3.10%, Auto up by 2.34%, Realty up by 1.37% and Capital Goods up by 1.03%, while Bankex down by 0.94% and Consumer Durables down by 0.93% were the only losing indices on BSE. (Provisional)

The top gainers on the Sensex were HCL Technologies up by 7.66%, Tech Mahindra up by 4.87%, Tata Motors up by 4.43%, Infosys up by 3.83% and Mahindra & Mahindra up by 3.45%. On the flip side, Kotak Mahindra Bank down by 2.07%, HDFC Bank down by 2.00%, SBI down by 1.05%, Axis Bank down by 0.95% and ITC down by 0.84% were the top losers. (Provisional)

Meanwhile, Crisil Ratings in its latest report has said that imposition of 12 per cent safeguard duty on certain steel products for 200 days will provide relief to the domestic primary steelmakers grappling under the pressure of low-cost imports. It said the domestic steel realisations were at a 5 per cent premium vis-a-vis imports for most parts of the last two fiscals. This premium was on an uptrend in the last quarter of fiscal 2025, due to healthy domestic demand and in anticipation of the safeguard duty, while global prices continued to decline.

According to the report, the redirection of steel exports from surplus countries such as China, South Korea and Japan had led to an increase in low-cost imports into India, hurting domestic steel realisations, which are influenced by the landed cost of imports. It noted that the landed cost of imports, even post-duty, could decline further, if global steel prices weaken amid persistent oversupply and rising trade protectionism. This could limit the ability of the Indian players to take additional hikes. Net-net, while the imposition of safeguard duty will support the import parity, a complete normalization of price dynamics may take longer. 

The report further said aside from cheaper import prices, domestic prices may be restricted by an expected increase in domestic supply from new capacities. It said after multiple years of limited additions, the industry added 10 million tonnes per annum (MTPA) capacity last fiscal, and another 10-12 MTPA is planned in fiscal 2026. It added that the players are adding these capacities on the back of healthy domestic demand of 9-10 per cent expected for fiscal 2026, on account of continued infrastructure push and robust demand from the building and construction segments.  

The CNX Nifty ended at 24328.95, up by 161.70 points or 0.67% after trading in a range of 24119.95 and 24359.30. There were 38 stocks advancing against 12 stocks declining on the index. (Provisional)

The top gainers on Nifty were HCL Technologies up by 7.71%, Tech Mahindra up by 4.76%, Tata Motors up by 4.40%, Wipro up by 3.87% and Infosys up by 3.75%. On the flip side, Grasim Industries down by 1.98%, HDFC Bank down by 1.93%, Kotak Mahindra Bank down by 1.84%, SBI down by 1.09% and Eicher Motors down by 0.93% were the top losers. (Provisional)

European markets were trading higher; Germany’s DAX gained 584.07 points or 2.74% to 21,877.60, France’s CAC rose 162.17 points or 2.21% to 7,488.64, and UK’s FTSE 100 increased 108.12 points or 1.3% to 8,436.72.

Asian markets settled mostly higher on Wednesday, tracking Wall Street’s gains overnight after the US President Donald Trump backed down from threats to dismiss Federal Reserve Chair Jerome Powell and also signaled that 145% tariffs on Chinese imports will come down substantially. Hong Kong shares surged on hopes of easing US-China trade tensions. US Treasury Secretary Scott Bessent was reported earlier on Tuesday saying that there will be a de-escalation in US-China trade tensions, but negotiations with China have not yet started and would be a slog. Japanese shares rose sharply on weaker yen, while Tesla founder Elon Musk announced that he would significantly scale back his Trump administration work in May to focus on Tesla. However, Chinese shares declined as the IMF slashed its China growth forecast for this year to 4%, well below China’s official target. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,296.36

-3.40

-0.10

Hang Seng

22,072.62

510.30

2.31

Jakarta Composite

6,634.38

96.11

1.45

KLSE Composite

1,501.19

14.94

1.01

Nikkei 225

34,868.63

648.03

1.86

Straits Times

3,832.32

36.91

0.96

KOSPI Composite

2,525.56

38.92

1.54

Taiwan Weighted

19,639.14

845.71

4.31
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