Stocktwits - Indian markets ended lower amid heavy profit booking after the benchmark indices clocked in a 10% rally since April 7 lows. Investors were also spooked by the geopolitical tensions between India and Pakistan, following the Pahalgam attack.
The Nifty 50 managed to hold on to the psychological 24,000 mark, while the Sensex slipped 589 points to end at 79,213, ending lower for the second straight session.
The broader markets also underperformed, with the Midcap index declining 3%.
On Stocktwits, however, retail sentiment surrounding the Nifty 50 stayed ‘bullish,’ despite the weakness, with investors keeping a watch on rising tensions around the Line of Control (LoC) between India and Pakistan.
Nifty sentiment and message volume on April 25 as of 4:00 pm IST. | source: StocktwitsAll sectors, except IT, closed in the red, with pharma, metal, and auto stocks experiencing the most significant losses.
The tech sector bucked the trend with strong gains in TCS (NSE:TCS), Tech Mahindra (NSE:TEML), and Infosys (NSE:INFY).
Banking stocks were the leading laggards, led by Axis Bank (NSE:AXBK), which closed 3.5% lower, despite posting steady numbers for the March quarter.
Weak fourth-quarter earnings dragged Maruti (NSE:MRTI) shares down 2%. Meanwhile, the automaker has declared its highest-ever dividend of ₹135 per share.
Other earnings casualties include Shriram Finance (-8%) and SBI (NSE:SBI) Cards (-7%).
Most Adani Group stocks, including Adani Enterprises (NSE:ADEL) and Adani Ports, saw selling pressure, closing between 3% and 6% lower.
All eyes will remain on Reliance Industries (NSE:RELI), which will report fourth-quarter earnings later this evening.
SEBI-registered analyst Shubham Jain maintains a cautious to bullish stance on the market, acknowledging the Nifty’s significant rally of approximately 2,000 points within two weeks.
According to his analysis, a decisive daily close above 24,500 would serve as a confirmation of sustained bullish momentum, though he advises against premature positioning due to prevailing geopolitical tensions and market uncertainties.
In the interim, Jain suggests focusing on corporate earnings reports, such as Reliance Industries’ results, which could significantly influence Nifty’s direction in the near term
Globally, sentiment remains mixed. European markets traded higher, while Dow Futures pointed to a muted start on Wall Street.