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Informist, Tuesday, Apr. 29, 2025

By Akash Mandal

MUMBAI – Benchmark indices are likely to rise Wednesday but gains may be limited as recent gains may push investors to keep booking profits at higher levels. Further, tensions at the borders of India and Pakistan are also expected to keep gains capped.

"Markets are looking positive...Reliance has also started to give returns after being muted for a few months," said Ajit Mishra, assistant vice president of technical research at Religare Broking. "Banks are also doing well. These are heavyweights in the index, and thus market direction looks positive," Mishra said. On the 90-day pause in tariffs announced by the US, Mishra said the market views it positively despite it just being a temporary relief.

On Tuesday, 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%. Indices had opened higher but turned flat after facing selling pressure at higher levels. For Wednesday, analysts pegged the support for the Nifty 50 at 24100-24000 and the resistance at 24450-24550.

"Technically, the market is consistently facing resistance near the 24,450 zone. A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears," Shrikant Chouhan, head of equity reseach at Kotak Securities, said in a note. "...24450 would be the immediate breakout level for the bulls. Above this level, the market could rally towards 24,550-24,600," Chouhan said.

Alongside benchmark indices, broader market indices have also rallied in April. While the Nifty Smallcap 250 has risen over 3.5% so far in April, the Nifty Midcap 100 has risen nearly 5% so far this month. Tight liquidity, weak domestic growth, and frothy valuations were major concerns, which led to a sharp selling in the broader market from December last year to first week of April. At its lowest in April, these indices were down 20-30% from their levels in December.

"Liquidity has eased...the other two factors offer little solace amid growth concerns aggravating and valuations staying elevated," Nuvama Institutional Equities had said in a strategy report Monday. Kotak Institutional Equities had earlier termed the recent rebound in the market as "complacent" due to uncertainty persisting over fundamental factors such as global growth, tariffs, and muted corporate earnings.

None of the Nifty 50 companies are scheduled to report their March quarter earnings Wednesday. Adani Power, Indian Oil Corp., Varun Beverages, Jindal Steel & Power, and Vedanta are some the Nifty 100 companies which will report their quarter earnings. Indian Oil Corp. is expected to report a 46% on-year fall in its net profit for the quarter due to lower refining, fall in marketing margins, depreciation of the rupee, and volatile crude oil prices. 

Varun Beverages's bottom line is expected to rise 37% on year due to higher volume in domestic market and growth in international markets through mergers and acquisitions. Jindal Steel and Power's net profit for the quarter is likely to rise nearly 5% on year. However, the company may be the only one among the top four steel companies in the country which may report a decline in sales volume for the quarter. Vedanta's net profit is likely to nearly triple due to strong volume growth in the aluminium and zinc segments.  End

Edited by Akul Nishant Akhoury

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