The Indian stock market continued its upward trajectory on April 15, 2025, marking the second consecutive day of gains despite a significant revision in the year-end Sensex target by global brokerage Morgan Stanley. The firm revised its target from 93,000 to 82,000, yet the market responded positively, with the Nifty 50 index opening at 23,368 and closing at 23,348, logging an impressive intraday gain of 519 points.
Over the past two sessions, the Nifty 50 index has registered a total gain of 949 points, reflecting a robust performance that has investors optimistic about future movements. Similarly, the BSE Sensex opened at 76,852 and closed at 76,792, achieving an intraday gain of 1,634 points and a remarkable increase of 2,945 points over the last two sessions.
The Bank Nifty index also performed well, opening at 52,299 and closing at 52,379, marking an intraday gain of 1,377 points and nearly 2,150 points over two sessions. This rally on Dalal Street is characterized by broad market participation, with the BSE Small-cap index rising approximately 3.20% and the Mid-cap index surging nearly 3% during the trading day.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expressed a positive outlook on the Indian stock market, stating, "The Nifty 50 index has breached above the 50-DEMA resistance at 23,000, finishing above 23,300, and is now poised to touch 24,000 soon." Parekh highlighted that the index received significant support from broader markets, indicating a strong upward trend.
Looking ahead, Parekh noted that the Nifty 50 has support at 23,200 and resistance at 23,600, while the Bank Nifty is expected to range between 51,800 and 53,000. She also recommended three stocks for investors: Confidence Petroleum India, Tata Elxsi, and Bank of India, with specific buy targets and stop-loss levels outlined for each.
On the same day, the Indian rupee appreciated by 28 paise to close at 85.77 against the US dollar, reflecting a stable dollar amidst lower oil prices and recessionary fears. The GIFT Nifty was trading slightly down at 23,285.50 as of early morning on April 16, while most Asian markets were also experiencing declines, awaiting crucial GDP data from China.
In the US, the Dow Jones Industrial Average and S&P 500 ended down 0.38% and 0.17%, respectively, as of the previous day. The dollar index was trading down 0.32% at 99.90, and Brent crude was slightly higher at $64.77 a barrel.
Meanwhile, the Indian stock market's recovery was notable, especially following the turbulence caused by US President Donald Trump's tariff announcements earlier in April. The Nifty 50 closed 2.19% higher at 23,328, gaining 500 points, while the Sensex settled 2.10% higher at 76,734 after an increase of 1,577 points. Foreign portfolio investors turned net buyers of Indian equities after nine sessions, purchasing stocks worth Rs 6,065.78 crore, while domestic institutional investors offloaded equities worth Rs 3,136.02 crore.
In corporate news, several companies reported significant earnings, including ICICI Prudential Life Insurance Co., which saw its net premium income rise by 10.7% year-on-year to Rs 16,369 crore, alongside a net profit increase to Rs 385 crore. The Indian Renewable Energy Development Agency also posted impressive gains, with total income up 37.7% at Rs 1,916 crore and net profit up 48.7% at Rs 502 crore.
On the regulatory front, the Competition Commission of India (CCI) approved the merger of Aster DM Healthcare and Quality Care India, which will be renamed Aster DM Quality Care. Additionally, the Securities and Exchange Board of India (SEBI) barred Gensol Engineering and its promoters from the securities markets due to governance lapses and fund diversion allegations.
JSW Steel announced plans to invest Rs 50,000-60,000 crore in a new green steel plant in Maharashtra, aiming to cater to European markets in light of the upcoming Carbon Border Adjustment Mechanism. The investment will be spread over 3-4 years.
In terms of gas allocations, Indraprastha Gas Ltd (IGL) is facing a 20% reduction in its domestic gas allocation starting April 16, which could significantly impact its profitability. Mahanagar Gas also reported an 18% reduction in its APM gas allocation, with both companies looking for alternative sourcing options to mitigate the financial impact.
In a positive move for the gig economy, Swiggy has partnered with the Ministry of Labour & Employment to create over 12 lakh job opportunities in the logistics sector over the next two to three years, further emphasizing the growth potential in this area.
As the market continues to evolve, investors remain cautious yet optimistic, navigating through the complexities of economic indicators and corporate performances. With analysts predicting further gains, all eyes will be on how these trends unfold in the coming days.
