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Informist, Friday, Apr. 25, 2025

By Akash Mandal

MUMBAI – Benchmark equity indices ended lower on Friday as investors turned jittery, fearing escalation in the conflict between India and Pakistan. Sentiment was dampened after reports that Pakistani troops fired across the Line of Control late on Thursday, escalating tensions between the two countries following the terror attack in Jammu and Kashmir's Pahalgam on Tuesday, which left 26 people dead. 

After the attack, both countries announced tit-for-tat measures. India suspended the Indus Waters Treaty agreement it had signed with Pakistan in 1960 and revoked all visas issued to Pakistani nationals. Pakistan responded by suspending all trade with India and closing its airspace to the Indian airlines. 

"News about LoC (Line of Control) firing (by Pakistan) has given a reason for market to correct after big gains," Narendra Solanki, head of fundamental research at Anand Rathi Share & Stock Brokers, said. "Investors would not want to go into the weekend with leveraged positions amid risk that this may become a bigger problem, so we are seeing profit booking in the market," he said.

The Nifty 50 ended at 24039.35 points, down 207.35 points or 0.9%, and the BSE Sensex closed at 79212.53 points, down 588.90 points or 0.7%. Axis Bank, Bharti Airtel, and State Bank of India ended 1-3% lower and were the biggest laggards in the Nifty 50. Shares of Axis Bank fell after the lender's credit growth for the March quarter disappointed the Street, though the bank's earnings improved slightly from the previous few quarters, analysts said.

Bucking the market trend, SBI Life Insurance Co. ended over 5% higher and was the top gainer in the Nifty 50 after the company said it aims to maintain its value of new business margin at around 27-28% in 2025-26 (Apr-Mar) even as the company is reorienting its product mix. After market hours on Thursday, the company reported a marginal rise in its net profit at INR 8.14 billion. Its net premium income fell 5% to INR 238.61 billion due to a 42% drop in single premium at INR 44.63 billion.

Broader market indices fell sharply, with the small- and mid-cap indices ending over 2% lower each. "During a crisis, large-caps are safe. So, there is selling in small-caps, particularly in over-valued ones, and buying in safe large-caps," said V.K. Vijaykumar, chief investment strategist at Geojit Financial Services. Barring the Nifty IT, all other sectoral indices ended in the red. Indices pertaining to the media and realty sectors were the worst hit. Anant Raj, Oberoi Realty, and DLF closed 4-6% lower.

Among other stocks, Mphasis ended nearly 3% higher after it reported the highest sequential revenue growth in 12 quarters. The company's consolidated revenue for the quarter was INR 37.10 billion, up 4.2% on quarter. Its bottom line rose over 4% sequentially to INR 4.46 billion and was slightly better than the Street's expectation of INR 4.38 billion. The company's total contract value for the quarter for its direct business grew to $390 million, up 11% on quarter; it was the highest contract value in the last seven quarters.

Atul Ltd. ended 3% higher after its net profit soared 68% on year to INR 1.26 billion and revenue rose 18% to INR 13.15 billion. The stock has ended up for five straight session, rising nearly 13%. Dr. Lal Pathlabs closed over 4% higher after it reported an 83% rise in its consolidated net profit on the back of robust diagnostic volumes, expanded network reach, and improved operational efficiency, CNBC-TV18 reported.

Shriram Finance extended losses to end 6% lower after its net profit for the March quarter missed the Street's view despite its net profit rising 10% on year to INR 21.39 billion. With the fall on Friday, the stock is now marginally down for the month. Motilal Oswal Financial Services ended over 8% lower and was the worst hit in the Nifty 500 after it reported a net loss of INR 647.7 million for the March quarter, compared to a net profit of INR 7.23 billion a year ago. The loss, its first in five years, was due to a sharp fall in reported fair value changes, CNBC-TV18 reported.

SBI Cards and Payment Services fell over 6% after the company's net profit for the March quarter fell 19% on year due to a rise in credit costs. After market hours on Thursday, SBI Cards reported a net profit of INR 5.34 billion for Jan-Mar, down over 19% on year, but above the consensus estimate of INR 4.78 billion.

* Of the Nifty 50 stocks, 9 rose and 41 fell

* Of the Sensex stocks, 7 rose and 23 fell

* On the NSE, 455 stocks rose, 2,428 fell, and 64 were unchanged

* On the BSE, 719 stocks rose, 3,246 fell, and 119 were unchanged

* Nifty Media: down 3.2%; Nifty Realty: down 2.8%; Nifty IT: up 0.7%

BSE                                               NSE

Sensex: 79212.53, down 588.90 points or 0.7%      Nifty 50: 24039.35, down 207.35 points or 0.9%

End

US$1 = INR 85.45

Edited by Avishek Dutta

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