Market Today: Sensex, Nifty End Flat; Bajaj Twins Plunge 5-6% Post Q4 Results, IndusInd Bank Sinks on CEO Exit | April 30 Wrap

Indian benchmark indices, the BSE Sensex and NSE Nifty 50, finished a choppy trading session nearly unchanged on Wednesday, April 30, 2025. Market sentiment remained cautious throughout the day, primarily influenced by heightened India-Pakistan tensions following a recent terror attack and investor apprehension ahead of the release of key US economic data, including Q1 GDP and March inflation figures.

Heavy selling pressure in Bajaj Finance and Bajaj Finserv, triggered by their Q4 earnings announcements, significantly weighed on the headline indices. These losses offset gains seen in specific sectors like Realty and Pharma. The underlying weakness was more pronounced in the broader market, with mid-cap and small-cap indices witnessing deeper cuts. Continued foreign institutional investor (FII) inflows, however, provided some underlying support to the market.  

Benchmarks End Flat, Broader Market Sees Deeper Cuts

• The BSE Sensex finished at 80,242.24, down a mere 46.14 points (0.06%).  
   
• The NSE Nifty 50 settled at 24,334.20, down just 1.75 points (0.01%).
   
• The Nifty Bank index underperformed significantly, closing lower by 304.10 points (0.55%) at 55,087.15.
   
• The caution was more pronounced in the broader market:
  • BSE Midcap index fell 0.72%.  
  • Nifty Midcap 100 index declined 0.85%.  
  • BSE Smallcap index dropped 1.74%.
  • Nifty Smallcap 100 plunged 1.71%.
     
• Market breadth was negative, with significantly more declining stocks than advancing ones.

Top Headlines Impacting the Street

Several key developments influenced market direction and stock-specific movements on April 30th:

• Geopolitical Tensions Flare: Investor sentiment was dampened by rising tensions along the India-Pakistan border following the Pahalgam terror attack in Jammu and Kashmir. Prime Minister Narendra Modi chaired high-level meetings of the Cabinet Committee on Security (CCS) and other key committees, signaling the gravity of the situation. This geopolitical uncertainty contributed significantly to the market's cautious tone and likely fueled some defensive positioning, potentially benefiting defence-related stocks like Bharat Electronics (BEL).  
   
• US Economic Data Awaited: Markets exhibited caution ahead of the release of crucial US economic data – namely Q1 Gross Domestic Product (GDP) figures and March Personal Consumption Expenditures (PCE) inflation data – expected overnight. This anticipation likely contributed to the limited risk appetite and range-bound trading during the session.  
   
• US Trade Talk Optimism: Providing some counterbalance to the negative sentiment were positive comments from US President Donald Trump regarding progress in trade negotiations with India, Japan, and South Korea. Hints of potential tariff relief for US automakers also emerged. This optimism may have prevented steeper market declines.  
   
• Q4 Earnings Drive Stock Volatility: The ongoing corporate earnings season remained a primary driver of stock-specific action, leading to significant price swings:
   
  • Bajaj Twins Tumble: Bajaj Finance and Bajaj Finserv were the top losers on the Nifty 50, plunging around 5-6% each. This sharp fall occurred despite Bajaj Finance reporting a 19% year-on-year rise in Q4 consolidated net profit and Bajaj Finserv posting a 14% increase.
    
    Concerns possibly related to future guidance, asset quality, or provisioning (as flagged by an analyst ) likely triggered the sell-off. Bajaj Finance also announced board considerations for a stock split and bonus issue.  

• • Trent Falters: The fashion retailer Trent was another major loser, declining around 3-4%. While revenue grew, a significant drop in consolidated net profit compared to the previous year disappointed investors.  
     
  • Other Key Results: Varun Beverages gained 1.6% after reporting strong Q1 results and declaring a dividend. Ambuja Cements shares rose following its earnings release. Indian Oil Corporation (IOC) reported a 50% jump in Q4 profit and recommended a dividend.
    
    Vedanta's Q4 profit soared 154%. Conversely, Adani Power reported a 4% fall in consolidated PAT , BPCL's Q4 PAT fell 8% , Bandhan Bank's NII fell despite a profit surge , and Exide Industries reported an 11% profit decline.  
     
• Corporate Actions & News:
  • IndusInd Bank: The stock plunged nearly 3% after MD & CEO Sumant Kathpalia resigned with immediate effect, citing "moral responsibility" over accounting irregularities that led to significant losses.  
     
  • State Bank of India (SBI): The public sector lender was among the Nifty losers. News emerged that its board would meet soon to consider raising equity capital during FY26 to support business growth.  
     
  • Paras Defence: The company announced a 1:2 stock split and a final dividend alongside its Q4 results. The stock had rallied previously on defence sector optimism.
     
  • Tata Motors: The auto major featured among the day's top losers, falling around 3%.  
     
  • Tejas Networks: The stock continued its decline, trading near its 52-week low after recent sharp falls.  
     
  • Defence Sector: Besides specific stock news, general positive sentiment towards defence stocks was noted, with Mazagon Dock Shipbuilders hitting a fresh 52-week high.  
     
• FII/DII Flows: Foreign Institutional Investors (FIIs) continued their recent buying spree, marking their 10th consecutive day of net purchases as of April 29th. On Tuesday, FIIs bought equities worth ₹2,385.61 crore, while Domestic Institutional Investors (DIIs) were also net buyers to the tune of ₹1,369.19 crore. These consistent inflows provided crucial support to the market amidst other headwinds.  
   
• Market Holiday: Investors noted that the Indian stock markets (NSE and BSE) will remain closed on Thursday, May 1, 2025, on account of Maharashtra Day and Labour Day.  
   
• Rupee Strengthens: In contrast to the cautious equity market, the Indian Rupee appreciated significantly against the US dollar, rising 0.91% to 84.4875, its highest level since late November 2024. This strength was attributed to robust capital inflows (consistent with FII data) and increased dollar selling by exporters hedging their positions.
  
  The Rupee's resilience suggests underlying confidence in India's economic fundamentals, potentially making Indian assets more attractive for foreign investors despite short-term equity market volatility.  

The day's trading clearly demonstrated how company-specific news, particularly Q4 earnings results, can dominate individual stock performance during reporting season. The sharp reactions in Bajaj Finance, Bajaj Finserv, Trent, and IndusInd Bank significantly influenced the overall index movements.

Furthermore, the market continues to navigate a complex interplay of conflicting signals – persistent FII liquidity and positive trade commentary are being offset by geopolitical risks and macroeconomic uncertainty, resulting in the observed consolidation and lack of clear direction.

Sector Spotlight: Realty Shines, Banks Drag

Sectoral performance on the NSE was distinctly mixed on April 30th, reflecting the broader market's indecisive mood.  

• Top Gainers: Nifty Realty emerged as the standout performer, leading the sectoral charts. Midday data showed the index up by a strong 2.95% , likely buoyed by positive news flow including project launches announced by developers like Prestige Estates.

The Nifty Pharma index also displayed strength, closing with gains of around 0.93% , following positive indications throughout the session. Nifty Healthcare index was also among the gainers. The resilience in Pharma could suggest a defensive tilt by investors amidst prevailing uncertainties.  

• Top Losers: On the losing side, banking stocks faced pressure. The Nifty Bank index closed lower, dragged down by significant losses in IndusInd Bank following its CEO's resignation and weakness in heavyweight SBI. The Nifty PSU Bank index was among the top losers, down sharply by midday and bleeding through the close.

Other sectors ending in the red included Nifty Energy, Media, Auto, FMCG, Metal, and Oil & Gas. Nifty IT ended the day lower according to some sources, although others reported it advancing, indicating mixed performance within the sector or differing data points (intraday vs close).  

This sectoral divergence, with defensive Pharma and specific-story-driven Realty outperforming cyclical sectors like Banking and Energy, hints at potential sector rotation. Investors might be shifting capital towards perceived safety or specific growth narratives while trimming exposure to sectors more sensitive to economic cycles or interest rate fluctuations, especially given the heightened geopolitical and macroeconomic uncertainties.

Gainers & Losers: Stocks in Focus

Stock-specific movements were prominent, largely driven by earnings reports and corporate news:

• Top Nifty 50 Gainers: Leading the pack was HDFC Life Insurance, followed by auto major Maruti Suzuki India. Other notable gainers included SBI Life Insurance, Bharti Airtel, and Sun Pharmaceuticals. Power Grid Corporation and Jio Financial Services also featured among the top performers during the session.  
   
• Top Nifty 50 Losers: The Bajaj twins, Bajaj Finance and Bajaj Finserv, dominated the losers' list following their Q4 results announcement. Trent also saw significant selling pressure post its earnings release. Tata Motors and State Bank of India (SBI) rounded out the top five losers. IndusInd Bank was also a major laggard due to the sudden departure of its CEO.  

The concentration of weakness among these specific large-cap, index-heavy names played a crucial role in keeping the headline indices subdued. The sharp falls in these stocks, triggered by negative news catalysts, effectively offset the gains witnessed in other constituents like HDFC Life and Maruti Suzuki, leading to the overall flat market close.

Market Sentiment: Caution Dominates Trading

The overall market sentiment on April 30th was distinctly cautious and subdued. The choppy, range-bound trading pattern reflected this underlying nervousness among participants.  

Key factors driving this caution included:

1. Geopolitical Concerns: Heightened tensions between India and Pakistan following the Pahalgam terror attack kept investors on edge.  
    
2. US Data Anticipation: Uncertainty surrounding the impending release of US Q1 GDP and March inflation data prompted risk aversion.  
    
3. Mixed Earnings Signals: While some companies reported strong results, negative reactions to key earnings reports like those from the Bajaj twins and Trent added to the cautious mood.

However, certain factors prevented a sharper market decline:

1. FII Inflows: The persistent buying interest from Foreign Institutional Investors provided a crucial support cushion.  
    
2. US Trade Hopes: Positive undertones regarding US-India trade negotiations offered some optimism.  
    
3. Market Resilience: Analysts noted the market's surprising resilience in April despite various headwinds.  

The heightened sense of caution was quantitatively confirmed by market indicators. The Volatility Index (VIX), often referred to as the "fear gauge," reportedly shot up by a significant 6.5% during the day, signaling increased expectation of market swings and rising nervousness.

Furthermore, the Put-Call Ratio (PCR) dropped sharply to 0.84 from 1.17, indicating a shift towards bearish bets and increased caution among options traders.  

Looking ahead, technical analysts suggest the market may have entered a consolidation phase after its recent rally. Nifty 50 is expected to consolidate within a range, with key support seen around 23,800-24,050 and resistance near 24,450-24,550. Similarly, Bank Nifty is anticipated to trade between 54,450 and 56,000 in the near term.

This consolidation allows the market to digest recent gains, assess emerging risks (geopolitical, macroeconomic), and await clearer directional triggers. The upcoming market holiday on May 1st may also have encouraged some position squaring, contributing to the range-bound activity.