Stocktwits - Indian stocks kicked off a fresh trading week on a positive note, driven by upbeat earnings from heavyweight Reliance (NSE:RELI) industries.
At 9:45 a.m. IST on Monday, the benchmark Nifty rose 0.6% to about 24,193, while the Sensex gained 0.5% to 79,621. Broader markets mirrored the gains.
Sectorally, banks, pharma, and consumer durables saw intense buying action while tech stocks bucked the trend.
In this shortened trading week, investors will monitor more earnings results, monthly auto sales figures, the movement of foreign funds, India-Pakistan geopolitical tensions, and global cues.
Data from Stocktwits showed that the sentiment score for the Nifty 50 inched higher in the ’bullish’ zone.
Nifty sentiment and message volume on April 28 as of 9:45 am IST. | source: StocktwitsReliance Industries (RIL) rose nearly 2% after posting a steady Q4. Consolidated net profit was up 2.4% year-on-year to ₹19,407 crore, fuelled by strong growth in digital services and retail segments despite margin pressures in the oil-to-chemicals business.
IDFC First Bank (NASDAQ:FRBA) fell over 2% after the bank reported a 58% year-on-year fall in its March quarter standalone net profit at ₹ 304 crore versus ₹724 crore in the year-ago period.
Mahindra & Mahindra gained 1%, while SML Isuzu (NSE:SMLI) slumped 9% after the Mumbai-based automaker said it would acquire a 59% stake in SML for ₹555 crore to strengthen its trucks and buses portfolio.
Apollo Tyres (NSE:APLO) saw selling pressure, dropping 2.5% on plans to shut down production at its Netherlands unit by 2026 due to high operating costs.
On earnings radar, Ultratech Cement (NSE:ULTC), IRFC, TVS Motor, IDBI Bank (NSE:IDBI), Adani Green, and Adani Total Gas (NSE:ADAG) will be in focus as they report quarterly numbers later in the day.
SEBI-registered research analyst Ashish Kyal shared the trade set-up on Stocktwits.
He believes that the Nifty 50 has not yet confirmed a reversal, according to the three-candlestick rule on the daily timeframe.
For a reversal to be validated, Kyal looks for a sequence where the high is lower than the previous high, the low is lower than the previous low, and the closing price is below the prior low.
However, according to him, Friday’s high was above the previous session’s, which keeps the market bias on the buy side.
Kyal maintains that unless the index falls below the 23,840 level, his stance will remain bullish, with expectations for a move toward 24,250. Only a break below 23,840 would prompt him to reconsider his outlook and potentially shift to a more cautious or bearish view.
Globally, Asian markets were mixed, while U.S. equity futures were lower as investors continue to keep an eye on trade negotiations and a flurry of economic data due this week.