Indian Stock Market Extends Positive Bias for Second Straight Session

The key benchmark indices of the Indian stock market extended the positive bias for the second straight session and finished higher on Tuesday. The Nifty 50 index gained 211 points and closed at 24,576. The BSE Sensex finished 753 points higher at 79,273. The Bank Nifty index shot up 789 points and ended at 57,371.

Among sectors, almost all major sectoral indices traded in positive territory, with Reality and FMCG indices gaining the most, rallying over 2%. Technically, on daily charts, the index has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive.

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The Gift Nifty index, however, is trading red during the early morning session on Wednesday. The index opened lower at 24,433 and touched an intraday low of 24,392 within a few minutes of the Opening Bell. However, the index witnessed some value buying at lower levels. By 7:45 AM, the index was oscillating around 24,455, about 0.50% below yesterday's close.

Market participants are expecting a gap-down opening for the Indian stock market today. Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, said that the Indian markets are expected to open on a negative note, with Gift Nifty indicating a subdued start around the 24,460 zone.

US-Iran Ceasefire Extended

The US President Donald Trump on Tuesday extended the US ceasefire with Iran to allow more time for peace talks. Trump indefinitely pushed back the end of the two-week truce, crediting a request from mediator Pakistan. He said he is giving them time as Iran's "fractured" leadership time to form a proposal.

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Global Market Impact

Elevated crude oil prices, driven by persistent geopolitical tensions, are a concern for an import-dependent economy like India. Higher crude levels not only pressure inflation expectations but also weigh on currency stability and corporate margins, particularly across consumption and manufacturing-linked sectors.

Gold and Silver Prices Rebound

Gold and silver prices rebounded on Wednesday, April 22, breaking a two-day losing streak by rising up to 1.8%, after Donald Trump extended the ceasefire with Iran. COMEX gold rate surged nearly 1% to $4,768 per ounce, while COMEX silver rate retreated 1.8% to $77.80 per ounce.

Volatility Trends

Volatility trends are likely to reflect this cautious backdrop. India VIX, which closed at 17.53 in the previous session, is expected to edge higher amid rising uncertainty. A rise in volatility could lead to sharper intraday swings and keep option premiums elevated, making the trading environment more reactive and less predictable in the near term.

Stocks to Watch Today

On the domestic front, earnings will remain a key source of stock-specific action. Market participants will closely track developments around Trent Ltd, where expectations of a potential bonus issue alongside Q4 results could drive continued interest in the retail segment. Axis Bank will also be in focus following a strong business update, with detailed results awaited to provide further clarity on asset quality and the growth outlook.

FII-DII Data

Institutional flow dynamics present a mixed but supportive backdrop. Domestic institutional investors continued to provide strong support in Tuesday’s session, with net inflows of ₹2,221 crore, effectively absorbing selling pressure from foreign institutional investors, who remained net sellers with outflows of ₹1,918 crore in the cash segment.

Market Outlook

Shrikant Chouhan, Head Equity Research at Kotak Securities, said that the short-term market texture is bullish, but due to temporary overbought conditions, some profit booking may occur at higher levels. For day traders, 24,500/79,000 would act as immediate support zones.

Bank Nifty Outlook

Vatsal Bhuva, Technical Analyst at LKP Securities, said that the Bank Nifty index has closed above its swing high and reclaimed the 38.2% retracement level, indicating an improving price structure. It is sustaining above the 20-day SMA and has also reclaimed the 50-day SMA on the daily chart, reflecting strengthening trend support.

Stocks to Buy Today

Market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: