The BSE benchmark Sensex on Monday was trading 436 points higher at 74,166.33, while the Nifty was over 93.7 points at 22,513.70
The domestic market on April 29 opened on a high note, with the BSE Sensex surging 436 points and the NSE Nifty rising over 50 points. All shares of Sensex, except Asian Paint, Mahindra & Mahindra and HCL Tech, were in the positive zone. The Indian rupee, however, fell 4 paise to 83.42 against the US dollar in early trade.
The BSE benchmark Sensex on Monday was trading 436 points higher at 74,166.33, while the Nifty was over 93.7 points at 22,513.70.
The biggest gainers on the Sensex were Tech Mahindra, NTPC, Tata Steel, Kotak Mahindra and ICICI Bank. The losers were Asian Paint, Mahindra & Mahindra and HCL Tech.
In the pre-open market, the Sensex touched as high as 74,292.
Meanwhile, in the previous trade on April 26, Sensex and Nifty wilted under selling pressure after a five-day rally. The 30-share BSE Sensex tanked 609.28 points or 0.82 per cent to settle at 73,730.16. During the day, it lost 722.79 points or 0.97 per cent to 73,616.65. The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.
V K 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 per cent YoY growth. Consequently, the bond yields have marginally drifted down and the US equity markets surged last Friday.”
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FII selling will continue, but is likely to be lower than in recent days. ICICI bank results are very good. Impressive growth in deposit and credit and decline in NPAs augur well for the stock. HCL Tech’s low guidance of 3-5 per cent revenue growth in FY25 will weigh on the stock. Pharma and auto sectors will continue to remain resilient, he added.
Prashanth Tapse, senior vice-president (research) of Mehta Equities, said, “Friday’s trading session marked a pause in the stock market’s vigorous momentum, attributed to disappointing US GDP growth, mounting price pressures in the US, and lackluster Q4 earnings reports from corporate India. Monday’s market commenced with the Gift Nifty showing upward movement, propelled by a strong finish on Wall Street. Investors are now closely monitoring forthcoming events such as the FOMC meeting decision and the April jobs report.”
He added that all eyes are on Powell’s press conference amid speculation surrounding potential alterations to the Fed’s independence. Today, the market awaits Q4 results from several Indian companies, while copper prices surge towards their highest levels in two years. “Before delving into specifics, recommended trades for Nifty and Bank Nifty are outlined, alongside bullish stock selections and a top recommendation to buy IRCTC.”
Read More: Stocks To Watch Today: UltraTech Cement, Gillette, IndusInd, Pidilite, Godrej, Tata Chem, Others
Stocks To Watch Today
UltraTech Cement (currently priced at Rs 9,700 per share), Gillette India (at Rs 6,256.15), PNB Housing (Rs 785.75), Poonawalla Fincorp (Rs 484.85), Tata Chemicals (Rs 1,122.45), UCO Bank (Rs 57.03) and Fedbank Financial Services Ltd (Rs 126.85) are some major companies that will announce their Q4 FY24 financial results today. Analysts said their stocks should be watched out today.
Other shares to be watched out for are ICICI Bank, HCLTech, Maruti Suzuki, L&T Finance, YES Bank and SBI Life. These companies have released their Q4 results in the past 2-3 days.
The Indian Rupee
The rupee depreciated 5 paise to 83.43 against the US dollar in early trade on Monday amid a strong American currency overseas and the withdrawal of foreign funds from domestic equity markets. However, positive sentiment in the domestic equity markets and retreating crude oil prices in international markets supported the Indian currency at a lower level, according to a PTI report citing forex traders.
At the interbank foreign exchange, the domestic unit opened weak at 83.39 against the greenback and then slipped further to 83.43, registering a loss of 5 paise compared to its previous closing level. On Friday, the rupee had declined 10 paise to close at 83.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, increased 0.05 per cent to 105.86.
Analysts attributed the strengthening dollar to the positive global trends amid firm growth in the world’s largest economy, which renewed hope for a reduction in the interest rate by the US Federal Reserve. Brent crude futures, the global oil benchmark, declined 0.92 per cent to USD 88.68 per barrel.
