POST-MARKET SUMMARY 21st April 2025
On April 21, benchmark indices continued their upward momentum for the fifth consecutive day, fuelled by strong buying in heavyweight stocks and consistent foreign fund inflows. The rally was driven by upbeat quarterly earnings from major banks and a positive outlook for the IT sector following strong guidance from Infosys.
Sectoral performance was broadly positive. The IT index surged by 2.5%, while the Auto sector advanced by over 2%. The Metal, Oil & Gas, PSU Bank, and Realty indices each posted gains exceeding 2%. On the downside, the Nifty FMCG index underperformed, slipping by nearly 1%.
NIFTY: The index opened 98 points higher at 23,949 and made a high of 24,189 before closing at 24,125. Nifty has formed a bullish candlestick pattern with a minor lower shadow on the daily chart. Its immediate resistance level is now placed at 24,200 while its immediate support is at 24,050.
BANK NIFTY: The index opened 601 points higher at 54,891 and closed at 55,307. Bank Nifty has formed a bullish candle on the daily chart. Its immediate resistance level is now placed around 55,500 while immediate support is around 55,000.
Stocks in Spotlight
▪ Suzlon Energy: Stock surged over 9% following a draft notification from the Ministry of New & Renewable Energy, which mandates the local sourcing of key components used in wind turbine manufacturing.
▪ Just Dial: Stock jumped 11% following an impressive 61% year-on-year rise in net profit for FY25, reaching Rs 584.2 crore.
▪ Vodafone Idea: Stock zoomed over 10% after the Government of India increased its stake in the company from 22.60% to 48.99%, converting a portion of the spectrum payment dues into equity shares valued at Rs 36,950 crore.
Global News
▪ Asian equities and U.S. stock futures slid on Monday as anxiety over tariffs and President Trump's criticism of the Federal Reserve shook investor confidence, pushing the dollar sharply lower and catapulting safe-haven gold to a record high.
▪ Gold surged by 2%, surpassing $3,400 per ounce on Monday to reach a record high, driven by increased safe-haven demand amid escalating global trade tensions and a weaker U.S. dollar.
▪ Crude oil prices declined by more than 1% at Monday’s open in Asia as nuclear talks between the United States and Iran progressed, easing supply concerns.
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