Stock Market Update: Top Gainers and Losers on April 27, 2024

Indian Equities Snap Three-Day Losing Streak as Benchmark Indices Rise

On Monday, 27 April, Indian equities experienced a favourable sentiment shift, with the benchmark indices closing nearly 1% higher. This marked a significant turnaround, breaking the three-day losing streak that had previously plagued the market. The rally was largely driven by a recovery in technology stocks, with solid gains in pharma and consumer goods counters further bolstering the upsurge.

The Nifty 50 and the Sensex each advanced 0.80%, while the broader market mirrored the positive trend. The Nifty Midcap 100 and Nifty Smallcap 100 indices climbed over 1.5%, reflecting the market's optimism. Sectoral indices also ended in the green, with the Nifty Pharma emerging as the top gainer with a rise of 2.62%. The Nifty Consumer Durables posted a strong gain of 2.53%, while other indices such as Nifty Realty, Nifty Media, Nifty IT, and Nifty Metal closed with gains of more than 1.8%.

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In the commodity market, benchmark Brent crude futures rose around 2% to touch a three-week high of $107.97 a barrel. This increase was attributed to the prolonged disruption in Middle East energy exports, resulting from stalled US-Iran peace talks.

The ceasefire in the war triggered by U.S.-Israeli strikes on Iran two months ago has largely halted active fighting, but markets remain focused on the still-shuttered Strait of Hormuz. This critical waterway continues to face severe restrictions, impacting global oil and gas shipments.

The up move was primarily driven by a rebound in beaten-down heavyweights across sectors, particularly Reliance, along with positive developments such as a sharp rally in pharma majors following global acquisition news. Additionally, optimism around potential progress in US–Iran negotiations supported global sentiment, even as crude oil prices remained elevated.

Pharma and earnings-driven stocks dominated the list of gainers on Monday. Cohance Lifesciences led the pack, with the stock locked at its 20% upper circuit at ₹432 apiece after the company appointed Umang Vohra as Group CEO, effective 20 May. Blue Jet Healthcare shares also gained sharply by 10%, snapping a two-day losing streak.

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Other notable gainers included Anant Raj, which surged 8%, and Shyam Metalics and Energy, which posted a similar 8% gain to end the session at ₹886.2 apiece. Mahindra & Mahindra shares closed 7.9% higher at ₹3,173 apiece, reacting to strong March quarter earnings. Sun Pharmaceutical climbed 7% after the drugmaker announced the acquisition of U.S.-listed Organon in a deal valued at roughly $11.8 billion.

Stronger-than-expected March quarter performance pushed IndusInd Bank 6.2% higher, while Varun Beverages settled 5.8% higher after its results. Suzlon Energy saw renewed buying, with the stock surging 5.6% to ₹56.9 apiece. Ather Energy zoomed 6.6% after a two-day slide.

Despite broad-based buying across the market, a few stocks ended the session with sharp cuts. Mangalore Refinery and Petrochemicals dropped 7.7% to ₹172 apiece, while Supreme Petrochem declined 4.9% to close at ₹772.5 apiece. Other laggards, such as Chennai Petroleum Corporation and Shriram Finance, each ended with losses of 3.6%. Axis Bank shares reacted negatively to the March quarter numbers, sinking 3.1% to ₹974 apiece.