FIRST TRADE: Sensex gains over 280 pts, Nifty near 22,250; BPCL, Power Grid up over 3%

Stock market today: Domestic blue-chip indices on Thursday (April 18) edged higher after falling about three per cent in the past three sessions and despite fading hopes of early U.S. rate cuts and geopolitical tensions in the Middle East.

Last seen, the 30-scrip barometer rose 0.36 per cent or 259.18 points at 73,202.86 and NSE Nifty gained 94.8 points or 0.43 per cent at 22,242.7.

"The Iran-Israel tension in West Asia continues to weigh on stock markets globally. Until this uncertainty is out of the way, markets are unlikely to take a strong directional upmove. The hope is that the feared Israeli response will not lead to an escalated regional conflict. This is reflected in the three per cent drop in crude price during the last two trading sessions," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar added the market is coming to terms with a ‘higher-for-longer interest rate’ in the US since inflation continues to be sticky at lower levels. It seems that the market is reconciled to two rate cuts this year, which too backloaded.

Further, he said, since the US 10-year bond yield is hovering around 4.57 per cent, more FII selling is likely, putting pressure on large-caps. This will provide opportunities for investors to slowly accumulate high-quality large-caps where the margin of safety is high. In the near term, however, heightened activity is likely in mid and small-caps, particularly in stocks where floating stocks are low. This is a risky area."

In the broader market, Nifty Micap 100 and Smallcap 100 traded nearly one per cent higher. Nifty Bank was up 0.52 per cent at 47,730.85.

BUZZING STOCKS

Angel One shares were up over 4 per cent after the company reported mixed Q4 results. 

Just Dial shares were up over 8 per cent after the company reported strong Q4 results. 

ICICI Lombard shares were up over 2 per cent after the company reported better-than-estimated Q4 numbers. 

Tata Communications shares were up over 1 per cent after the company reported mixed results. 

Vodafone Idea shares were up over 2 per cent as its FPO set to open today. 

Paytm shares were up over 1 per cent after approval from NPCI, Paytm starts transferring users to PSP banks.

Brigade Enterprises shares were up over 4 per cent after company recorded highest ever pre-sales in Q4, FY24. 

IIF Finance shares were up over 2 per cent after the company announced to raise Rs 1271.83 crore through rights issue. 

Vedanta shares were up nearly 3 per cent after Vedanta Resources targets $750 crore working profit in two years.

GLOBAL MARKETS 

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

Oil nursed its sharpest fall in two-and-a-half months on demand worries and the lack, so far, of an obvious Israeli or U.S. response to Iran's weekend attack. 

(With inputs from agencies.)

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