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