Stock Market Update: April 28 - Key Gainers and Losers

Indian Stock Market Resumes Downtrend Amid Global Tensions

The Indian stock market resumed its downtrend on Tuesday, 28 April, following a brief rally, as tensions in the Middle East kept crude oil prices elevated and banking stocks came under pressure. The Reserve Bank of India's final credit-loss guidelines weighed on the sector, causing a decline in the banking stocks.

The Nifty 50 index concluded the trade 0.40% lower at 23,995, while the S&P BSE Sensex closed at 76,886, down 0.54% compared to Monday's close. However, the broader markets outperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 finishing the trade in the green. This indicates that the undertone of sentiment remains firmly in favour of bulls.

Sectoral Performance

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Sectoral performance was mixed, with the Nifty PSU Bank and Nifty Private Bank each losing over 2%. The Nifty Auto, Nifty IT, and Nifty Realty also closed with losses of up to 1%. On the gaining side, the Nifty Oil and Gas rose 1.55%, while the Nifty Chemicals and Nifty Metals advanced 0.58% and 0.51%, respectively.

Key Stocks

Motherson Sumi Wiring India emerged as the top laggard in the pack, tumbling 4.5%. Other key stocks that recorded losses include Tata Technologies, OneSource Specialty Pharma, Elecon Engineering, Zensar Technologies, India Cements, Can Fin Homes, SBI Cards and Payment Services, Thermax, Schneider Electric Infrastructure, and CarTrade Tech. Losses in Ola Electric Mobility further extended, with the stock dropping another 3% to ₹35.81 apiece.

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Heavyweights Axis Bank, HCL Technologies, and InterGlobe Aviation also posted losses of around 2.6%. Maruti Suzuki India reacted negatively to its March quarter results, causing the stock to shed 2.5%. The sell-off in Canara Bank further deepened, with the stock crashing 2.43% to hit a two-week low of ₹137 apiece.

Q4 Earnings Boost Select Stocks

Buying in Cohance Lifesciences further strengthened, with the stock gaining another 14%, a day after hitting its 20% upper circuit limit. Tata Chemicals finished the session 11% higher at ₹802 apiece after its subsidiary Rallis India posted a better-than-expected performance in the March quarter. Piramal Enterprises shares also reacted positively to the Q4 numbers, surging 9% to ₹2,008 apiece.

Coal India, too, gained traction after its Q4 results, with the stock advancing 3.2%. Other Adani Group stocks, including Adani Enterprises, Adani Power, and Adani Green Energy, rallied 3.9%, 2.4%, and 1.7%, respectively. Both Oil and Natural Gas Corporation and Oil India settled higher by 5.4% and 4.4%, respectively. Chennai Petroleum Corporation reversed its recent weakness as the stock settled 7.5% higher, ending its three-day losing run. Ahead of Q4 results, Force Motors advanced 3.6% to ₹20,767 apiece.