Bullish Momentum Sustained,Sensex, Nifty Up for 2nd Day on Cooling Oil Prices

Ira Singh
Khabar Khabaron Ki,22 April’24

The domestic equity market indices continued its winning streak for the second consecutive day on Monday, as oil prices cooled off, signaling containment of Iran-Israel conflict. However, analysts expect the bearish bias to weigh markets in the near-term as elevated US bond yields can trigger foreign outflows.At close, the Sensex was up 560.29 points or 0.77 percent at 73,648.62, and the Nifty was up 189.40 points or 0.86 percent at 22,336.40. About 2465 shares advanced, 1148 shares declined, and 134 shares unchanged.

Highlights of the day:
●RIL among 15 cos set to announce Q4 results today,
●Citi, Goldman Sachs maintain sell call on Wipro,
●UBS upgrades Voltas to buy from neutral,
●IREDA surges over 10% post Q4 earnings,
●Zomato gains on hiking platform fee,
●HDFC Bank trades 1% lower post Q4 results,
●Voda Idea’s Rs 18K cr FPO fully subscribed on last day

BPCL, Tata Consumer Products, Eicher Motors, L&T and Axis Bank were the top gainers on the Nifty, while losers included NTPC, HDFC Bank, JSW Steel, IndusInd Bank and Tata Steel.

On the sectoral front,all the sectoral indices traded in the green, with Auto, PSU Bank, Capital Goods, GMCG, Healthcare and Realty indices up 1-3 percent.The BSE midcap and smallcap indices gained 1 percent each.

Rupee Close:
On 22 April’24,the Indian rupee ended 11 paise higher to close at 83.36 against the U.S. dollar in early trade on Monday, supported by a drop in oil prices on receding worries over the Iran-Israel confrontation and by possible dollar inflows.

Market experts expect rupee to trade with a slight positive bias amid easing of geopolitical tensions in the Middle East which improved global risk sentiments. Retreating US Dollar and crude oil prices may also support the rupee. However, any fresh aggressions in the Middle East may cap sharp upside. Investors may remain cautious ahead of PMI and inflation data from US this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.60.

Trading Guide:
Market experts have recommended seven stocks to buy today- Thermax, JSW Energy, Apar Industries, HAL, ITDC, Jindal Steel, and SBI Card.