Bank Stocks Lead Rally as Sensex Gains 487 Pts, Nifty 22,570

Ira Singh
Khabar Khabaron Ki,25 April’24

The domestic share market indices ended on a positive note on Thursday, supported by banking stocks. Analysts, however, expect consolidation to prevail on the monthly expiry day and as the corporate earnings season continues.At close, the Sensex was up 486.50 points or 0.66 percent at 74,339.44, and the Nifty was up 167.95 points or 0.75 percent at 22,570.35. About 1980 shares advanced, 1664 shares declined, and 138 shares unchanged.

Highlights of trade:
●Kotak Bank crashes 10% on RBI crackdown,
●HUL shares drop 2% post Q4 results,
●Axis Bank shares trade 4% higher post Q4 show,
●Nestle, IndusInd, Bajaj Fin, Vedanta & TechM among key results,
●Axis Bank trumps Kotak Bank as 4th biggest bank stock,
●Inox Wind shares zoom 9% after board approves bonus shares,
●Nestle India PAT rises 27% YoY; dividend of Rs 8.5 declared,

Axis Bank, SBI, Dr Reddy’s Labs ,JSW Steel and Nestle India were the top gainers on the Nifty, while losers included Kotak Mahindra Bank, LTIMindtree, HUL, SBI Life Insurance and Titan Company.

On the sectoral front, except realty, all other indices ended in the green with PSU Bank index rose nearly 4 percent.The BSE midcap and the smallcap indices gained 0.5 percent each.

Rupee Close:
On 25 April’24,the Indian rupee depreciated 6 paise to 83.39 against the U.S. dollar in early trade on Thursday, tracking a negative trend in domestic equities and elevated crude oil prices. Forex traders said the Rupee is expected to trade with a slight negative bias on sustained foreign fund outflows.

Trading Guide:
Market experts have recommended seven stocks to buy today — Glenmark, Godrej Consumer Products, IRCON, Alembic, hero MotoCorp, Cosmo First, and Bectors Food.