IT Stocks Lead Markets to 7th Straight Gain;Bank Nifty Ends Winning Streak

A total of 50 stocks touched their 52-week highs, while only 7 hit their 52-week lows, indicating bullish momentum. Additionally, 124 stocks were locked in their upper circuits, whereas 41 stocks were in lower circuits. 

Market Update at 4:00 PM: Indian equity benchmarks closed higher on Wednesday, marking their seventh straight day of gains, driven by strong performance in IT stocks. The Sensex rose nearly 520 points (0.65 per cent) to close at 80,116, while the Nifty 50 climbed 161 points (0.67 per cent) to end at 24,328 after a V-shaped recovery from the day’s low. Positive global cues, easing U.S.-China trade tensions, and upbeat guidance from HCL Technologies boosted market sentiment.

HCL Tech led the rally, jumping 7.71 per cent to Rs 1,594 after projecting stronger-than-expected FY26 revenue growth, its biggest single-day gain since September 2020. This propelled the Nifty IT index up by 4.34 per cent, its sharpest one-day gain in nine months. However, the Nifty Bank index saw profit booking and slipped 0.5 per cent, ending its seven-day winning streak and closing below the 55,400 mark after touching a record high of 56,059 in the previous session.

Among top contributors to Nifty 50’s rise were Infosys (+42.5 points), HCLTech (+27.15 points), and TCS (+21.11 points), while HDFC Bank (-66.26 points), Kotak Bank (-14.17 points), and SBI (-7.18 points) weighed on the index. Broader markets outperformed, with the Mid-Cap and Small-Cap indices gaining 1.18% and 0.44%, respectively. Additionally, 14 of the 17 sectoral indices ended in the green.

As of April 23, 2025, the Indian stock market showed a broadly positive market breadth. Out of 2,930 stocks traded on the NSE, 1,515 advanced, 1,340 declined, and 75 stayed unchanged. 

A total of 50 stocks touched their 52-week highs, while only 7 hit their 52-week lows, indicating bullish momentum. Additionally, 124 stocks were locked in their upper circuits, whereas 41 stocks were in lower circuits. 

Market Update at 2:30 PM: The Sensex rose by 0.54% to reach 80,031, and the NSE Nifty 50 climbed 0.59% to 24,304, supported by optimism over a potential easing in trade tensions. This positive sentiment followed comments from U.S. President Donald Trump, who indicated that tariffs on Chinese goods might be reduced significantly as part of a deal, though not entirely eliminated.

IT stocks gave a strong boost to the markets, thanks to HCLTech’s upbeat revenue guidance for FY26 and optimism around U.S.-China trade discussions.

HCLTech shares jumped 8 per cent after the company projected stronger-than-expected revenue growth, pushing the Nifty IT index up by 4.4 per cent. Sentiment was further supported by comments from Donald Trump, indicating that while tariffs on Chinese goods may not be completely removed, they are likely to be reduced as part of a trade agreement.

Since Indian IT companies earn a large portion of their income from the U.S., easing trade tensions improved the outlook for the sector.

In sectoral trends, seven out of the 13 major indices advanced. The mid-cap index rose by 1 per cent, while the small-cap index surged by 0.31 per cent. Meanwhile, the financial sector slipped 0.9 per cent, likely to end its seven-day winning streak.

Out of 2,884 stocks traded on the NSE, 1,383 advanced while 1,438 declined, and 63 remained unchanged. A total of 47 stocks hit their 52-week highs, whereas 6 touched their 52-week lows. Additionally, 114 stocks were locked in the upper circuit, while 18 hit the lower circuit.

Market Update at 12:15 PM: Indian stock markets moved higher in early trade on Wednesday, primarily driven by a rally in IT stocks. This momentum came after positive global cues, including signs of easing trade tensions between the U.S. and China, and an optimistic revenue outlook from HCLTech.

As of 12:10 a.m. IST, the Nifty 50 climbed 0.14% to 24,200, while the Sensex rose 0.27% to 79,800.. The Nifty 50 appeared poised for its best closing level in 2025 and was set for a seventh consecutive session of gains.

In a statement on Tuesday, U.S. President Donald Trump indicated that tariffs on Chinese imports would be reduced significantly, though not entirely eliminated, following a deal. This development helped ease concerns over the prolonged trade dispute, which had dampened the outlook for global economic growth and impacted the IT sector.

Shares of HCLTech surged 7 per cent, becoming the top performer on the Nifty 50, after the company projected stronger-than-expected revenue growth for FY26, outshining both market estimates and forecasts from industry peers.

By midday, the top-gaining stocks that supported the Nifty 50 were Infosys (+45.12 pts), HCL Technologies (+26.87 pts), and TCS (+21.31 pts). On the other hand, State Bank of India (-8.92 pts), Axis Bank (-9.29 pts), and HDFC Bank (-55.83 pts) were among the key draggers of the index.

On the sectoral front, 7 out of 17 sectors recorded gains, with the Nifty IT index gaining 4 per cent, contributing significantly to the broader market’s strength, with Indian IT firms deriving a large part of their revenue from the U.S.

Currently, 41 stocks are trading at their 52-week high, and 5 stocks are at their 52-week low. On the NSE, 95 stocks have hit their upper circuit, while 30 stocks are locked in their lower circuit.

Market Update at 10:20 AM: India's benchmark indices opened higher on Wednesday, supported by optimism around easing U.S.-China trade tensions. This came after U.S. President Donald Trump indicated that tariffs on Chinese goods could be reduced significantly once a deal is finalised, though they would not be completely eliminated.

At 9:15 a.m. IST, the Nifty 50 was trading 0.79 per cent higher at 24,357.6, while the BSE Sensex was up 0.69 per cent, reaching 80,142.09.

Meanwhile, Trump also appeared to soften his stance on U.S. Federal Reserve Chair Jerome Powell, which helped the U.S. dollar recover from recent multi-year lows.

Investor concerns continue over the broader impact of the U.S.-China trade dispute on global growth and inflation. Despite this, all 13 sectoral indices opened in the green, with the IT sector leading the way. The Nifty IT index rose by 2.24 per cent.

Among individual stocks, HCL Technologies stood out, rising 5.1 per cent to become the top performer on the Nifty 50. Although the company reported slightly weaker-than-expected revenue for the fourth quarter, its FY26 growth forecast of 2 to 5 per cent exceeded market expectations relative to its industry peers.

Pre-Market Update at 8:15 AM: The Sensex and Nifty 50 are expected to open higher on Wednesday, driven by a positive global market rally. Asian markets experienced gains, and US stocks surged overnight, fueled by President Donald Trump’s comments about Federal Reserve Chair Jerome Powell and optimism surrounding the de-escalation of the US-China trade conflict.

Gift Nifty was trading at approximately 24,371, showing a premium of around 202 points, signaling a strong start for Indian indices.

Global markets provided a boost, with Asian indices showing strong performances. Japan’s Nikkei 225 rose by 1.85 per cent, while the South Korean Kospi climbed 1.02 per cent. Futures for Hong Kong’s Hang Seng index indicated a positive opening.

On Wall Street, the US stock market saw significant gains, with the Dow Jones surging 1,016.57 points (2.66 per cent) to 39,186.98. The S&P 500 climbed 129.56 points (2.51 per cent) to 5,287.76, and the Nasdaq Composite increased by 429.52 points (2.71 per cent) to 16,300.42. Key stocks like Tesla, Nvidia, Amazon, and Apple saw notable gains, although 3M Co. and Northrop Grumman faced declines.

US Treasury Secretary Scott Bessent suggested that the US-China tariff standoff is unsustainable and expects de-escalation, although negotiations are yet to start. Trump also backed off his threats to remove Fed Chair Jerome Powell, signaling a more stable outlook for US monetary policy.

The IMF revised its global growth forecasts downward, citing the ongoing US tariffs and rising trade tensions, with India’s growth projections for FY26 and FY27 also being slightly reduced. 

On Tuesday, the Indian stock market extended its rally for the sixth consecutive session, with the Nifty 50 closing above the 24,100 level. The Sensex rose by 187.09 points (0.24 per cent) to end at 79,595.59, while the Nifty 50 gained 41.70 points (0.17 per cent) to settle at 24,167.25.

Meanwhile, India’s economy appears resilient to global challenges, according to the RBI’s April bulletin, with strong domestic growth and favorable monsoon forecasts supporting growth prospects.

In corporate news, HCL Technologies reported a fall in its Q4 net profit by 6.18 per cent QoQ, while its revenue grew 1.19 per cent QoQ. The company declared an interim dividend of ₹18 per share

The US dollar strengthened against major currencies following Trump’s comments on Powell. Gold prices dropped due to optimism regarding easing trade tensions and Trump’s stance on the Federal Reserve. Meanwhile, crude oil prices rose as investors weighed the impact of fresh sanctions on Iran and a drop in US crude inventories.

On the institutional front, FIIs were net buyers, purchasing Rs 1,290.43 crore worth of shares. In the last five trading sessions, FIIs have been on a buying spree, while DIIs sold Rs 885.63 crore. 

Stocks banned for trading in the F&O segment on April 23 include Manappuram Finance and RBL Bank..

Disclaimer: The article is for informational purposes only and not investment advice.