Markets hold steady despite global volatility, Banks lead gains 

Markets maintained positive momentum during midday trading on Tuesday, shrugging off global concerns triggered by President Trump’s criticism of the Federal Reserve. The benchmark Sensex traded at 79,615.13, up 206.63 points or 0.26 per cent from its previous close, while the Nifty50 rose 54.50 points or 0.23 per cent to 24,180.05.

Banking stocks continued their strong performance, with the Nifty Bank index advancing 395.70 points or 0.72 per cent to 55,700.20. The financial services sector also showed strength, with the Nifty Financial Services index up 0.71 per cent at 26,623.10.

HDFC Bank was among the top gainers, rising 1.54 per cent to ₹1,956.80 on heavy trading volume of over 148 million shares. Other banking stocks performing well included State Bank of India, up 1.40 per cent at ₹828.10, and Kotak Mahindra Bank, which gained 1.56 per cent to ₹2,276.30.

Consumer goods companies also showed significant gains, with Tata Consumer Products leading the list of top performers, rising 1.73 per cent to ₹1,140.40. Hindustan Unilever followed closely with a 1.63 per cent increase to ₹2,389.30.

On the downside, IndusInd Bank was the biggest laggard, dropping 4.54 per cent to ₹790.60. Hero MotoCorp fell 2.35 per cent to ₹3,825.00, while Power Grid Corporation declined 2.06 per cent to ₹313.40. IT major Infosys shed 1.81 per cent to reach ₹1,424.70, and Bajaj Auto decreased by 1.69 per cent to ₹8,108.00.

The broader market showed strong participation, with midcap stocks outperforming the benchmarks as the Nifty Midcap 100 rose 0.98 per cent to 54,501.90. Market breadth remained firmly positive with 2,560 stocks advancing against 1,260 declines on the BSE, while 177 remained unchanged.

Technical indicators reflected robust market sentiment with 73 stocks reaching 52-week highs compared to just 24 touching 52-week lows. Additionally, 307 stocks hit upper circuit limits while 124 stocks reached lower circuits.

The Indian markets have displayed resilience amid global volatility, supported by continued institutional buying and positive domestic factors. Traders are keeping a close watch on global developments while maintaining their positive outlook on Indian equities as the trading day progresses toward the 3.30 pm close.

Published on April 22, 2025