24 Apr , 2025 By : Debdeep Gupta
Benchmark indices Sensex and Nifty began the trading session on April 24 on a quiet note, putting a pause to their seven-day winning streak. This came amid mixed signals from global markets. Volatility picked up in early trading hours, although the broader market indices performed better than the frontline indices.
Around morning, the Sensex slipped by 100.53 points or 0.13 percent to trade at 80,015.96, while the Nifty was down by 54.10 points or 0.22 percent at 24,274.85. Market breadth showed a positive tilt, with around 1,619 shares advancing, 793 shares declining, and 136 shares remaining unchanged.
The fear gauge, as measured by India VIX, jumped nearly 3 percent and was trading around the 16 mark. Among the sectoral indices, Nifty Pharma and Nifty Realty offered some stability to the markets by rising 0.4 percent each. On the flip side, Nifty Auto, Nifty IT, and Nifty Metal indices were slightly in the red during early trading hours.
In the broader market space, midcap stocks outperformed smallcaps, with the midcap index rising by 0.2 percent.
Looking ahead, Sameet Chavan, Head of Research, Technical and Derivative at Angel One, mentioned that the Nifty faces resistance near the 24,550 level, which corresponds to the 61.8 percent retracement of the fall from its all-time high.
"Given the overbought conditions, we recommend not chasing momentum at higher levels. Instead, yesterday’s movement supports our strategy of adopting a ‘buy on dips’ approach. The immediate support zone is seen around 24,150 to 24,100," he added.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, also pointed out that stretched valuations—since the Nifty is trading above 20 times the estimated FY26 earnings—may act as a ceiling for further rally. In the near term, he said, the market’s direction could be influenced by the ongoing Q4 earnings season.
Speaking to CNBC-TV18, Dhiraj Agarwal, Managing Director at Ambit Investment Managers, said he expects more earnings downgrades from India Inc during the current results season. He noted that high valuations and continued pressure on earnings will likely persist. "Earnings sentiment is quite weak, and we do not anticipate any upward revisions," he said.
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