HCL Tech nos propel IT stks; banks dip; Here's what kept traders busy today

Stock market closing bell, April 23, 2025: Shares of information technology (IT) related companies ruled the D-Street on Wednesday, April 22. Shares of HCL Technologies' fourth quarter results for the previous financial year met the street's expectations, while the revenue growth for the year came in line with guidance, fueling optimism among investors.

 

The benchmark equity indices, BSE Sensex, and NSE Nifty50 ended higher, extending their winning streak for the 7th consecutive session.

 

Midcap shares outperformed others in the broader basket. Meanwhile, among sectors, Auto, Pharma, Metal, FMCG, and Realty ended higher, while Banks, Consumer Durables, and Financial Services witnessed profit booking.  Overall, the market's breadth remained positive on Wednesday, as 1,516 out of 2,931 traded stocks on NSE settled higher, while 1,340 posted declines, and 75 remained unchanged. 

BSE Sensex climbed 520.90 points or 0.65 per cent to settle at 80,116.49, and NSE Nifty50 ended 161.70 points or 0.69 per cent higher at 24,328.95 levels on Wednesday. HCL Tech, Tech Mahindra, Tata Motors, Wipro, and Infosys were among the top gainers among the Nifty50 constituent stocks, ending higher by up to 7.74 per cent. Conversely, Kotak Mahindra Bank, HDFC Bank, Grasim, State Bank of India, and Eicher Motors were among the top laggards, ending lower by up to 2.09 per cent.

 

Among the broader indices, Nifty Midcap100 and Nifty Smallcap100 indices settled higher by 1.18 per cent and 0.44 per cent respectively. Waaree Renewable Energy was the top gainer among the space, ending higher by 14.76 per cent. 

IT, Auto outperform; banks deline

Among the sectoral indices on Nifty, the IT index settled with gains of 4.34 per cent, with all the 10 constituent stocks posting gains in the range of 2.73 per cent to 7.74 per cent. HCL Tech, Coforge, and Oracle Financial Services were the top gainers among others.

 

Auto stocks too witnessed massive buying as Nifty Auto index ended higher by 2.38 per cent, led by Tata Motors and Ashok Leyland.  Meanwhile, Bank Nifty index settled with a loss of 0.50 per cent, dragged by HDFC Bank and Kotak Mahindra Bank. Nifty Private Bank and PSU Bank indices ended down by 0.75 per cent and 0.57 per cent respectively. 

Experts weigh in

The Indian equity market, Vinod Nair, head of research, Geojit Investments, said, sustained its positive momentum, driven by better outcomes from the latest set of IT results and optimistic forward-looking comments. "While US-China trade tensions appear to be easing, a rally in US tech stocks has further bolstered overall global market sentiment," said Nair.  The mixed domestic Q4 earnings and uptick in crude prices, along with the recent outperformance of the domestic market, Nair believes, can trigger some consolidation in the near term.  Meanwhile, Ajit Mishra, SVP, research, Religare Broking, maintains a positive outlook on the Nifty and recommends continuing with a "buy on dips" approach, citing strong support around the 23,700-23,800 zone. "At the same time, we believe a focus on stock-specific opportunities could be more rewarding in case the index enters a consolidation phase, so align your positions accordingly," said Mishra. 

Nifty/Sensex to continue uptrend from current levels 

Technically, after a gap-up open, the market witnessed an intraday sell-off; however, it found support for Nifty/Sensex near 24,150/79,500 and bounced back sharply. Additionally, on both daily and intraday charts, the market, Shrikant Chouhan, head of equity research, Kotak Securities, said, is holding a higher high and higher low formation, which supports a further uptrend from current levels.  As long as the market is trading above 24,150/79,500, Chouhan believes that the bullish sentiment is likely to continue. "On the upside, it could move up to the range of 24,450-24,500/80,300-80,500," said Chouhan. Conversely, if it falls below 24,150/79,500, markets could see a quick short-term correction down to the 24,050-24,000/79,200-79,000 range.