Sensex soars 556 pts, ends at 2023 high; Nifty tops 18,250; HDFC twins lead
CLOSING BELL: The NSE Nifty 50 rallied 166 points. Index heavyweights HDFC, HDFC Bank and Reliance Industries contributed more than 60 per cent of the gain for Sensex.
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Photo: Bloomberg
Stock Market Highlights: The key Indian indices started the day on a jittery note after the US Federal Reserve hiked interest rates by another 25 bps, on expected lines. The benchmarks, however, soon steadied and moved from strength-to-strength on the back of strong corporate earnings and renewed FII buying. A possible pause by the US Fed in rate hike also aided the sentiment.
After net buying shares worth Rs 5,712 crore in April, FIIs bought stocks worth Rs 3,335 crore in the first two trading sessions this month.
"Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood", Vinod Nair, Head of Research at Geojit Financial Services said in a note.
"Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood", Vinod Nair, Head of Research at Geojit Financial Services said in a note.
The S&P BSE Sensex from a low of 61,120, rallied to a high of 61,798 backed by strong gains in index heavyweights HDFC twins and Reliance Industries. The BSE benchmark ended 556 points stronger at calendar year’s high at 61,749.
The NSE Nifty 50 touched a high of 18,267, before settling with a solid 166-point gain at 18,256.
Index heavyweights HDFC, HDFC Bank and Reliance Industries contributed more than 60 per cent of the day’s gain for the BSE Sensex. HDFC today reported 19.6 per cent YoY growth in Q4 net at Rs 4,425.50 crore.
Bajaj Finance, Bajaj Finserv, Asian Paints, SBI, TCS, Bharti Airtel, Sun Pharma and Tata Steel were up around 1-3 per cent each.
On the flip side, IndusInd Bank was down over a per cent. Nestle, PowerGrid Corporation and ITC were the other notable losers.
The broader markets also moved in tandem with the benchmark indices. The BSE Midcap and Smallcap indices were up 0.8 per cent each. The breadth too was extremely positive, with nearly two advancing shares for every declining stock on the BSE.
Sectorally, the BSE Bankex advanced 0.9 per cent. The Metal, Healthcare and Consumer Durables indices were up over 0.5 per cent each.
4:06 PM
Tech View :: What's the next target for Nifty?
After a two-day consolidation, the Nifty has resumed its upmove. During the day it has broken and closed above the previous swing high of 18180 indicating that it has started the next wave on the upside. The low of 18042 made on 3rd May 4, 2023, shall act as a crucial support level and as long as the nifty manages to hold above this level it is likely to keep stretching higher. On the upside the immediate hurdle lies at 18350 – 18370 where the weekly upper Bollinger band is placed. In terms of levels, 18074 – 18050 shall act as a crucial support zone while 18350 – 18370 is the immediate hurdle zone.
Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
3:58 PM
COMMENT :: What all happened in the markets today?
Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood.
Views by: Vinod Nair, Head of Research at Geojit Financial Services.
Views by: Vinod Nair, Head of Research at Geojit Financial Services.
3:46 PM
Currency check :: Rupee ends at 81.80/$ against Wednesday’s close of 81.81/$
3:46 PM
ALERT :: Benchmarks turn positive on YTD basis, end at 4-month high
3:46 PM
Buzzing stock :: Zomato rises 28% in 4 months
3:44 PM
Buzzing stock :: ABB India spurts 5%, hits new high post quarterly results
3:42 PM
Buzzing stock :: Petronet LNG slides 4% on weak Q4 numbers
3:39 PM
Broader market indices advance in-line with benchmarks
3:38 PM
Sectoral trends :: Nifty Financial Services rises nearly 2%, Metal, PSU bank indices over 1%
3:36 PM
Sensex Heatmap :: Bajaj. HDFC twins lead rally on 30-pack index
3:34 PM
CLOSING BELL :: Nifty rises above 18,200
3:33 PM
CLOSING BELL :: Sensex zooms over 550 pts despite rate hike by US Fed
3:26 PM
Global Check:: UK stock futures down around 0.5%; US flat
Source: Investing.com
3:13 PM
Earnings Alert:: Dabur Q4 net up 2.2%; stock down over 1%
Dabur reported a marginal 2.2 per cent rise in Q4 net profit at Rs 300.80 for the quarter ended March 2023 as against Rs 294.20 crore in Q4FY22. Total income was up 6.4 per cent at Rs 2,677.80 crore.
3:05 PM
Zomato rises 4%, hits 5-month high; stock surges 28% in one month
Motilal Oswal Financial Services (MOFSL) had, last month, initiated coverage on Zomato with a 'BUY' rating and Rs 70 target price. READ MORE
Topics : Stock Market MARKET WRAP MARKET LIVE Markets US Federal Reserve US Fed rate hike Reliance Industries
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First Published: May 04 2023 | 7:39 AM IST
