Stock Market Today: Nifty Holds 24,350 Amid Middle East Tensions

Indian Stock Market Today | The Indian equity benchmarks ended Monday’s session on a flat note following a volatile trading day. While the Nifty 50 managed to stay above the crucial 24,350 level, the broader market sentiment remained subdued.

Market breadth was weak, with an Advance-Decline Ratio of 1:2. The Nifty Midcap Index declined 0.2%, while the Nifty Smallcap Index fell 0.5%, reflecting continued weakness in the broader market.

On the sectoral front, Media and PSU Banks outperformed, whereas IT stocks stayed under pressure. Oil marketing companies like HPCL, BPCL and IOC gained up to 2% after Brent Crude Oil slipped below $95 per barrel.

Key Trigger: Middle East Volatility

Market sentiment turned cautious over the weekend due to escalating US-Iran tensions. Reports of the US seizing an Iranian-flagged cargo ship near the Strait of Hormuz led to retaliatory threats from Tehran.

This weighed heavily on investor confidence despite an attempted recovery by the bulls in the afternoon session.

Technical Analysis: Nifty & Bank Nifty Levels

NIFTY 50: Opened 37.95 points higher at 24,391.50, reached a high of 24,480.65 and closed at 24,364.85.

The index formed a small-bodied bearish candle with shadows on both sides, signaling consolidation.

• Immediate Support: 24,240
• Immediate Resistance: 24,450

BANK NIFTY: Opened 138.35 points higher at 56,704.05, reached a high of 57,085.10 and closed at 56,582.35.

The index formed a bearish candle with a long upper shadow and a relatively smaller lower shadow, indicating selling pressure at higher levels.

• Immediate Support: 56,100
• Immediate Resistance: 56,900

Market Analysis: Key Nifty Indices

Nifty Top Gainers & Losers

Top Trending Stocks Today

• Sterling & Wilson Renewable Energy: Stock surged over 9% after being declared L1 bidder by Coal India for a turnkey EPC contract worth ₹3,490 crore in Bikaner, Rajasthan.
• EMS: Stock jumped over 7% after the company emerged as the lowest bidder for UP Jal Nigam projects worth ₹209 crore.
• Bank Of Maharashtra: Stock gained nearly 4% after reporting a 15% YoY rise in Q4 net profit to ₹2,014 crore, while net interest income increased 19% YoY to ₹3,702.5 crore.

Global Macro & Commodity Update

• Asian Markets: Mostly positive on April 20, supported by selective buying in technology and export-oriented stocks.
• European Markets: Traded cautiously with a slight negative bias as investors tracked global macro cues and awaited fresh economic data.
• Oil Prices: Surged ~5% in early trade amid rising concerns over a potential breakdown of the US–Iran ceasefire and continued disruption in the Strait of Hormuz.
• Gold Prices: Declined as a stronger US dollar and rising inflation concerns, triggered by higher crude prices, weighed on sentiment.

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