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© Copyright:(C)Fri 26 Apr 2024, 17:08:142024 Bennett Coleman & Co. Ltd, https://www.indiatimes.com/termsandcondition/
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ETMarkets Podcasts: Listen to the latest market updates on ET Markets Podcasts. Hear the latest Stock market audio news, share market podcasts, and more on The Economic Times Podcasts.
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Axis Bank was the top contributor in the surge as it jumped over 6% intraday post strong Q4 earnings. Other top contributors were ICICI Bank and SBI. The Nifty Bank index shot up by over 300 points at the closing.
From the Sensex pack, JSW Steel and Tata Steel were the top gainers, and rose 4% and 2.7%, respectively. Power Grid, Kotak Bank, UltraTech Cement, NTPC, and Bajaj Finance also ended with gains, while TCS, Tech Mahindra, Maruti, and Infosys closed with cuts.
Bharti Airtel, ITC, Infosys, SBI, Maruti, and Tata Motors were the top contributors to the Sensex. However, Reliance, Sun Pharma, HDFC Bank, and M&M put downward pressure on the index. RIL alone dragged the indices down by 127 points.
Infosys, HCL Tech, and TCS closed 0.6% to 1.2% lower, due to this IT index also fell 0.4% decline. Infosys forecasted annual revenue below expectations after falling short of March-quarter revenue estimates.
From the Sensex stocks, Nestle India, Titan, Axis Bank, NTPC, and Tata Motors were the top laggards, falling 2-3%. ITC, ICICI Bank, HDFC Bank, and Bajaj Finserv also declined. Infosys, L&T, and Airtel were the gainers.
Retail Sales rose 0.7% last month, as per the Census Bureau. Traders now anticipate 45 basis points of cuts this year, down from more than 160 bps expected at the start of the year.
Iran Saturday night launched a drone missile attack on Israel. This was in response to a suspected Israeli strike on its consulate in Damascus on April 1 in which seven Iranian Revolutionary Guard Corps personnel, including two generals, were killed.
A hotter-than-expected inflation data in the US has faded hopes that Fed would cut interest rates as early as June. Fed minutes also showed that officials had begun worrying that the current policy rate was not restrictive enough.
Among the Sensex stocks, ITC, Kotak Bank, Bharti Airtel, SBI, and Aisan Paints closed with gains, while Maruti Suzuki, HDFC Bank, L&T, and M&M closed with cuts.
The top gainers were Apollo Hospitals, Hindalco, ICICI Bank, Infosys and Bajaj Finserv while the top losers were Titan Company, Hero MotoCorp, Coal India, Reliance Industries (RIL) and Asian Paints.
US-rate-sensitive IT stocks dropped up to 1.2% as comments from the Federal added to worries that the US central bank could delay rate cuts.
Nifty IT closed 1.15% higher, led by Coforge, Tech Mahindra, and Mphasis. Nifty Auto and Consumer durables also closed higher.
Nestle India was the top Sensex loser and fell around 2.6% on worries over earnings growth in the sector.
From the Sensex stocks, Kotak Bank, HCL Tech, ICICI Bank, Sun Pharma, and Infosys closed in the red, while M&M, Nestle India, Tata Motors, and SBI ended in the green.
JSW Steel and Tata Steel were the top gainers and rose over 4% each. UltraTech Cement, NTPC, L&T, HDFC Bank, and Power Grid also closed with gains, while Titan, Nestle India, Bharti Airtel, and IndusInd Bank ended down today
Financials rose after RBI relaxed norms brought in December, which mandated lenders should set aside higher provisions if they bought into alternative investment funds, that, in turn, invested in the lenders' borrowers.
ABB India closed 5.7% higher after UBS raised its price target citing sustainable earnings and growth in its electrification business.
From the Sensex pack, Power Grid, Bharti Airtel, Wipro, HDFC Bank, and Kotak were the top laggards, falling 1-2%. On the other hand, Bajaj Finance, NTPC, L&T, and Axis Bank closed with gains.
The markets saw a significant rally today. The rally was mainly driven by global cues. Sensex closed 540 points higher while Nifty was up 172 points.
TCS emerged as the top Sensex loser and fell 4%. This dip comes after 0.6% of shares changed hands in a block deal. Other IT counters - HCL Tech, Wipro and Infosys - also ended with cuts, weighing on the index.
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this is really insightful...