Indian equity markets ended lower for the third consecutive session on April 24, reflecting persistent selling pressure amid global uncertainty and mixed domestic signals. Benchmark indices BSE Sensex and Nifty 50 both closed sharply in the red, slipping below key technical levels.

Market Ends Deep in Red

By the end of Friday’s trading session:

• BSE Sensex fell 1,000 points (1.29%) to close at 76,664
• Nifty 50 declined 275 points (1.14%) to settle at 23,898

Broader markets also remained under pressure:

• Nifty Midcap 100 dropped 0.96%
• Nifty Smallcap 100 slipped 0.87%

Out of the 50 stocks in the Nifty index, 38 ended in the red, indicating widespread selling across sectors.

IT Stocks Drag the Market

Technology stocks were among the biggest losers in the session. Shares of major IT companies such as Infosys, Tata Consultancy Services, Tech Mahindra, and HCL Technologies witnessed notable declines following mixed earnings and cautious outlooks.

On the other hand, stocks like Coal India, Trent, and Hindalco Industries managed to post gains, offering limited support to the market.

What Triggered the Sell-Off?

Market experts attribute the ongoing weakness to a combination of global and domestic factors:

• Rising geopolitical tensions between Iran and United States
• No progress in peace talks, increasing uncertainty in global markets
• Surge in crude oil prices
• Weakening Indian rupee
• Continued outflow of foreign institutional investments (FII)
• Mixed earnings from key sectors, especially IT

These factors have collectively dented investor sentiment, leading to cautious trading behavior.

Market Outlook for April 27

Experts believe the market may enter a consolidation phase in the near term, with volatility likely to persist due to global developments.

Nifty Outlook

According to analysts:

• Immediate support zone: 23,600 – 23,550
• If this level breaks, Nifty may fall towards 23,350 and then 23,150
• Immediate resistance zone: 24,200 – 24,250

The index is expected to remain range-bound unless a strong trigger emerges.

Bank Nifty Outlook

Nifty Bank also showed weakness:

• Closed at 56,090, down 0.38%
• Failed to hold above its 100-day moving average

Key levels to watch:

• Support: 55,500 – 55,400
• If broken, downside could extend to 55,000 and 54,500
• Resistance: 56,500 – 56,600

Technical indicators suggest weakening bullish momentum, with bears gradually gaining control.

Key Factors to Watch Next Week

Investors should keep an eye on:

• Developments in Middle East tensions
• Movement in crude oil prices
• Trends in the Indian rupee
• FII/DII activity
• Upcoming corporate earnings from companies like Reliance Industries, Axis Bank, IDFC First Bank, and RBL Bank

Market reactions will largely depend on these triggers.

Strategy for Investors

Given the current volatility, experts suggest a cautious approach:

• Avoid aggressive buying
• Focus on fundamentally strong stocks
• Consider buying on dips selectively
• Keep an eye on global cues before making decisions

Conclusion

The Indian stock market remains under pressure due to global uncertainties and weak domestic cues. While short-term volatility is expected to continue, a consolidation phase may offer opportunities for disciplined investors. Staying informed and cautious will be key as markets navigate through this uncertain phase.