April 25, 2023
New Delhi, India
Indian stock markets continued their upward trajectory on Thursday, April 25th, with the Sensex gaining 487 points and Nifty crossing the 22,550 mark. Notably, PSU banks emerged as the top performers amidst strong buying sentiment.
Market Performance:
- The BSE midcap and smallcap indices witnessed gains of 0.5 percent each, reflecting broader market positivity.
- Sensex rallied for the fifth consecutive day, closing at 74,339, up by 486 points. Similarly, Nifty surged 156 points to settle above the 22,550 level.
Market Dynamics:
- Despite weak cues from global markets, Indian equities staged a smart recovery after opening lower. The Sensex initially dipped but later rallied over 1,000 points from the day’s low, fueled by aggressive buying in PSU stocks.
- Notably, the market sentiment remained buoyant, with the Sensex gaining a total of 1,849 points over the last five trading sessions.
Top Gainers and Losers:
- Axis Bank led the gains among Sensex stocks, surging by 6% post Q4 performance upgrades. SBI also hit a fresh all-time high, closing 5.2% higher.
- However, Kotak Bank faced a sharp decline of 11% following RBI’s instruction to halt fresh credit card issuances. Other notable losers included Titan, Hindustan Unilever, and Bajaj Finance.
Sectoral Highlights:
- Bank stocks hogged the limelight, driving strong buying sentiment in afternoon trade. Kotak Bank’s downfall contrasted with Axis Bank’s notable performance.
- In the broader market, BSE MidCap and SmallCap indices posted gains of 0.8% and 0.6%, respectively.
Key Trade Highlights:
- Kotak Bank witnessed a significant 10% decline amidst RBI’s regulatory action.
- HUL shares dropped 2% post-Q4 results, while Axis Bank shares surged 4% following their quarterly performance.
- Nestle India reported a 27% YoY rise in PAT and declared a dividend of Rs 8.5 per share, contributing to positive market sentiment.
Bottom Line:
The Indian stock market showcased resilience on April 25th, with Sensex and Nifty extending their gains amidst volatile global cues. PSU banks emerged as top performers, while specific regulatory actions impacted the performance of individual banking stocks. Overall, strong buying sentiment and positive corporate earnings outlook buoyed market optimism.
Disclaimer:
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