Market Commentary - End-Session
Sensex soars 941 pts, Nifty ends near 22,650, ICICI Bank soars over 4% As on : 29-Apr-24  17:36

Equity bulls charged out of the gate today! The Nifty soared past 22,600, fueled by rally in banks shares. Positive earnings from US tech giants and a dip in US bond yields supported the sentiment. While realty and IT stocks lagged behind, overall sentiment remains optimistic thanks to easing Middle East tensions and stable corporate earnings. All eyes are on the upcoming Fed policy decision and US jobs data as market's next move hinges on them.

The barometer index, the S&P BSE Sensex surged 941.12 points or 1.28% to 74,671.28. The Nifty 50 index jumped 223.45 points or 1% to 22,643.40.

ICICI Bank (up 4.67%), SBI (up 3.09%) and HDFC Bank (up 1.26%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index gained 0.79% and the S&P BSE Small-Cap index added 0.07%.

The market breadth was positive. On the BSE, 1,982 shares rose and 1,934 shares fell. A total of 172 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 11.99% to 12.24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.08% to 7.194 as compared with previous close 7.199.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4700, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.12% to Rs 71,583.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 105.66.

The United States 10-year bond yield declined 0.99% to 4.624.

In the commodities market, Brent crude for June 2024 settlement lost 32 cents or 0.36% to $87.89 a barrel.

Global Markets:

European and Asian stocks advanced on Monday, as stocks on Wall Street gained after the Federal Reserve's preferred inflation gauge rose in line with expectation.

Traders look toward the Federal Reserve?s meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March?s core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago.

US stocks closed higher on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.

Stocks in Spotlight:

ICICI Bank, India's second-largest private lender, surged over 4% to a record high of Rs 1,163.25, pushing its market value past a whopping Rs 8 lakh crore for the first time ever. This stellar performance was driven by strong earnings for the March quarter and made ICICI Bank the key contributor to the BankNifty index, which also hit a record high of 49,473.60 today.

The private bank reported 17.38% increase in net profit to Rs 10,707.53 crore on a 20.74% rise in total income to Rs 43,597.14 crore in Q4 FY24 as compared with Q4 FY23.

AU Small Finance Bank rallied 7% as the bank has met all the criteria established by the Reserve Bank of India (RBI) to apply for a universal banking licence.

Shares of Bombay Stock Exchange (BSE) tumbled 13.31% after market regulator Securities and Exchanges Board of India (SEBI) asked the exchange to pay the regulatory fee based on the notional value of its options contracts.

The market regulatory had introduced the 'regulatory fee' on recognized stock exchanges vide the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006. As per the regulations, the stock exchanges would have to pay a regulatory fee to SEBI within a period of thirty days of conclusion of the relevant financial year.

HCL Technologies dropped 5.79%. The IT major?s consolidated net profit declined 8.37% to Rs 3,986 crore in Q4 FY24 as against Rs 4,350 crore reported in Q3 FY24. Revenue from operations rose marginally to Rs 28,499 crore in the March quarter from Rs 28,446 crore recorded in the preceding quarter of FY24.

L&T Finance advanced 3% after the investment company reported 10.53% jump in consolidated net profit to Rs 553.88 crore in Q4 FY24 from Rs 501.08 crore posted in Q4 FY23. Total income rose 6.76% to Rs 3,677.32 crore in Q4 FY24 as compared with Rs 3,444.43 crore recorded in the same period last year.

RBL Bank declined 1.09%. The private lender's standalone net profit jumped 30.1% to Rs 352.64 crore on 27.08% jump in total income to Rs 4,214.56 crore in Q4 FY24 over Q4 FY23.

IDFC First Bank dropped 3.74% after the private bank's standalone net profit declined 9.75% to Rs 724.35 crore in Q4 FY24 as compared to Rs 802.62 crore recorded in Q4 FY23. Total income jumped 26.07% to Rs 9,861.21 crore in Q4 FY24 as against to Rs 7,821.83 crore posted in the corresponding quarter previous year.

Bajaj Holdings & Investment rose 0.16%. The company reported consolidated net profit of Rs 2,716 crore in Q4 FY24 as compared to net profit of Rs 1,353 crore in Q4 FY23. Total income surged to Rs 1,222 crore in Q4 FY24 as compared with Rs 106 crore in Q4 FY23.

Maruti Suzuki India advanced 0.07% after the auto maker's standalone net profit jumped 47.80% to Rs 3,877.8 crore in Q4 FY24 from Rs 2,623.6 crore recorded in Q4 FY23. Net sales jumped 19.06% year on year (YoY) to Rs 36,697.5 crore in the quarter ended 31 March 2024.

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