Stock market today: Sensex, Nifty 50 jump 1% each; mid, smallcaps hit record highs; investors earn about ₹3 lakh crore
Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50 closed with significant gains on Monday, April 29, led by strong buying in banking and financial stocks after upbeat March quarter results of their sectoral heavyweights.
Positive global cues also underpinned positive sentiment. Major European markets and the US stock futures rose as investors shifted their focus to the Federal Reserve’s policy decision on Wednesday and US jobs data on Friday.
The market seems to have factored in the possibility of no rate cut in the near future. However, the drop in the US GDP data for the first quarter has raised the chatter that the Fed may go for at least two rate cuts this year.
On Monday, banking stocks hogged the limelight after their sectoral index, Nifty Bank, jumped to a fresh record high level of 49,473.60. Nifty PSU Bank index also hit its fresh record high of 7,589.80 during the session.
Better-than-expected March quarter (Q4) results of some of the top banking names fuelled the rally in the banking pack.
Sensex opened the day at 73,982.75 against its previous close of 73,730.16 and touched its intraday high of 74,721.15, rising 991 points, or 1.34 per cent. The 30-share pack finally closed 941 points, or 1.28 per cent, higher at 74,671.28 with 26 stocks in the green.
The Nifty 50 opened at 22,475.55 against its previous close of 22,419.95 and jumped 236 points, or 1.05 per cent, to hit the intraday high of 22,655.80. The index closed the day at 22,643.40, up 223 points, or 1 per cent.
BSE Midcap and Smallcap indices hit their fresh record highs of 41,974.92 and 47,599.25, respectively, during the session.
The BSE Midcap index ended with a notable gain of 0.79 per cent at 41,918.09 while the Smallcap index settled almost flat (up 0.07 per cent) at 47,270.05.
Over 280 stocks, including Axis Bank, ICICI Bank, SBI, Divi’s Labs, Grasim, Havells, IndiGo, Tata Power and Vedanta, hit their fresh 52-week highs in intraday trade on BSE.
The overall market capitalisation of BSE-listed firms rose to nearly ₹406.5 lakh crore on Monday from nearly ₹404 lakh crore on Friday, making investors richer by about ₹2.5 lakh crore in a single session.
Top Nifty 50 gainers today
Shares of ICICI Bank (up 4.38 per cent), IndusInd Bank (up 2.98 per cent) and SBI (up 2.96 per cent) ended as the top gainers in the Nifty 50 index.
Top Nifty 50 losers today
Shares of HCL Tech (down 5.80 per cent), Apollo Hospital (down 4.66 per cent) and Bajaj Auto (down 2.28 per cent) closed as the top losers in the Nifty 50 pack.
Sectoral indices today
Barring Nifty Realty (down 1 per cent), IT (down 0.26 per cent) and Auto (down 0.15 per cent), all sectoral indices ended higher.
Banking and financial indices ended as the top gainers.
Nifty Bank jumped 2.54 per cent, while the PSU Bank and Private Bank indices rose 2.56 per cent and 2.16 per cent, respectively.
Expert view on markets
The Indian benchmark indexes rebounded, aided by an upbeat US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. Ease in Middle East tensions and stable earnings are expected to maintain positive market sentiment. Moving forward, Fed policy and US non-farm payroll data will dictate the overall market dynamics, said Vinod Nair, Head of Research, Geojit Financial Services.
Technical views on Nifty 50
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that the Nifty has been holding on to the 20-day moving average and rising steadily.
The immediate hurdle on the upside is placed at 22,776 and above that potential towards 23,000. Thus, we shall continue to ride the up move with a trailing stop loss of 22,440 for the Nifty, said Gedia.
Technical view on Bank Nifty
The bulls have pushed the Nifty Bank index above the previous swing high, signalling a strengthening bullish trend. Additionally, the index has moved beyond the recent consolidation phase. The RSI (14) indicator is in a bullish crossover and is rising. Overall sentiment is expected to remain positive in the short term. Higher gains are anticipated towards 49,800-50,000, with support at 49,000, said Rupak De, Senior Technical Analyst at LKP Securities.
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not ThirtyTimes. We advise investors to check with certified experts before making any investment decisions.
