In the week ended on Friday, 2 May 2025, the S&P BSE Sensex jumped 1,289.46 points or 1.63% to settle at 80,501.99. The Nifty 50 index added 307.35 points or 1.28% to settle at 24,346.70. The BSE Mid-Cap index rose 0.42% to close at 42,707.87. The BSE Small-Cap index fell 1.33% to end at 47,365.54.
Weekly Index Movement:
Domestic equity benchmarks ended on Monday with strong gains, fueled by positive earnings reports from index heavyweight Reliance Industries. The S&P BSE Sensex zoomed 1,005.84 points or 1.27% to 80,218.37. The Nifty 50 index soared 298.75 points or 1.20% to 24,328.50.
Domestic equity benchmarks ended on Tuesday with modest gains, buoyed by strong foreign and domestic institutional inflows that kept overall market sentiment upbeat. The S&P BSE Sensex added 70.01 points or 0.09% to 80,288.38. The Nifty 50 index rose 7.45 points or 0.03% to 24,335.95.
The domestic equity party took a breather on Wednesday, ending just a whisker below the flatline. Snapping its two-day winning streak, The S&P BSE Sensex shed 46.14 points or 0.06% to 80,242.24. The Nifty 50 index fell 1.75 points or 0.01% to 24,334.20.
The stock market remained closed on Thursday, on account of Maharashtra Day.
The domestic equity benchmarks ended with minor gains on Friday, supported by optimism over US-India trade negotiations, as foreign investors returned to the market. The barometer index, the S&P BSE Sensex added 259.75 points or 0.32% to 80,501.99. The Nifty 50 index rose 12.50 points or 0.05% to 24,346.70.
Economy:
India’s industrial production growth marginally accelerated to 3% in March 2025 from 2.7% in February, according to official data released on Monday. However, on an annual basis, the growth in March was down from 5.5% in the corresponding month of the previous fiscal, mainly due to poor performance of manufacturing, mining and power sectors. The government also revised downward the industrial growth figure to 2.7% for February 2025 from the provisional estimate of 2.9% released earlier this month.
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
India's Goods and Services Tax (GST) collection spiked 12.6% Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April. The GST collection was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since the roll-out of the indirect tax regime on July 1, 2017. In March 2025, the collection was Rs 1.96 lakh crore, thereby leading to an around 20% surge in tax collection on a monthly basis.
The HSBC India Manufacturing PMI edged up to 58.2 in April 2025 from 58.1 in March, slightly below the flash estimate of 58.4, marking the strongest sector improvement in ten months. Output grew at the fastest pace since June 2024, driven by robust domestic and foreign demand. Similarly, international orders recorded their second-steepest rise since March 2011, boosting sales and supporting solid job creation.
Auto Sales Impact:
Tata Motors declined 2.47%. The company’s total sales stood at 72,753 units in April 2025, registering a decrease of 6.15% as compared with 77,521 units in April 2024.
Ashok Leyland fell 2.04%. The company reported a 6% decline in total commercial vehicle sales to 13,421 units in April 2025 from 14,271 units sold in April 2024.
Eicher Motors slipped 2.53%. The unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 27.3% year-on-year growth in commercial vehicle (CV) sales to 6,846 units in April 2025.
Bajaj Auto declined 2.52%. The company has recorded total sales of 3,65,810 units in April 2025, which is lower by 6% as compared with the sales volume of 3,88,256 units sold in April 2024.
Hero MotoCorp tumbled 3.87%. The company said that it had dispatched 305,406 motorcycles and scooters units in April 2025, which is lower by 43% as compared with the dispatch figure of 533,585 units recorded in April 2024.
TVS Motor Company fell 1.09%. The company’s total sales jumped 16% to 443,896 units in April 2025 as against 383,615 units in April 2024.
Stocks in Spotlight:
Reliance Industries (RIL) rallied 9.38%. The company’s consolidated profit after tax and share of profit/(loss) of associates & JVs increased by 6.4% year-on-year to Rs 22,611 crore in Q4 March 2025 over Q4 March 2024. Gross revenue increased by 8.8% Y-o-Y to Rs 288,138 crore, while EBITDA increased by 3.6% Y-o-Y to Rs 48,737 crore. EBITDA margin contracted by 90 basis points Y-o-Y and by 1.1% quarter-on-quarter to 16.9%. RIL is the first Indian company to cross total equity of over Rs 10 lakh crore.
Annually, RIL's profit after tax and share of profit/(loss) of associates & JVs increased by 2.9% Y-o-Y to Rs 81,309 crore while gross revenue increased by 7.1% Y-o-Y to Rs 1,071,174 crore. EBITDA increased by 2.9% Y-o-Y to Rs 183,422 crore. EBITDA margin contracted by 70 basis points Y-o-Y to 17.1% in FY25.
Meanwhile, RIL's board approved raising up to Rs 25,000 crore through issuance of listed, secured/unsecured, redeemable non-convertible debentures, in one or more tranches, on private placement basis. It also recommended a dividend of Rs 5.50 per equity share for the financial year ended 31 March 2025.
Adani Ports & Special Economic Zone (APSEZ) rallied 4.11%. The company’s consolidated net profit jumped 50.02% to Rs 3,023 crore in Q4 FY25 as compared with Rs 2,015 crore in Q4 FY24. Revenue from operations climbed 23.08% to Rs 8488.44 crore during the quarter ended 31st March 2025 as compared with Rs 6896.50 crore in the quarter ended 31st March 2024.
Adani Enterprises shed 0.20%. The company’s consolidated net profit spiked 753.32% to Rs 3,844.91 crore in Q4 FY25 as against Rs 450.58 crore reported in Q4 FY24. Revenue from operations declined 7.58% to Rs 26,965.86 crore in Q4 FY25 from Rs 29,180.02 crore recorded in the same period a year ago.
UltraTech Cement shed 1.05%. The cement major’s consolidated net profit rallied 9.92% to Rs 2,482.04 crore on a 12.95% increase in revenue from operations to Rs 23,063.32 crore in Q4 FY25 over Q4 FY24. Meanwhile, the board recommended a dividend of Rs 77.50 per equity share of face value Rs 10 each.
Adani Total Gas shed 1.22%. The company reported a 9.65% fall in standalone net profit to Rs 149.38 crore in Q4 FY25 as against Rs 165.34 crore posted in Q4 FY24. Revenue from operations (excluding excise duty) increased by 14.57% YoY to Rs 1,335.85 crore for the quarter ending 31 March 2025, driven by higher volume, primarily in the CNG segment.
Bajaj Finance tumbled 4.99%. The company revised its FY26 guidance. It now expects asset under management (AUM) growth of 24-25%, down from its earlier estimate of 25-27%. The NBFC also sees 40-50 basis points improvement in cost to income, lower fee income growth of 13-15% and credit cost in the range of 1.85-1.95%, leading to RoA projection of 4.4-4.6% and RoE estimate of 19-20%. The company reported 17.12% jump in consolidated net profit to Rs 4,479.57 crore on 23.68% rise in total income to Rs 18,468.74 crore in Q4 FY25 over Q4 FY24.
Meanwhile, the company's board recommended a special interim dividend of Rs 12 per share and a final dividend of Rs 44 per share for FY25. The board also proposed splitting each equity share of face value Rs 2 into two shares of face value Rs 1 each. Additionally, the board has proposed issuing four bonus shares of Rs 1 each for each share held.
Bajaj Finserv slumped 5.45%. The company’s consolidated net profit jumped 16.44% to Rs 4756.32 crore on 14.21% increase in total income to Rs 36,596.43 crore in Q4 FY25 over Q4 FY24.
Varun Beverages shed 1.64%. The company reported a 35.22% jump in consolidated net profit to Rs 726.49 crore in Q1 CY25 as compared with Rs 547.98 crore posted in Q1 CY24. Revenue from operations (excluding excise duty) surged 28.94% YoY to Rs 5,566.93 crore in the first quarter of 2025.
Mahindra & Mahindra jumped 2.38% while SML Isuzu tumbled 2.49%. Mahindra & Mahindra announced plans to acquire a 58.96% stake in SML Isuzu at Rs 650 per share, aggregating to Rs 555 crore. In addition M&M launched an obligatory open offer to acquire up to 26% stake of SML Isuzu from eligible public shareholders. The SML Isuzu’s shares would be acquired at Rs 1,554.60 per share, which is at a discount of 12.01% to the scrip’s previous close of Rs 1,766.70, dampening investor sentiment and triggering a sell-off.
Global Markets:
Euro zone inflation was unchanged at 2.2% in April, missing expectations for a move lower, flash data from statistics agency Eurostat showed.
The euro zone economy grew by a stronger-than-expected 0.4% in the first quarter, flash data from statistics agency Eurostat showed Wednesday, as global tariff tensions are casting uncertainty upon the bloc’s growth prospects.
Euro zone economic growth has been lackluster for much of 2023 and 2024, even as the European Central Bank has been cutting interest rates in an effort to stimulate growth and boost economic activity. The ECB's deposit facility rate, its key rate, was taken down to 2.25% earlier this month — down from highs of 4% in mid-2023.
Germany’s economy expanded by 0.2% in the first quarter from the previous three-month period, preliminary data showed, as U.S. tariff tensions threaten the country’s growth outlook.
Starting with China, the country’s manufacturing activity contracted more than expected in April, with the official Purchasing Managers' Index (PMI) dipping to 49.0—below the 50 mark that separates growth from contraction.
Japan's industrial production in March shrank by 1.1% month-on-month, more than double the expected decline. Retail sales also disappointed, rising 3.1% year-on-year, short of the 3.6% forecast, after a hot streak through early 2024.
US consumer confidence took a hit, with the Conference Board’s index dropping 7.9 points to 86.0 in April—its lowest reading since May 2020. The Atlanta Fed’s GDPNow forecast for Q1 also slipped to -2.7%, while the JOLTS report showed a drop in job openings to 7.192 million.