Sensex, Nifty surge as financials rally; BSE slumps over 13% - Business News, Finance News, Share Market News - Market trendz

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Tuesday 30 April 2024

Sensex, Nifty surge as financials rally; BSE slumps over 13%

Benchmark stock market indices ended the trading session on a strong note as banking and financial services shares rose sharply.

The S&P BSE Sensex was up 941.12 points at the closing bell, while the NSE Nifty50 rose 223.45 points to 22,643.40.

All the other broader market indices also rose sharply despite high volatility.

The Nifty Bank index was the top gainer among sectoral indices, rising over 2.5%. Nifty Financial Services also rose over 2%, contributing significantly to the rally on Dalal Street.


The top five gainers on the Nifty50 were ICICI Bank, IndusInd Bank, SBI, Ultratech Cement and Axis Bank. On the other hand, the top losers were HCLTech, Apollo Hospitals, Bajaj Auto, HDFC Life and Hero MotoCorp.

ICICI Bank shares rose sharply after reporting Q4 results, following which several brokerages shared optimistic views on the stock’s future potential.

IT services company HCLTech’s shares fell nearly 6% after brokerages expressed concerns regarding the company’s revenue guidance for FY25.

Meanwhile, shares of BSE Ltd. fell over 13% at closing after a recent directive from market regulator Securities and Exchange Board of India regarding regulatory fees on options contracts.

Mandar Bhojane, research analyst at Choice Broking, said, “On April 29, benchmark indices rebounded from previous session losses and closed higher, with the Nifty surpassing the 22,600 mark. This significant uptrend was primarily driven by banking stocks, leading the BankNifty to achieve an all-time high, with a gain of 1223 points.”

“If the price maintains above 22,600, it is likely to push towards new all-time highs, potentially reaching levels near 23,000 and beyond. Immediate resistance is expected around the 22,800 level, while support levels are identified at 22,400 and 22,200,” he added.

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