Indices trade with major gains; pharma shares rally; VIX slides 1.28%

The key equity benchmarks continued to trade with significant gains in the mid-morning trade, as investors turned their focus to a heavy lineup of earnings announcements, sectoral trends, and global cues. The Nifty traded above the 24,250 mark. Pharma shares advanced after declining for previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, surged 763.93 points or 0.96% to 79,977.18. The Nifty 50 index jumped 218.30 points or 0.91% to 24,257.56.

In the broader market, the S&P BSE Mid-Cap index gained 0.90% and the S&P BSE Small-Cap index added 0.44%.

The market breadth was positive. On the BSE, 1,986 shares rose and 1,718 shares fell. A total of 222 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.28% to 16.94.

IPO Update:

The initial public offer of Ather Energy received bids for 20,55,050 shares as against 5,33,63,160 shares on offer, according to stock exchange data at 11:15 IST on 28 April 2025. The issue was subscribed 0.04 times.

The issue opened for bidding on 28 April 2025 and it will close on 30 April 2025. The price band of the IPO is fixed between Rs 304 and Rs 321 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

Ather Energy, incorporated in 2013, is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, smart accessories, and supporting software systems.

Economy:

India's foreign exchange reserves rose by $8 billion to a six-month high of $686 billion in the week ended April 18 on the back of a rise in gold reserves and foreign currency assets, the latest data by the Reserve Bank of India (RBI) showed.

Foreign currency assets increased by $3.5 billion in the previous week. The rupee appreciated by 0.8% during the week.

Gold reserves increased by $4.5 billion during the week.

The special drawing rights (SDRs) were up $212 million to $18.5 billion. India's reserve position with the International Monetary Fund (IMF) was also up by $7 million to $4.5 billion in the reporting week.

Buzzing Index:

The Nifty Pharma index jumped 1.96% to 21,904.10. The index declined 2.24% in the previous trading session.

Lupin (up 4.29%), Ajanta Pharma (up 3.32%), Glenmark Pharmaceuticals (up 3%), Torrent Pharmaceuticals (up 2.81%) and Sun Pharmaceutical Industries (up 2.6%), Biocon (up 2.37%), Granules India (up 2.29%), Dr Reddys Laboratories (up 2.15%), Zydus Lifesciences (up 2.13%) and Laurus Labs (up 1.68%) added.

On the other hand, Gland Pharma (down 1.65%), Ipca Laboratories (down 0.88%) edged lower.

Stocks in Spotlight:

Rossari Biotech declined 1.19%. The company's consolidated net profit rose marginally to Rs 34.44 crore in Q4 FY25 as against Rs 34.13 crore posted in Q4 FY24. Revenue from operations jumped 22.60% to Rs 579.56 crore in the fourth quarter of FY25 as against Rs 472.72 crore posted in the corresponding quarter last year.

UGRO Capital shed 0.94%. The company reported 24.04% jump in standalone net profit to Rs 40.55 crore in Q4 FY25 as against Rs 32.69 crore posted in Q4 FY24. Total income increased 24.83% YoY to Rs 412.44 crore in the quarter ended 31 March 2025.

Force Motors shed 0.10%. The company reported a 209.93% surge in consolidated net profit to Rs 434.71 crore on a 17.14% rise in revenue from operations to Rs 2,356.01 crore in Q4 FY25 over Q4 FY24.

Meanwhile, the board of Force Motors has also recommended a dividend of Rs 40 per share, subject to shareholder approval.

Avantel tumbled 7.15% after the company reported a 49.96% drop in consolidated net profit to Rs 6.08 crore in Q4 FY25, compared with Rs 12.15 crore posted in Q4 FY24. Revenue from operations rose 17.96% YoY to Rs 49.26 crore for the quarter ended 31 March 2025.

Global Markets:

The Dow Jones index futures were down 190 points, hinting at a weak opening in US stocks today.

Asian markets traded mixed on Monday as investors assessed China's promises to support domestic businesses as well as developments in trade negotiations between the U.S. and countries in the region.

Over the weekend, China's finance minister, Lan Fo'an, tried to play economic cheerleader, promising that Beijing would roll out more proactive macroeconomic policies to hit its full-year growth targets ' and, by extension, lend a helping hand to the global economy's recovery efforts.

More details could be just around the corner, with Chinese authorities scheduled to host a press conference later today.

Meanwhile, trade tensions are back in the spotlight. Investors are watching developments between the U.S. and its trading partners closely after President Donald Trump, according to the media, suggested he's not keen on hitting the brakes on his reciprocal tariffs strategy anytime soon.

Over on Wall Street, optimism made a small comeback on Friday. Tech stocks led the charge, pushing most major indexes higher. The S&P 500 wrapped up the day with a solid 0.74% gain, the Nasdaq jumped 1.26%, and even the lagging Dow Jones managed a tiny 0.05% uptick. Meanwhile, the dollar posted its first weekly rise in over a month, as traders hunted for any clue that the U.S.-China economic standoff might be losing steam.

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