Stock market today: Sensex, Nifty 50 end choppy session flat; defence stocks top gainers

Indian stock market today: The Nifty 50 and Sensex ended Tuesday's trading session (April 29) flat in a range-bound market. The Nifty 50 closed at 24,355, up 0.03% from the previous close, while the Sensex posted a modest gain of 0.09%, ending at 80,288 points.

The broader markets, however, outperformed the benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 finishing the session with gains of 0.31% and 0.37%, respectively. Meanwhile, defence stocks, such as Hindustan Aeronautics (HAL), Mazagon Dock, Garden Reach Shipbuilders (GRSE), and others have ended with gains of up to 15%, driven by the expectations of increased demand for military equipment and the potential for heightened defence spending in the region and globally.

Sectoral Watch: IT stocks shine; pharma lags

Sectorally, Nifty IT emerged as the top gainer in today's trading session, with the index rising 1.23% to close at 35,920 points. Other sectoral indices, including Nifty Consumer Durables and Nifty Oil & Gas, also ended the session with gains of up to 0.45%.

On the flip side, Nifty Pharma was the top sectoral loser, declining by 1%, followed by Nifty Metal, Nifty Media, Nifty Realty, Nifty Auto, and Nifty FMCG — all closing with losses of up to 0.90%.

Commenting on today's market performance, "Vinod Nair, Head of Research, Geojit Investments Limited, said, "The national market exhibited largely range-bound oscillation, as caution prevailed amid geopolitical concerns over border tensions. The sustained inflows from FIIs provided support to market sentiment and restricted further pessimism.

"Meanwhile, mixed Q4 results have raised the risk of downward revisions to FY26 projections. In combination with apprehensions surrounding potential retaliatory actions, these developments may lead to some consolidation in the near term," he further added.

FPIs confidence returns

FPIs pumped nearly ₹35,000 crore into Indian equities over the last nine sessions, lifting the benchmark Nifty 50 index by 6.6% during that period.

Despite concerns over a slowdown in the global economy, global brokerage firms remain optimistic about India's fundamentals, with UBS recently projecting an 8% upside in the Nifty 50 index, expecting it to reach 26,000 over the next year.

The brokerage maintained a positive stance on consumption-oriented sectors, including retail, staples, two-wheelers (2Ws), and travel. It also remains constructive on financials, real estate, cement, and hospitals.

On the trade front, tariff tensions appear to be softening, as the U.S. President Donald Trump's administration is reportedly considering easing duties on foreign vehicle parts.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.