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Informist, Tuesday, Apr. 29, 2025

By Akash Mandal

MUMBAI – Benchmark indices ended marginally higher Tuesday as profit booking at higher levels capped gains. Indices had risen around 0.5% early in the day and the Nifty 50 briefly surpassed its crucial resistance of 24450 points but faced selling pressure at that level.

Indices eventually ended in the green, although just about, as investors continued to buy equities despite rising tensions between India and Pakistan. Investors had taken profit on Friday to limit potential losses from tensions between the two countries worsening after terrorists killed 26 tourists at Pahalgam in Jammu and Kashmir. "That (the fall on Friday) was a knee-jerk reaction...overall, the market still looks positive," an analyst at a domestic brokerage said.

The Nifty 50 ended at 24335.95 points, up 7.45 points, and the BSE Sensex closed at 80288.38 points, up 70.01 points or 0.1%. Heavyweight Reliance Industries ended over 2% higher and was the biggest contributor to the rise in the Nifty 50 for the second straight day. The oil-to-chemicals major has risen over 20% in the past 13 sessions. However, HDFC Bank, another index heavyweight, ended around 1% lower and this capped the rise of the 50-stock index.

Defence stocks rose sharply for the second straight session and were among the top gainers amid uncertainty about the simmering tension between India and Pakistan. The Nifty India Defence index had hit a near nine-month high earlier in the session. Garden Reach Shipbuilders & Engineers, Cochin Shipyard, and Mazagon Dock Shipbuilders ended 9-12% higher each.

Late Monday, Pakistani troops violated the ceasefire agreement along Jammu and Kashmir's Line of Control for the fifth straight night. On Monday, Yojna Patel, India's Deputy Permanent Representative to the United Nations, flagged Pakistani Defence Minister Khwaja Asif's "open confession" of supporting terrorist organisations, Indian Express reported. Patel's concerns follow Asif's statement that Pakistan has been doing "this dirty work" for the US and European nations for the past three decades.

Broader market indices outshone their benchmark peers, with small- and mid-cap indices ending 0.2-0.4% higher. Sectoral indices were mixed, with indices related to information technology companies being the top gainers alongside defence stocks.

Pharmaceutical stocks were among the worst-hit and the Nifty Pharma ended 1% lower due to profit booking across the sector, analysts said. Pharma stocks rallied sharply this month after the possibility of the US imposing tariffs reduced after reciprocal tariffs were paused for 90 days. Despite the fall Tuesday, the Nifty Pharma is still up nearly 3% this month. Aurobindo Pharma, Sun Pharmaceutical Industries, and Dr. Reddy's Laboratories closed 2-3% lower and were the worst hit in the sectoral index.

Among other stocks, Trent rose sharply in last 15 minutes of the session after the company reported slightly higher-than-expected net profit for the March quarter. Shares of the company, which traded largely flat ahead of earnings, closed over 3% higher. The company's operating margin for 2024-25 (Apr-Mar) rose to 11.10% from 9.86% the previous year.

UCO Bank shares rose after the bank's net profit for the March quarter rose 24% on year, but came off the high to close with a gain of 4%. The stock had risen 8% early in trade.

Whirlpool of India gained nearly 8% amid media reports that private equity firms Advent International, Bain Capital, TPG, EQT, Carlyle, and KKR are looking to buy a stake in the company. On Jan. 29, its US-based parent company Whirlpool Corp. had said it will sell a 31% stake in its India business by mid-to-late 2025. Shares of PNB Housing Finance came off the day's high but still ended over 4% higher after reporting a better than expected net profit for the March quarter. The stock had hit the 10% upper circuit early in the day.

UltraTech Cement ended down 2% after its bottom line for the March quarter was slightly below the Street's view. The company's consolidated net profit missed estimates despite it rising 10% on year due to strong growth in volumes and higher profitability on decline in key input costs. Shares of TVS Motor Co. ended more than 3% lower despite a 76% on-year growth in its net profit for Jan-Mar as brokerages remain cautious on the stock due to muted demand in the automobile sector and concerns of a slowdown in growth globally due to US tariffs. The company's bottom line was boosted by incentives from the government under the production-linked incentives scheme.

Go Digit General Insurance ended 6% lower after its operating profit fell 13% on year in the March quarter despite net profit doubling. "...we continue to see challenges in the company's journey to deliver superior growth with improving profitability," Emkay Global Financial Services said. Shares of PCBL Chemical ended nearly 4% lower after reporting its March quarter earnings on Tuesday. The stock was slightly higher before it announced the earnings. The company reported a 32% fall in net profit and a 3% fall in revenue for the quarter.

* Of the Nifty 50 stocks, 18 rose, 31 fell, and 1 was unchanged

* Of the Sensex stocks, 12 rose and 18 fell

* On the NSE, 1,365 stocks rose, 1,478 fell, and 90 were unchanged

* On the BSE, 1,828 stocks rose, 2,097 fell, and 129 were unchanged

* Nifty India Defence: up 5%; Nifty IT: up 1.2%; Nifty Pharma: down 1.1%

BSE                                               NSE

Sensex: 80288.38, up 70.01 points or 0.1%         Nifty 50: 24335.95, up 7.45 points

End

Edited by Ashish Shirke

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