Indian Market Rises on April 29, 2024, Banking Sector Leads Gains

Nifty ? ? ? 22,643 [+223.45] +1.00

Sensex? 74,671 [+941.12] +1.28

Reasons for Market Up

• Upbeat March quarter results from sectoral heavyweights in the banking and financial sectors fueled strong buying activity, boosting market sentiment.

• Positive cues from major European markets and rising US stock futures contributed to the market's upward trend, leading to today's gains.

• Despite concerns over the US GDP data for the first quarter, which hinted at a possible rate cut by the Federal Reserve, the market seemed to have discounted this possibility, boosting investor confidence.

Top 3 Stocks That Gained The Most?

ICICI Bank +4.66

SBI +3.18

IndusInd Bank +2.83

• ICICI Bank's stock rose today primarily due to the bank's impressive performance in the quarter ending March 2024, driving investor confidence and pushing the share price higher.

• SBI's stock went up today due to robust purchasing activity in PSU stocks and impressive Q4 results for the year 2024.

• IndusInd Bank’s stock rose today possibly due to positive market sentiment towards the banking sector.?

Sectors of the Day?

Nifty PSU Bank? +2.56

Nifty Bank? +2.54

Nifty Private Bank? +2.16

IPO Performance?

• Storage Technologies & Automation IPO will be open for bidding from April 30 to May 3, 2024, with shares priced from Rs 73 to Rs 78 per share.??

• Sai Swami Metals & Alloys IPO will be open for bidding from April 30 to May 3, 2024, with shares priced at Rs 60 per share.??

• Amkay Products' IPO will be open for bidding from April 30 to May 3, 2024, with shares priced from Rs 52 to Rs 55 per share.??

Key Events To Track For 30th April 2024?

• Watch for ongoing corporate earnings releases, particularly from major companies, as they can sway market sentiment.

• Stay informed about key economic data such as the Fed Interest Rate Decision, China Manufacturing (PMI), and EuroZone CPI, as they can influence market direction.

• Monitor the performance of the financial sector, especially banking stocks, following recent gains in SBI Life Insurance and ICICI Bank.

• Keep an eye on the activity of Foreign Institutional Investors (FIIs) in the Indian market, as their buying or selling patterns can impact market sentiment.

• Stay updated on significant geopolitical events that may affect global markets, as they can introduce volatility and influence investor confidence.

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