Stock market today: Nifty 50, Sensex end higher but off day’s highs on profit booking; FMCG stocks shine(PTI)AI Quick ReadStock market today: The Indian stock market ended in the green on Wednesday, 29 April, but retreated sharply from the day’s highs as investors booked profits at elevated levels, triggering a sharp reversal in the benchmark indices during the second half of the session.
The day, which began on a flat note, gathered momentum in early trade, buoyed by a strong rally in auto and stocks. However, the market could not sustain the pace as the session progressed, giving up most of its gains to end with marginal advances.
The Nifty 50 slipped 170 points from the day’s high to settle at 24,164, up 0.70% from the previous close. Meanwhile, the Sensex erased 462 points from intraday high to conclude the session with a gain of 0.82%, closing at 77,520.
The broader market also displayed a similar trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 giving up most of their intraday gains to end the session on a mixed note.
The continued rise in crude oil prices is weighing on market sentiment, as Brent crude futures topped $115 a barrel amid fears that the closure of the Strait of Hormuz could persist for longer.
Sectoral performance was mixed, with the Nifty FMCG, Nifty Realty, and Nifty Auto indices emerging as the top gainers, each rising over 1%. Meanwhile, tech stocks continued to recoup their recent losses, with the index gaining another 0.80%.
Nifty Oil and Gas, Nifty Metal, Nifty Pharma, and Nifty Chemicals also posted gains ranging between 0.30% and 0.72%. On the losing side, Nifty Media and Nifty PSU Bank were the top laggards, each declining over 0.50%.
Vinod Nair, Head of Research, Geojit Investments Limited, said, "Despite weak global cues, elevated crude prices, and a depreciating INR, India’s equity markets rebounded from recent lows as investors used the correction to add exposure, supported by better-than-expected earnings despite geopolitical uncertainty."
"Markets will closely track cues from the US Fed policy outcome, with sentiment likely to remain volatile amid evolving global developments and sector-specific earnings trends," he further added.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.
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