Stock market today: Sensex, Nifty 50 settle higher for 4th straight session; broader indices outperform

Stock market today: Indian stock market benchmarks the Sensex and the Nifty 50 ended in the green for the fourth consecutive session on Wednesday, April 24, driven by gains in select heavyweights including Hindalco, Cipla, JSW Steel, Tata Steel, amid broadly positive global cues.

With no major escalation in the Middle East, the market’s focus has shifted to corporate earnings which has been mixed so far. The volatility index’s sharp decline to 10.2 on Tuesday indicates low downside risk, according to analysts.

Follow Stock Market Live Updates: Sensex closes up 110pts, Nifty at 22,400; IT, Auto, PSU Bank down, Metal, Health, Realty gain

The 30-share Sensex climbed 114.49 points to settle at 73,852.94, while the Nifty 50 rose 34.40 points to close at 22,402.40. The broader market outperformed the benchmark indices, with the BSE SmallCap gaining 0.79 per cent, while the BSE Midcap closed higher at 0.92 per cent.

European stocks struggled to make headway on Wednesday, with a rally in technology stocks barely keeping the benchmark afloat amid disappointing earnings in the banking and luxury sectors.

The Stoxx Europe 600 edged about 0.2 per cent higher after its biggest two-day advance since November. The tech sector climbed 2.5 per cent. ASM International NV surged after orders beat expectations, with chipmakers also taking heart from an upbeat outlook by US peer Texas Instruments Inc.

Expert views on markets

“Indian markets lagged the Asian peers as Q4 earnings remained largely subdued with weak results from IT and a few index heavyweights results also disappointed,” said Vinod Nair, Head of Research, Geojit Financial Services.

‘’However, buoyed by strong manufacturing and service sectors, the Indian composite PMI hit a multi-year high, reflecting domestic resilience bringing some buoyancy in the broad market. Globally, investor sentiment improved with easing tensions in the Middle East and declining oil prices,” added Nair.

Technical view on Nifty 50

“The Nifty remained sideways throughout the session before closing with a slight gain. Sentiment for the short term continues to remain positive as the index closed above the critical moving average,” said Rupak De, Senior Technical Analyst, LKP Securities.

‘’The positive crossover in the RSI also supports the positive momentum. On the higher end, immediate resistance is placed at 22,500. A decisive move above 22,500 might take the index towards 22,750-22,800 over the short term. Support is placed at 22,350-22,400,” added De.

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