Benchmark indices ended Friday’s volatile session on a mixed note, with the Sensex closing in the green while the Nifty struggled to eke out gains amid profit-booking at higher levels.
The BSE Sensex rose 259.75 points or 0.32 per cent to close at 80,501.99, while the Nifty 50 inched up just 12.50 points or 0.05 per cent to settle at 24,346.70.
Top Gainers
Adani Ports emerged as the top Nifty gainer, surging 4.37 per cent following robust Q4 results showing a 50 per cent year-on-year profit increase and positive revenue forecasts. Other major gainers included Bajaj Finance, which climbed 2.70 per cent, IndusInd Bank advancing 1.44 per cent, State Bank of India adding 1.41 per cent, and Hindalco climbing 1.32 per cent.
On the flip side, JSW Steel led the losers, plummeting 5.81 per cent. Bajaj Auto shed 2.75 per cent, Eicher Motors fell 2.50 per cent, HDFC Life slipped 2.31 per cent, and Hero MotoCorp dropped 2.26 per cent.
Stock Dominance
The total market capitalisation of all listed companies on the BSE stood at ₹42,357,227.19 crore as of May 2, slightly lower than the previous session’s ₹42,413,092.60 crore. The top 10 companies contributed ₹9,695,782.37 crore to the market capitalisation, rising from ₹9,647,578.17 crore on April 30, highlighting the continued concentration of market value in heavyweight stocks.
“The Nifty opened today at 24,311 and initially surged sharply to record an intraday high of 24,589. However, the index later faced aggressive selling pressure, slipping to an intraday low of 24,238, reflecting heightened intraday volatility,” said Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity.
Market breadth remained negative with 2,183 stocks declining versus 1,761 advances on the BSE. The broader market underperformed the benchmark indices, with the Nifty Midcap 100 declining 0.78 per cent to 53,705.10, while sectoral performance was mixed. Consumer durables was the worst-performing sector, declining 1 per cent, while oil & gas, financial services, and IT outperformed.
Rupak De, Senior Technical Analyst at LKP Securities, noted, “The index has witnessed a bout of volatility during the week, slipping sharply after facing rejection around the 24,550 level. On the daily chart, a long upper-wick candle suggests selling pressure at higher levels. Going forward, support is placed at 24,250; a fall below this level might trigger a correction toward 24,000.”
Foreign institutional investors (FIIs) were net buyers of Indian equities worth ₹50.57 crore on April 30, while domestic institutional investors (DIIs) purchased shares worth ₹1,792.15 crore, providing support to the market.
The Indian rupee displayed volatility, opening strong at 83.75 but later facing resistance as profit booking emerged. “The rupee’s sharp rise has prompted short-term traders to lock in gains, leading to intraday weakness,” said Jateen Trivedi, VP Research Analyst at LKP Securities, who expects the rupee to trade within a range of 83.50-84.50.
Gold rebound
Gold prices rebounded strongly, gaining ₹950 to trade at ₹93,325 on the MCX. Comex gold also found crucial support near $3,200, with sentiment stabilizing amid persistent ambiguity over US-led trade deals.
The improved early market sentiment was fueled by easing concerns over a potential trade war between the US and China, after China indicated willingness to engage in trade negotiations. However, gains were capped due to investor caution arising from escalating geopolitical tensions between India and Pakistan.
For the week, the BSE Sensex gained 1.6 per cent, while the Nifty50 rose 1.2 per cent. The BSE Midcap index declined 0.4 per cent, and the Smallcap index ended flat.
Looking ahead, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., commented, “Immediate resistance is placed at 24,590, and support remains near the 200-Day Simple Moving Average around 24,050. A sustained move above 24,590 could push the index towards 24,800–24,850 levels.”
Ajit Mishra, SVP, Research, Religare Broking Ltd., advised, “The index is currently in a consolidation phase, facing resistance near the 24,500 marks on a closing basis. However, rotational buying in heavyweight stocks across sectors is helping to cushion the downside. Hence, any short-term pause or consolidation should be viewed as healthy. Participants are advised to continue with a ‘buy on dips’ strategy, focusing on stock selection based on relative strength.”
Published on May 2, 2025
