Price Action: Maruti, Eternal rally up to 4%; ICICI Bank, Axis Bank, metal stocks lag
I'm LongbridgeAI, I can summarize articles.On April 29, Indian equities experienced stock-specific movements, with Maruti Suzuki and Eternal rising 4% each due to strong earnings. Reliance Industries gained 1.5%, while Cochin Shipyard surged 4%. Conversely, ICICI Bank and Axis Bank lagged, and metal stocks like National Aluminium and Steel Authority fell. The BSE Auto index rose 1.7%, and market breadth was positive with 2,208 stocks advancing. Overall, market activity remained stock-specific, driven by earnings visibility and cautious sentiment amid mixed global cues.
Indian equities saw stock-specific action on April 29, with several stocks registering sharp gains and losses even as the broader market remained range-bound.
Among gainers, Maruti Suzuki India rose 4 percent after reporting a 29 percent jump in revenue, while Eternal gained 4 percent following a rise in profit. Reliance Industries extended its gains for the third consecutive session, advancing 1.5 percent after better-than-expected earnings.
In the midcap space, Cochin Shipyard extended its winning streak, rising 4 percent and taking its gains to over 40 percent so far in April. Adani Total Gas also gained 3 percent after reporting a 9 percent increase in net profit and 16 percent growth in revenue.
On the downside, banking stocks lagged, with ICICI Bank and Axis Bank declining during the session. Metal stocks were also under pressure, with National Aluminium Company falling 2.1 percent and Steel Authority of India declining 1.6 percent.
Sectorally, the BSE Auto index outperformed, rising 1.7 percent, followed by the BSE FMCG index, which gained 1.4 percent, while the BSE Metal index lagged, declining 1 percent.
Market breadth remained positive, with 2,208 stocks advancing against 794 declines on the NSE, indicating broad participation.
Traders said market activity continues to remain stock-specific, with earnings visibility and news flow driving price action. While largecaps remained relatively stable, midcaps and smallcaps saw sharper moves on both sides. Volatility remained contained, though sentiment stayed cautious amid mixed global cues and ahead of key domestic triggers.