FIRST TRADE: Sensex up over 150 pts, Nifty above 22,400; Tata Consumer Products down over 4% after Q4 results

Stock market today: Domestic blue-chip indices on Wednesday (April 24) edged higher for the fourth consecutive session, tracking gains in global markets and as investors lookout for quarterly results from multiple Nifty50 companies this week.

At the time of filing this report, the 30-scrip barometer rose 0.26 per cent or 191.15 points at 73,929.6 and NSE Nifty was up 0.22 per cent or 49.05 points at 22,417.05. 

"The ability of bull markets to climb all walls of worries is being demonstrated by the ongoing bull market, which has shrugged off all headwinds, be it geopolitical or economic. The Middle East tensions had only a temporary impact on the market. The scaling down of rate cuts by the Fed from six at the beginning of this year to three or perhaps two or even lower also has not impacted the bull run. And, the indication from the sharp decline in the volatility index VIX by around 20 per cent to 10.2 is that the downside risk to the market is low," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar added it makes sense to remain invested in this market and to continue investing by buying the dips. Since the US 10-year bond yield continues to remain above 4.6 per cent FIIs will remain sellers putting pressure on large caps like leading private sector banks. For long-term investors, this segment is a buying opportunity.

BUZZING STOCKS

360 ONE WAM shares were up over 8 per cent after the company reported mixed Q4 numbers. 

Welspun Corp Limited shares were up over 2 per cent after the company bagged an order worth Rs 611 crore from Latin America.

Conversely, Tata Consumer Products shares were down over 4 per cent after the company posted mixed Q4 results.

ICICI Prudential Life Insurance Company shares were down over 4 per cent after the company posted less-than-estimated Q4 numbers. 

MCX shares were down over 5 per cent after the company reported less-than-estimated Q4 results. 

NELCO shares were down over 3 per cent after the company posted mixed Q4 results. 

Tata Elxsi shares were down over 3 per cent after the company posted weak Q4 numbers. 

GLOBAL MARKETS 

Asian stocks rose on Wednesday, tracking Wall Street, as an after-hours surge in shares of EV maker Tesla following its promise of new models, and upbeat earnings from some U.S. companies lifted risk sentiment.

The yen was rooted near 34-year lows, keeping traders wary of possible intervention from Tokyo.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.55 per cent, having climbed one per cent on Tuesday, as stocks rebounded from last week's steep selloff. Japan's Nikkei surged two per cent.

(With inputs from agencies.)

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