29 Apr , 2024 By : Debdeep Gupta
Banking stocks pushed benchmark indices the Sensex and the Nifty higher on April 29 afternoon. The broader market held on its own, with BSE midcap and smallcap indices rising to 0.4 percent.
Around noon, the Sensex was up 682 points, or 0.92 percent, at 74,412.16, and the Nifty was up 148.80 points, or 0.66 percent, at 22,568.80. The market breadth favored gainers, as around 1,872 shares advanced, 1,394 declined and 138 were unchanged.
The Fear gauges India VIX jumped more than 12 percent at around 12.28.
Sectoral trend
Bank Nifty was the top performer, surging over a percent in the afternoon led by gains in ICICI Bank, HDFC Bank, and Axis Bank. The Nifty realty index, on the other hand, was the top sectoral loser weighed down by DLF, Godrej Properties, and Phoenix Mills.
Fundamental View
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said the major negative in the market continues to be the sustained selling by FIIs, triggered by the high bond yields in the US.
"This selling by FIIs, in both equity and debt, will continue to weigh on markets so long as the US bond yields remain high, which, in turn, will be decided by the US inflation numbers. The latest US core PCE inflation numbers came in on expected lines with 2.8 percent YoY growth. Consequently, the bond yields have marginally drifted down and the US equity markets surged last Friday. FII selling will continue but is likely to be lower than in recent days," he added.
Technical view
Deven Mehata, Research Analyst at Choice Broking, said the Nifty can find support at 22,400 followed by 22,400 and 22,350. "On the higher side, 22,500 can be an immediate resistance, followed by 22,550 and 22,600," he added.
KEY NIFTY GAINERS
ICICI BANK, INDUSIND BANK, AXIS BANK
Key Nifty losers
HCL Tech, Apollo Hospitals, HDFC Life
Top Sensex leaders
ICICI Bank, IndusInd Bank, Axis Bank
Top Sensex laggards
HCL Tech, ITC, Wipro
Stock moves
Apollo Hospitals: The stock dropped 8 percent as investors remained wary of the valuations commanded by the company's arm, Apollo HealthCo, in its recent deal with Advent International.
IREDA: The stock surged around 13 percent after it was granted the ‘Navratna status’ by the Department of Public Enterprises.
BSE: The stock plunged 18 percent after the Securities and Exchanges Board of India asked the exchange to pay the regulatory fee based on the notional value of its options contracts and not on the value of the premium value.
0 Comment