Stock Market Highlights, April 29: Sensex soars 941 pts led by ICICI Bk, SBI; Nifty nears 22,650

Stock market highlights on April 29, 2024: ICICI Bank led the banking index with the gains of over 4.30 per cent. ICICI Bank was also the top gainer on both BSE and NSE, when the market closed

3:58 PM

Tech View :: Next stop for Nifty Bank - 50,000

As far as the Bank Nifty is concerned, it closed at a new all-time high of 49,424 and expected to continue with the up move. The rally has been backed by a strong up move in the key heavyweights like ICICI Bank, AXIS Bank to name a few. Overall, the trend is positive, and the next immediate hurdle is placed at 49,900 – 50,000. Support base shifts higher to 48,800 – 48,900 zone.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

 

 

3:49 PM

Tech View :: 'Nifty is projected to top 22,800'

Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21EMA, signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22,800-22,850 in the short term, with support at 22,550.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:48 PM

Comment :: What drove the markets higher on Monday, April 29?

The Indian benchmark indexes rebounded, aided by an upbeat in 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.

An ease in Middle East tensions, coupled with stable earnings, is expected to maintain positive market sentiment. Moving forward, FED policy and US non-farm payroll data will dictate the overall market dynamic

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:45 PM

Currency check :: Rupee ends 13 paise weaker at 83.47/$

3:43 PM

Broader markets :: SmallCap index ends flat

3:42 PM

Sectoral trends :: Nifty Bank hits record high, Realty Index falls 1%

3:38 PM

Sensex Heatmap :: 26 gainers vs 4 losers

>> ICICI Bank surges 4.5%, IndusInd Bank 3%, Ultratech Cement and SBI 2.8% each

>> On the downside, HCL Tech fell 5.7%

3:37 PM

Closing Bell :: Nifty ends near 22,650

3:36 PM

Closing Bell :: Sensex leaps 941 pts led by banks

3:24 PM

UltraTech Q4 net profit rises 35% to Rs 2,258.58 crore

>> Profit at Rs 2,258.58 crore vs Rs 1,670.10 crore YoY.

 

>> Revenue from operations stood at Rs 20,418.94 crore, up 9.8 per cent YoY

>> Board recommended a dividend of Rs 70 per share 

3:09 PM

Tata Motors partners with South Indian Bank for commercial vehicle finance

"For our customers, easy access to financing solutions for their commercial vehicles is one of the key priorities for their operations. Our alliance aims to empower fleet owners and dealerships to achieve their business goals," Rajesh Kaul, Tata Motors Commercial Vehicles Vice President & Business Head Trucks, said. READ MORE

2:58 PM

5 reasons why Sensex rallied 900 pts, Nifty reclaimed 22,600 on April 29

Indian equity markets shrugged off Monday blues with the benchmark S&P BSE Sensex and the Nifty50 indices advancing over 1 per cent each. While the 30-stock Sensex jumped 906 points intraday, hitting a high of 74,636, the Nifty50 surpassed 22,600 in the intraday trade. READ MORE

2:41 PM

Rental market heats up: Bengaluru tops cities with highest yield of 4.45%

Bengaluru, India's Silicon Valley, has emerged as the leader in terms of rental yield. Data from  property consulting firm Anarock reveals that the city boasted a rental yield of 4.45 per cent in the first quarter of 2024. This represents a significant 24% increase compared to pre-pandemic levels in 2019 (3.6%).  READ MORE

2:22 PM

Bank shares dazzle; ICICI m-cap hits Rs 8 trn; SBI, Indian Bk soar up to 5%

Stocks of listed bank were in demand, on the stock exchanges, with the Nifty Bank index hitting a new high of 49,320.85 after a strong rally in private and public sector banks amid healthy Q4 results. The banking index surpassed its previous high of 49,057.40 touched on April 10. READ MORE

2:07 PM

Supreme Industries soars 10%, nears record high on healthy outlook

Supreme Industries is also taking several initiatives to boost export of Plastics products out of its product range. The response to this initiative is encouraging, the management said. To meet the growth in demand for piping products company has initiated steps not only to do brownfield expansion at existing manufacturing sites but also to put up new plants near Patna (Bihar) and Vijayawada (Andhra Pradesh). READ MORE

 

1:49 PM

Copper, Aluminium at multi-year highs; charts suggest more upside likely

Copper

Current Level: $10,010/ Rs 858

Upside Potential: 3.7%
 

Copper futures have rallied 23 per cent in the last 11 weeks in the international market. The base metal commodity is presently quoting above the higher-end of the Bollinger Bands on the weekly and monthly charts, thus suggesting that the bullish bias will remain intact as long as the commodity sustains above $9,625 levels, with near support seen at $9,950 levels. READ MORE

1:33 PM

ALERT :: Techno Electric & Engineering bags new orders for Rs 4,063 crore

Co has bagged orders from

• Power Grid Corporation of India Ltd.- Rs 241 crore
• Aparva Energy Private Limited - Rs 175 crore
• Adani Transmission Ltd. – Rs 120 crore
• Millenium Challenge Account (MCA), Nepal – Rs 760 crore
• IndiGrid Trust – Rs 904 crore
• Damodar Valley Corporation (DVC) – Rs 291 crore
• REC Power Distribution Company Ltd. – Rs 1,571 crore
• NERES XVI, POWER TRANSMISSION LTD - Rs 1,750 crore 

 

1:21 PM

YES Bank shares zoom 9% as profit jumps 123%, asset quality improves

Prashant Kumar, managing director & CEO, YES Bank said, “This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5 per cent. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilised for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1 per cent from 2.4 per cent in FY23. Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20 per cent Y-o-Y for the first time in the last 8 quarters. Importantly, despite the challenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9 per cent.”  READ MORE

1:06 PM

AU Small Finance Bank eligible for universal banking licence application

AU Small Finance Bank, the largest lender among the pack, has met all the criteria established by the regulatory authority. AU boasts a net worth of Rs 12,560 crore, has recorded profits for the previous two fiscal years, and maintained gross and net non-performing assets below 3 per cent and 1 per cent, respectively, as mandated by the RBI. READ MORE

12:50 PM

IREDA surges 13% on heavy volumes after govt gives 'Navratna' status

In exchange filing, the state-owned financial institution company on Friday after market hours said the Department of Public Enterprises (DPE) vide its letter dated April 26, 2024 has granted the ‘Navratna status’ to IREDA. READ MORE

12:38 PM

Apollo Hospitals slips 8% on stake sale in AHL, Keimed merger

In a two-step deal, which includes merger and stake investment, AHL, the omni-channel pharmacy arm of AHEL, has announced plans to raise Rs 2,475 crore in equity capital from PE firm Advent International for a 12.1 per cent stake. The deal also takes into account merger of promoters-owned Keimed Private Limited, India's leading wholesale pharmaceutical distributor, over the next two years. READ MORE

12:22 PM

Why is BSE exchange upset about new Sebi order? An Explainer

The letter from Sebi states that BSE has further been advised to pay the differential regulatory fee (including differential regulatory fee, if any) for the past periods along with applicable interest (i.e. 15 per cent per annum on the amount remaining unpaid or belatedly paid or short paid, for every month of delay or part thereof to the Board) within a period of one month. READ MORE

12:10 PM

ALERT :: Orissa Bengal Carrier zooms over 14% on report of entering contract with Ambuja Cement

Report says Co has entered into a contract for transportation of about 180,000 metric tonnes of material for Ambuja Cement. 

11:53 AM

ALERT :: Gland Pharma receives USFDA nod for Cetrorelix Acetate Injection

Gland Pharma Limited has received approval from the United States Food and Drug Administration (USFDA) for Cetrorelix Acetate for Injection, 0.25 mg/vial, Single-Dose Vial (Product).
 

The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Cetrotide for Injection, 0.25 mg/vial, of EMD Serono, Inc.

According to IQVIA, the product had US sales of approximately $129 million for the twelve months ending February 2024.

More details here

 

11:40 AM

Market Check :: Sensex rallies over 550 pts

11:26 AM

Brokerages bullish on HCLTech despite weak FY25 guidance; stock falls 6%

Analysts attributed the lacklustre performance to seasonal fluctuations in HCL Software, which experienced an 18.5 per cent quarter-on-quarter (Q-o-Q) decline in constant currency (CC) revenue, along with weakness in the Engineering and R&D Strategy, Services & Solutions (ERS) segment READ MORE

11:09 AM

ICICI Bank stock update: Analysts up EPS, target price post Q4; detail here

In Q4FY24, ICICI Bank posted net profit of Rs 10,707 crore, registering a growth of 17 per cent year-on-year (Y-o-Y). Its net interest income (NII) increased by 8 per cent Y-o-Y to Rs 19,093 crore, with net interest margin at 4.4 per cent vs 4.43 per cent Q-o-Q. READ MORE

10:52 AM

Motilal Oswal AMC's CIO bets on telecom stocks in tariff hike optimism

The likely tariff increase will help inject new life into a sector that has grappled with cut-throat competition and aggressive policy actions in recent years, said Shah. America’s top wireless carrier AT&T Inc.’s average revenue per user is $55, while the measure is as low as $2 in India, he said.  READ MORE

10:34 AM

Will Fed cut rates? What 60,000 headlines say about its next moves

So far, so good — but there’s a catch. Four months on, with demand powering ahead and inflation stuck above target, Powell has been forced into a reversal. That started on the margins of the International Monetary Fund’s April meetings, when he said “it is appropriate to allow restrictive policy further time to work” —  pushing the prospect of rate cuts further into the distance. READ MORE

10:20 AM

BSE tanks 19% on Sebi's diktat on turnover charges on option volume

"BSE is further advised to pay the differential regulatory fee (including differential regulatory fee, if any) for the past periods along with applicable interest (i.e. 15 per cent per annum on the amount remaining unpaid or belatedly paid or short paid, for every month of delay or part thereof to the Board) within a period of one month from the date of receipt of this letter,” said Sebi in a letter to the BSE. READ MORE