FIRST TRADE: Sensex gains nearly 300 pts, Nifty near 22,500; SBI Life up over 2% after Q4 results

Stock market today: Domestic blue-chip indices on Monday (April 29) edged higher tracking their Asian peers and amid Nifty50 companies posting their Q4 results.

Last seen, S&P BSE Sensex was up 205.04 points or 0.28 per cent at 73,935.2 and NSE Nifty was up 60.2 points or 0.27 per cent at 22,480.15.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in the green. Meanwhile, Nifty Bank was up 0.43 per cent at 48,406.5. 

"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 year-on-year (YoY) growth," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Further, he added 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.

Dr Vijayakumar believes ICICI bank results are very good. Impressive growth in deposit and credit and a decline in NPAs augur well for the stock. HCL Tech’s low guidance of three to five per cent revenue growth in FY25 will weigh on the stock. The pharma and auto sectors will continue to remain resilient.

BUZZING STOCKS

ICICI Bank shares were up over 2 per cent after the company posted good Q4 results.

Maruti Suzuki shares were up over 1 per cent after the company announced mixed Q4 results.

SBI Life shares were up over 2 per cent after the company posted good Q4 numbers.

Conversely, RBL Bank shares were down over 1 per cent despite the company posting strong Q4 results.

SBI Card shares were down over 2 per cent after the company released mixed Q4 results.

IDFC First Bank shares were down over 4 per cent after the company posted weak Q4 numbers.

HCL Tech shares were down nearly 5 per cent after the company posted weak results.

GLOBAL MARKETS 

Asian stocks got off to a positive start on Monday ahead of the Federal Reserve's policy meeting later in the week, while the dollar broke past the psychologically key level of 160 yen for the first time in decades.

Oil prices ticked down on expectations that higher-for-longer U.S. interest rates would dampen demand, while news of a potential Gaza ceasefire eased fears of supply constraints.

(With inputs from agencies.)

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