Markets Rally as Nifty Surpasses 24,150 and Sensex Sees 600-Point Gain

Indian Market Rebounds Sharply

The Indian market rebounded sharply on April 29, with the Nifty 50 starting the May series on a strong note and touching an intraday high of 24,334.70, supported by broad-based buying across sectors and the broader market, driven by strong earnings momentum.

The Nifty eventually closed at 24,177.65, up 181.95 points or 0.76%, while the BSE Sensex ended at 77,496.36, gaining 609.45 points or 0.79%. In the broader market, the Nifty Midcap 100 index ended marginally lower, while the Nifty Smallcap 100 index gained 0.65%.

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Among the top gainers on the index were Maruti Suzuki India, Coal India, Tech Mahindra, ITC Limited, and Reliance Industries. On the downside, InterGlobe Aviation, Dr. Reddy's Laboratories, NTPC, ICICI Bank, and Bajaj Finserv were among the key laggards.

More than 160 stocks touched their 52-week high on the BSE, including Bandhan Bank, Star Health, Emcure Pharmace, GE Shipping, Glenmark Pharma, Welspun Corp, Aarti Industries, Sona BLW, Granules India, Adani Green, Adani Ports, Nestle, Adani Power, CESC, ONGC, Hitachi Energy, Lloyds Metals, MCX India, BHEL, JSW Energy, among others.

In stock-specific action, Garden Reach Shipbuilders & Engineers shares gained 7% following strong Q4 earnings performance. Bandhan Bank advanced 11% after reporting a 68% year-on-year jump in fourth-quarter net profit, while CEAT surged 3% on the back of a sharp 145% rise in consolidated profit.

Among other gainers, Greenply Industries climbed 11% after posting an 86% increase in profit, and Star Health and Allied Insurance Company rose 3% as its Q4 profit surged over 200 times year-on-year.

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On the regulatory front, Solara Active Pharma Sciences added 2.5% after the U.S. Food and Drug Administration classified its Puducherry facility as Voluntary Action Indicated (VAI). In contrast, Dr. Reddy's Laboratories slipped 1.7% despite receiving approval from Health Canada for Ozempic, indicating muted market reaction. Vedanta shares added 4.6% after recording an 88% jump in its Q4 net profit at Rs 9,352 crore.

The outlook for April 30 is positive, with the Nifty expected to face resistance in the 24,300-24,330 zone. Any sustainable move above this zone could result in the Nifty extending its pullback towards 24,500, followed by 24,650 in the short term. On the downside, the immediate support for the Nifty is placed in the 24,000-23,970 zone, which coincides with the 20-day EMA.

The Indian equity markets seem headed for a range-bound positive trend over the short term, with resistances placed at 24,200-24,500 levels, while supports are expected around 23,800 levels. The earnings momentum and domestic inflow of funds are likely to support falls in the market, but volatility might be witnessed on account of FII selling, higher crude prices, and global uncertainties.