FIRST TRADE: Sensex rises over 330 pts, Nifty above 22,400 amid broad-based buying; M&M Financial Services down over 5%

Stock market today: The Indian share market on Tuesday (April 23) edged higher amid broad-based buying during the Q4 results season and tracking a rebound in global markets. Last seen, both indices were 0.28 per cent higher, S&P BSE gained 223.84 points at 73,872.46 and NSE Nifty was up 63 points at 22,399.4. 

In the broader market, Nifty Midcap 100 and Smallcap 100 traded over half a per cent higher. Nifty Bank was up 0.31 per cent at 48,075.75. 

"The undercurrent of bullishness of this market has been reinforced by the market action during the last two trading days which saw Nifty spiking by 486 points from Friday’s lows. External factors like the high bond yields in the US (the 10-year continues above 4.6 per cent) and geopolitical concerns in the Middle East are not impacting the underlying bullish trend," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar added  FPI selling triggered by high US bond yields is neutralised by aggressive DII buying, putting the FPIs on the back foot.

Further, he said, the mother market US is also strong despite continuous downgrades in expectations of rate cuts. The market expectations of six rate cuts at the beginning of this year have sharply declined to two rate cuts now, and the market has taken this in its stride.

However, he said the only concern in the market now is the high valuations, particularly in the broader market. Investors may stick to the safety of fairly valued large-caps.

BUZZING STOCKS

Inxox Wind shares were up over 7 per cent after the board to consider bonus shares in a meeting on April 25. 

Honasa Consumer shares were up over 5 per cent after Jefferies maintained a 'buy' and gave a target price of Rs 590 apiece.

Tejas Network shares were up over 15 per cent after the company transitioned from loss to profit in Q4. 

Conversely, Rallis India shares were down over 3 per cent after the company reported mixed results. 

M&M Finance shares were down over 5 per cent after a fraud to the extent of Rs 150 crore was detected at one of the company's branches in the North East region.

GLOBAL MARKETS 

Shares extended gains on Tuesday, taking cues from Wall Street as focus shifts to earnings results from U.S. tech giants in the week, while a still-strong dollar pressured the Japanese yen to fresh 34-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent, helped by a 1 per cent jump in Taiwanese shares and a 0.8 per cent advance in Hong Kong's Hang Seng index.

(With inputs from agencies.)

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.