Stock Market Today: Sensex Down 140 Points, Nifty At 24,280

Stock Market Today: Benchmark indices Sensex and Nifty opened flat on April 24, snapping their seven-day winning streak amid mixed global cues. Early trade saw a rise in volatility, though broader market indices outperformed their frontline counterparts. At 10 am, the Sensex fell by 191.03 points or 0.24 per cent to 79,925.46, while the Nifty slipped 56.90 points or 0.23 per cent to 24,272.05. Market breadth remained slightly positive, with 1,748 stocks advancing, 1,219 declining, and 161 remaining unchanged.

Sectorial Update

The India VIX, often called the market’s fear gauge, rose nearly 3 per cent to hover around the 16 level, indicating heightened volatility. On the sectoral front, Nifty Pharma and Nifty Realty provided some support, each gaining 0.4 per cent. In contrast, Nifty Auto, Nifty IT, and Nifty Metal traded slightly in the red during the early hours.

Broader Markets Update

In the broader market, midcap stocks outperformed smallcaps, with the midcap index edging up 0.2 per cent.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that stretched valuations with the Nifty trading at over 20 times projected FY26 earnings could cap further upside in the market. In the short term, he added, the ongoing Q4 earnings season is likely to play a key role in shaping market direction.

"Nifty’s decoupling from the S&P 500 is striking. While S&P 500 is down 8.4 per cent YTD Nifty is up 2.27 per cent YTD. The resilience of the Indian economy, the expected slowdown in the US economy, the weakness in the dollar and the steady FII buying in India of Rs 21263 crores in the last 6 days are contributing to the outperformance of India,” he said.

“However, the stretched valuations ( Nifty is trading above 20 times estimated FY 26 earnings) will constrain the rally. In the very short run, the market may respond to the results flowing in. However, going forward, the market will be concerned about the timing, nature and magnitude of India’s response to the terror attacks and its consequences. Therefore, investors have to be cautious even while remaining invested,” Vijayakumar added.

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