India Market Wrap: Midcaps Lead The Charge As Nifty Closes Above 24,450; Adani Group Stocks, M&M, IGL Among Top Gainers

Bank stocks underperformed on Monday as slower loan growth concerns plagued SBI (-1%) and Kotak Bank (-5%) post their fourth-quarter earnings announcement.

Indian benchmark indices ended higher on Monday, supported by strong gains in midcap, auto, FMCG, oil & gas stocks, even as banks underperformed. 

The Nifty 50 ended above 24,450, while the Sensex closed at 80,796. Broader markets outperformed, with the Nifty Midcap index surging 2%.

On Stocktwits, retail sentiment surrounding the Nifty 50 remained ‘bullish.’ 

Slower loan growth concerns plagued SBI (-1%) and Kotak Bank (-5%) post their fourth-quarter (Q4) earnings announcement. 

Auto major Mahindra & Mahindra (M&M) saw its shares climb 4% as investors reacted positively to the company’s improved operational metrics in the March quarter.

Adani Enterprises and Adani Ports were the top Nifty gainers (+7%) as Bloomberg reported Adani representatives met with Trump administration officials to discuss dismissing overseas bribery charges, potentially leading to a resolution next month.

City gas distributor IGL also gained 7%, following its second CNG price hike in Delhi this month. 

Shares of state-run oil marketing firms like HPCL (+7%), BPCL (+3%), and IOC (+3%) rallied on a sharp $2/barrel drop in global crude oil prices. Select paint stocks like Asian Paints and Berger Paints also witnessed 2% gains. 

Among other standout movers, Swiggy's shares rose 12% after the company announced that its Bolt quick-service food delivery arm had expanded to over 500 Indian cities. Eternal shares edged up 3%.

RR Kabel (+14%) and Gravita (+7%) were also in focus, riding high on strong earnings optimism and sustained buying interest.

Global sentiment remained mixed ahead of a key U.S. Federal Reserve policy meeting later this week. European indices traded in a narrow range, while Dow futures signaled a weak opening for Wall Street.

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