Today’s stock market live updates: Indian equity benchmark indices opened positive on Monday (April 29), tracking healthy global indicators. BSE Sensex opened 252.50 points or 0.34 per cent higher at 73,982.80 and Nifty opened 55.50 points or 0.25 per cent higher at 22,475.50.
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Today’s market rally is supported by financial conditions following post-earnings gains in SBI Life Insurance and ICICI Bank. The heavily weighted financial services index rose 0.7%, with 12 of the 13 major sectors rising. On a similar line, Nifty Bank also rose 234.50 points or 0.50% to 48,437.20.
The strength in financial stocks came on the heels of ICICI Bank’s better-than-expected fourth-quarter results, which beat D Street estimates.
ICICI Bank reported standalone profit after tax (PAT) of Rs 10,707.53 crore for the fiscal year ending March 2024 (4th quarter), compared to Rs 9,121.87 crore in the same period last year, supported by steady loan growth. It reported an increase of 17.4%. The bank’s total revenue for the fourth quarter rose to Rs 43,597 crore as against Rs 42,791.64 crore in the year-ago period. The board has proposed an annual dividend of Rs.10 per share.
The Indian rupee opened 5 paise weaker at 83.43 against the US dollar. On Friday, the rupee depreciated by 10 paise to close at Rs 83.38 against the US dollar. Dollar index futures, which measure the strength of the U.S. currency against a basket of six global peers, rose 0.06% to 105.87.
Analysts attribute the strength of the dollar to positive global trends amid solid growth in the world’s largest economy.
Brent crude oil futures fell 83 cents, or 0.93%, to $88.67 per barrel, and West Texas Intermediate (WTI) futures fell 67 cents, or 0.80%, to $83.18 per barrel.
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