Sensex and Nifty Rise, Led by Gains in Metal and Healthcare Sectors

The Indian stock market indices, Sensex and Nifty, traded higher on Tuesday, April 25, 2024, with the Nifty Metal and Nifty Healthcare indices seeing the maximum gains among the sectoral indices. The market breadth favored gainers, with around 1,835 shares advancing and 1,203 shares declining.

The Sensex and Nifty opened higher on Tuesday morning, and the broader markets outperformed the benchmarks. The BSE Midcap and BSE Smallcap indices gained up to 0.4 percent. Sectorally, the Nifty PSU Bank was the top performer, while the Nifty Realty was the top laggard.

Analysts anticipate consolidation to prevail on the monthly expiry day and as the corporate earnings season continues. Investors will be closely watching the fourth-quarter financial results of companies like Nestle India, Bajaj Finance, and IndusInd Bank.

Why this matters: The rise in the Indian stock market indices, led by gains in the metal and healthcare sectors, reflects the overall positive sentiment among investors. The strong performance of these sectors indicates their resilience and growth potential, which could have broader implications for the Indian economy.

The global markets, however, were somber, with the US markets mixed and Asia-Pacific markets falling as investors await US GDP data. The yen also extended losses, reaching a new 34-year low against the dollar.

In the corporate world, shares of South Korea's SK Hynix Inc. plunged despite the company's expectation of a full recovery in the memory market. BHP Group Ltd. made a takeover offer for Anglo American Plc, potentially sparking a significant shakeup in the global mining industry.

In India, Kotak Mahindra Bank's shares tumbled after the central bank curbed the onboarding of new customers via its online and mobile banking channels. EaseMyTrip announced a partnership with Adani Digital Labs to offer exclusive duty-free shopping benefits to its customers, and Adani Total Gas informed the exchanges that the Petroleum and Natural Gas Regulatory Board has ratified its gas pipeline in Mundra SEZ after imposing a penalty on the company.

The rise in the Sensex and Nifty, driven by gains in the metal and healthcare sectors, highlights the positive investor sentiment in the Indian stock market. However, the global markets remain cautious, with investors closely monitoring corporate earnings and economic data for further cues.

Key Takeaways

• Indian stock indices Sensex and Nifty traded higher, led by gains in metal and healthcare sectors.
• Broader markets outperformed benchmarks, with BSE Midcap and Smallcap indices gaining up to 0.4%.
• Investors await Q4 results of companies like Nestle, Bajaj Finance, and IndusInd Bank.
• Global markets were mixed, with US GDP data and corporate earnings in focus.
• Kotak Mahindra Bank shares fell after RBI curbed new customer onboarding via digital channels.