Stock market today: Sensex, Nifty 50 end choppy trade flat as losses in Bajaj twins, India-Pakistan tensions weigh

Stock market today: After trading on a choppy note for a major part of the session on Wednesday, April 30, the Indian stock market's benchmark indices – Sensex and Nifty 50 – ended marginally lower as losses in Bajaj twins and tensions with Pakistan kept investor sentiment in check.

On Tuesday, Prime Minister Narendra Modi granted military chiefs freedom to respond to last week's deadly militant attack in Kashmir, according to a Reuters report. Meanwhile, Pakistan claimed that it has “credible evidence” which indicates that India is preparing to launch military action within the next 24 to 36 hours. These developments kept investors on the sidelines ahead of the stock market holiday tomorrow.

Additionally, index heavyweights Bajaj Finance and Bajaj Finserv faced hefty losses today, falling 5% each, following the March quarter earnings. Investors largely booked profit in Bajaj Finance as brokerages flagged weak pre-provision profit and higher credit costs as negatives, even as the bottomline rose.

Against this backdrop, the BSE barometer Sensex closed the session 0.06% or 46 points lower at 80,242.24. Meanwhile, its NSE counterpart Nifty 50 settled at 24,334.20, down 0.01%. The broader markets witnessed deeper cuts, with the BSE Midcap index closing 0.72% lower at 42,883.72 and the BSE Smallcap index declining 1.74% to settle at 47,400.31.

In the Nifty 50 pack of stocks, 15 counters ended in the green and 35 in the red. Among Nifty 50 stocks, HDFC Life Insurance, Maruti Suzuki and SBI Life Insurance emerged as top performers, gaining up to 4% today. However, Bajaj Finserv, Bajaj Finance, Trent, Tata Motors and State Bank of India were the top laggards, shedding 3-6% each.

“Markets remained subdued for yet another session and ended largely flat. After a muted start, the Nifty traded within a narrow range on the weekly expiry day and eventually settled at 24,334. Sectoral trends were mixed, with realty and pharma showing strength, while energy and banking edged lower. Pressure was more pronounced in the broader markets, as the mid-cap and small-cap indices declined between 0.9% and 2%,” said Ajit Mishra, SVP, Research, Religare Broking.

Sectoral Snapshot

In the sectoral space, even as the majority of indices closed lower, realty, pharma and auto packs shone.

The Nifty PSU Bank pack was the worst hit, declining 2.23%. Nifty Media closely trailed it, with a loss of 2.18%. Nifty Bank lost 0.55% today, and Nifty Financial Services declined by 0.31%. FMCG, IT and metal packs also closed in the red, losing between 0.05% to 0.35%.

On the other hand, Nifty Realty index surged 1.91% to emerge as the best performing sector on the NSE today. Nifty Pharma gained 0.44% and Nifty Auto eked out gains of 0.04%.

“Pharma and healthcare indices ended on a positive note, with gains of 0.6% each. Tyre stocks were in momentum after better-than-expected results from CEAT Ltd. The PSU Bank index declined over 2% on account of profit booking, following a recent rally in the sector. Auto stocks will be in focus as US President Trump signed an executive order, softening some of the automotive tariffs,” said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services.

Stock market outlook: What to expect ahead?

Analysts believe the Indian stock market will largely consolidate over the next couple of sessions as rising tensions between India and Pakistan and muted Q4 results are capping upside.

“The broad market performed well this month, driven by reduced tariff risks, a potential US-India trade deal, and strong FII inflows. However, momentum is being capped by rising tensions between India and Pakistan and muted Q4 results. This negative bias is expected to persist in the near term, but the long-term outlook remains positive due to the minimal financial impact from the conflict. Consequently, any market consolidation is likely to be used as an investment opportunity,” said Vinod Nair, Head of Research, Geojit Investments Limited.

Meanwhile, Mishra of Religare Broking said the index is currently in a consolidation phase, facing resistance near the 24,400 mark. "However, rotational buying in heavyweight stocks across sectors is helping to cushion the downside. In this context, we continue to recommend a stock-specific trading approach, with a focus on buy-side opportunities," he opined.

Looking ahead, markets will take cues from global developments on Friday, particularly US GDP data and corporate earnings.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.