FIRST TRADE: Sensex rises over 85 pts, Nifty above 22,650 amid broad-based buying; M&M up over 3%; Eicher Motors gains over 2%

Stock market today: The Indian share market on Tuesday (April 30) inched higher amid broad-based buying, while Nifty50 companies announced their quarterly numbers. Gains in Asian peers also boosted market sentiments. Last seen, the 30-scrip barometer was up 0.10 per cent or 72.65 points at 74,743.93 and NSE Nifty rose 0.12 per cent or 26.65 points at 22,670.05. 

In the broader market, Nifty Midcap 100 surpassed the 51,000 level for the first time, while Smallcap 100 was up over half a per cent. Nifty Bank also hit a record high and traded flat with a positive bias at 49,439.55.

"The outlook remains positive with factors like net buying by FIIs and DIIs, WTI oil slipping below $83 a barrel, and anticipation of a pre-election rally. Focus shifts to the FOMC meeting decision on May 1 and the April jobs report on May 3," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. 

Tapse added corporate India’s Q4 results are coming in, with NMDC raising ore prices, Poonawalla Fincorp reporting robust profits, and Tata Chemicals facing losses. Preferred trades on Nifty and Bank Nifty are outlined, along with bullish recommendations on select stocks. The one stock to buy right now is IRCTC, with momentum play investments in mind.

BUZZING STOCKS

Trent shares were up over 5 per cent after the company posted strong Q4 results.

Can Fin Homes shares were up over 4 per cent after the company reported in-line Q4 results.

Kfin Tech shares were up over 4 per cent after the company posted good results.

KEC International shares were up nearly 3 per cent after the company bagged orders worth Rs 1,036 crore in the railway, and cable business.

RITES shares were up over 2 per cent after the company received order worth Rs 927 crore from Bangladesh Railways.

Bajaj Consumer shares were up over 2 per cent after the company considered buyback and Q4 results in a meeting on May 8. 

Conversely, Birlasoft shares were down over 2 per cent after the brokerage cut the target price. 

Tata Chemical shares were down nearly 3 per cent after the company released weak Q4 results.

SBFC Finance shares were down over 3 per cent after reports about a likely block deal.

GLOBAL MARKETS

Stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings, and the U.S. Federal Reserve's policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.36 per cent higher, set to clock in a nearly 1 per cent gain for the month, its third straight month of gains. Nikkei rose 1 per cent as Japan reopened after a holiday on Monday.

(With inputs from agencies.)

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