Stock Market Today: Indian stock market benchmarks Sensex and Nifty 50 are on track for April 29, with strong buying leading to banking and financial stocks following strong March quarter results in major sectors. It closed with significant gains on Monday.
Global positive cues also supported positive sentiment. Major European markets and U.S. stock futures rose as investors shifted focus to Wednesday’s Federal Reserve policy decision and Friday’s U.S. jobs report.
The market appears to be pricing in the possibility that interest rates will not be cut in the near future. But the decline in first-quarter U.S. GDP data has fueled rumors that the Fed will cut interest rates at least twice this year.
Also read: Ahead of US Federal Reserve meeting: What do fading expectations for interest rate cuts mean for the Indian stock market?
Banking stocks were in the spotlight on Monday after sectoral index Nifty Bank rose to an all-time high of 49,473.60. The Nifty PSU Bank Index also hit an all-time high of 7,589.80 during trading.
The March quarter (4Q) results of some major banks were better than expected, spurring the rise in the banking industry.
The Sensex opened at 73,982.75 against the previous close of 73,730.16, rising 991 points or 1.34 per cent to hit an intraday high of 74,721.15. The 30-share pack ultimately closed 941 points (1.28%) higher at 74,671.28, with 26 stocks in the green.
Nifty 50 opened at 22,475.55 against the previous close of 22,419.95 and rose 236 points (1.05%) to hit an intraday high of 22,655.80. The index rose 223 points (1%) to end the day at 22,643.40.
The BSE Midcap and Smallcap indices hit new all-time highs of 41,974.92 and 47,599.25 respectively during trade.
The BSE Midcap index rose 0.79% to end at 41,918.09, while the Smallcap index settled almost flat (up 0.07%) at 47,270.05.
Over 280 stocks including Axis Bank, ICICI Bank, SBI, Divi’s Lab, Grasim, Havells, Indigo, Tata Power and Vedanta hit 52-week highs in intraday trade on the BSE.
The overall market capitalization of BSE listed companies is approximately INRMonday from almost 465 million INROn Friday, $440 million flowed in, making investors about 500 million yen richer. INR2.5 billion in one session.
Today’s Top Nifty 50 Gainers
Shares of ICICI Bank (up 4.38%), IndusInd Bank (up 2.98%) and SBI (up 2.96%) finished among the top gainers in the Nifty 50 index.
As many as 32 stocks ended in the green in the Nifty 50 index.
Today’s Top Nifty 50 Losers
Shares of HCL Tech (down 5.80%), Apollo Hospital (down 4.66%) and Bajaj Auto (down 2.28%) closed as top losers in the Nifty 50 pack.
Also read: Today’s gainers and losers for April 29, 2024: ICICI Bank, State Bank of India, HCL Technologies, Apollo Hospitals Enterprises are among the most active stocks.Check the complete list here
Today’s sectoral indices
All sectoral indices ended higher except for Nifty Real Estate (down 1%), IT (down 0.26%) and Auto (down 0.15%).
Bank stock index and financial stock index finished as the top gainers.
Nifty Bank rose 2.54 per cent, while PSU Bank Index and Private Bank Index rose 2.56 per cent and 2.16 per cent respectively.
Nifty Financial Services also registered a significant rise of 2.14%.
Expert views on the market
“Indian benchmark indexes rebounded on the back of strong US tech quarterly profits and lower US 10-year bond yields. Domestically, Bank Nifty outperformed, led by strong fourth quarter results.Middle East “Fed policy and U.S. non-farm employment data will continue to drive overall market trends,” said Vinod Nair, head of research at Geojit Financial Services. Ta.
Technical view of Nifty 50
Jatin Gedia, technical research analyst at BNP Paribas Sharekan, observed that the Nifty has maintained its 20-day moving average and is steadily rising.
“The immediate upside hurdle is set at $22,776, which is beyond the possibility of heading towards $23,000. Therefore, we set the Nifty’s trailing stop loss at $22,440 to continue the bullish market,” Ghedia said. I will continue to ride on it,” he said.
Nifty Bank Technical View
“Bulls have pushed the Nifty Bank index above its previous swing high, indicating consolidation of the bullish trend. Moreover, the index has moved beyond its recent correction phase. The RSI (14) indicator has entered a bullish crossover. “The overall sentiment is expected to rise further towards 49,800-50,000 in the short term, with support at 49,000,” said Rupak De, senior technical analyst at LKP Securities.
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Disclaimer: The views and recommendations expressed above are those of individual analysts, experts, and brokerages and are not the views of Mint. We recommend checking with a certified professional before making any investment decisions.
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