Stock Market Closes Higher, But Falls Short of Intraday Peaks Amid Profit-Taking Activity; FMCG Sectors Post Significant Gains

Indian Stock Market Ends in the Green on Wednesday, But Retreats Sharply from Highs

The Indian stock market ended the day in the green on Wednesday, 29 April, but retreated sharply from the day's highs as investors booked profits at elevated levels, triggering a sharp reversal in the benchmark indices during the second half of the session. The day began on a flat note, but gathered momentum in early trade, buoyed by a strong rally in auto and stocks. However, the market could not sustain the pace as the session progressed, giving up most of its gains to end with marginal advances.

The Nifty 50 slipped 170 points from the day's high to settle at 24,164, up 0.70% from the previous close. Meanwhile, the Sensex erased 462 points from intraday high to conclude the session with a gain of 0.82%, closing at 77,520. The broader market also displayed a similar trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 giving up most of their intraday gains to end the session on a mixed note.

The continued rise in crude oil prices is weighing on market sentiment, as Brent crude futures topped $115 a barrel amid fears that the closure of the Strait of Hormuz could persist for longer. Investors are closely monitoring the situation, which is likely to impact market performance in the coming days.

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Sectoral performance was mixed, with some sectors emerging as top gainers, while others lagged behind. The Nifty FMCG, Nifty Realty, and Nifty Auto indices emerged as the top gainers, each rising over 1%. Meanwhile, tech stocks continued to recoup their recent losses, with the index gaining another 0.80%. Nifty Oil and Gas, Nifty Metal, Nifty Pharma, and Nifty Chemicals also posted gains ranging between 0.30% and 0.72%.

However, Nifty Media and Nifty PSU Bank were the top laggards, each declining over 0.50%. The sectoral performance is likely to remain volatile in the coming days, with investors closely tracking cues from the US Fed policy outcome and sector-specific earnings trends.

Sectoral Performance Comparison

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Market analysts warn that the outlook remains range-bound with a cautious undertone, with strength likely to emerge only on a sustained breakout above resistance. Ponmudi R, CEO of Enrich Money, noted that 24,300–24,400 remains a crucial resistance band on the upside, and a decisive close above this zone is required to revive bullish momentum towards the 24,600 level. On the downside, 24,000–23,900 now acts as immediate support, followed by 23,800 as a key support zone.