Sensex and Nifty 50 Rebound: What Moved the Market Today?
Value buying emerged in today’s trade on 27 April as the Indian stock market’s benchmark indices, Sensex and Nifty 50, snapped their three-day losing run and ended in the green. Investors also took solace from reports that the US and Iran were looking to resume peace talks.
Buying in Sun Pharma, index heavyweight Reliance Industries and select banking and IT counters drove the indices higher even as the headwinds emanating from the US-Iran war lingered amid higher crude oil prices.
Top Nifty Gainers and Losers
In the 50-pack Nifty index, 39 stocks ended in the green and 11 ended in the red. Among the top gainers was Sun Pharma, which ended almost 7% higher after the drugmaker said it would acquire US-listed drugmaker Organon in a deal valued at about $11.8 billion.
Meanwhile, Reliance group stocks Jio Financial Services and Reliance Industries gained over 3% each. The latter announced its financial results on Friday evening, which missed estimates. However, brokerages largely retained their bullish calls on the counter.
Stock Market Today: 10 Key Highlights
- What moved market today? US-Iran war and its impact on the global economy.
- Top Nifty gainers: Sun Pharma, Reliance Industries, and IT sector stocks.
- Top Nifty losers: Shriram Finance and Axis Bank witnessed heavy selling following their Q4 results announcement.
- Vodafone, Suzlon among most traded stocks: Vodafone Idea, Suzlon Energy, and JP Power were among the most actively traded stocks in terms of volume.
- 3 NSE top gainers end at 20% upper band: Tanla Platforms, Electrotherm (India), and Cohance Life Sciences ended at 20% upper price band.
- Top NSE losers: A B Cotspin India was the worst performer today on NSE, with a massive 20% fall.
- 133 stocks hit 52-week highs: A total of 133 securities hit fresh 52-week highs in the trade today on NSE.
- 24 stocks at fresh 52-lows: Only 24 stocks plumbed fresh 52-week lows today amid a positive stock market mood.
- Advance-decline ratio: The advance-decline ratio leaned heavily in favour of buyers as 2550 stocks gained and only 801 declined.
- Nifty 50: Technical outlook: Going forward, the 50-day EMA placed in the 24200–24230 zone will act as an immediate resistance for the index.
Conclusion
The Indian stock market’s benchmark indices, Sensex and Nifty 50, rebounded on the back of value buying in select stocks. The US-Iran war and its impact on the global economy continue to be a major concern for investors. However, the Indian stock market is expected to remain volatile in the near term.