Indian equity indices ended marginally lower in a volatile session on April 30. The Sensex closed down 46.14 points or 0.06 percent at 80,242.24, while the Nifty was down 1.75 points or 0.01 percent at 24,334.20. Maruti Suzuki, HDFC Life, Bharti Airtel, SBI Life Insurance, and Power Grid Corp were among the major gainers on the Nifty.
Conversely, Bajaj Finserv, Bajaj Finance, Trent, Tata Motors, and SBI figured among the top losers. Among sectors, the Realty index performed notably, rising nearly 2 percent. The Telecom index also witnessed a 1 percent uptick.
In contrast, Media and PSU Bank indices fell by 2 percent each, and IT, Bank, Consumer Durables, and Capital Goods sectors were down by 0.5 percent each. The BSE Midcap index fell by 0.7 percent, and the BSE Smallcap index shed 1.7 percent. Shrikant Chouhan, Head of Equity Research at Kotak Securities, remarked, “Today, the benchmark indices witnessed profit booking at higher levels.
The Nifty ended 2 points lower, while the Sensex was down by 46 points. Technically, the market is consistently facing selling pressure near the 24,450/80,500 resistance zone, forming a double top pattern on intraday charts, indicating temporary weakness from the current levels.”
Ajit Mishra, SVP, Research at Religare Broking, noted, “Markets remained subdued for yet another session and ended largely flat. Sectoral trends were mixed, with realty and pharma showing strength, while energy and banking edged lower.
Indian equity indices close slightly down
Pressure was more pronounced in broader markets, as the mid-cap and small-cap indices declined between 0.9% and 2%. The index is currently in a consolidation phase, facing resistance near the 24,400 mark.”
Vinod Nair, Head of Research at Geojit Investments, observed, “The broad market performed well this month, driven by reduced tariff risks, a potential US-India trade deal, and strong FII inflows.
However, momentum is being capped by rising tensions between India and Pakistan and muted Q4 results. This negative bias is expected to persist in the near term, but the long-term outlook remains positive due to the minimal financial impact from the conflict.”
Rupak De, Senior Technical Analyst at LKP Securities, added, “The Nifty continues to consolidate within a narrow range as traders preferred to remain on the sidelines ahead of the holiday. However, with the index sustaining above the critical 20 EMA on the daily timeframe, the bullish trend remains intact.
Momentum also remains strong, with the RSI holding above 50 and showing a bullish crossover. On the higher end, resistance is placed at 24,550 — a sustained move above this level could trigger a decent rally in the market. On the lower end, support is seen at 24,200.”
Bandhan Bank reported a Q4 net profit of Rs 317.9 crore, up from Rs 54.6 crore YoY.
Paras Defence recorded a 97% increase in Q4 net profit, reaching Rs 19.7 crore versus Rs 10 crore YoY. Ajanta Pharma posted an 11.2% rise in Q4 net profit, at Rs 225.3 crore against Rs 202.7 crore YoY. The Indian rupee ended 76 paise higher at 84.49 per dollar on Wednesday, compared to Tuesday’s close of 85.25.
Analysts anticipate that market volatility will continue, driven by ongoing global trade developments and domestic geopolitical factors. Investors are also closely monitoring US GDP data and corporate earnings, which may influence market movements in the coming days.
