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Today there was a rise in the Indian stock market and the credit for this rise was given to large cap shares. Particularly, significant selling was seen in banking stocks and three banking stocks included in the Sensex made new highs. Last week, the market had seen a five-consecutive bullish session before closing with a decline on Friday. In this way, after a break of one day, the bullish players took over the market.
After starting the session today at a high of 252 points, Sensex maintained its momentum throughout the day and continued to rise. It closed just 50 points below this level after rising 990 points from its previous close after hitting an intra-day high of 74,721 about 15 minutes before the end of the session. Similarly, Nifty also rose 230 points from its previous close to reach intraday high of 22,655. At the end of the day, Sensex closed 941 points or 1.28 per cent higher at 74,671, while Nifty closed 223 points or 1 per cent higher at 22,643. Volatility was high during the day and the India VIX index closed at 12.24 per cent, up 12 per cent from Friday.
Three Sensex stocks, ICICI Bank, Axis Bank and State Bank of India, reached new 52-week highs today. Apart from these three stocks, HDFC Bank, Kotak Mahindra Bank and IndusInd Bank contributed 50 per cent to the 941-point gain of Sensex today. Today's top losers include Wipro, HCL Tech and ITC.
Mid cap and small cap indices underperformed the major indices today. Nifty Mid Cap closed up 0.40 per cent while Small Cap closed up 0.20 per cent. Sectoral indices like Bank, PSU Bank and Private Bank closed up by 2 to 2.60 per cent. Financial services index also recorded an increase of 2.14 percent. At the same time, Nifty closed down by 1 percent compared to the realty market. Barring realty, all indices closed with gains and healthcare, metal, power, bank and oil and gas indices rose between 0.4 per cent and 2 per cent.
Increase in investors' wealth by Rs 2.4 lakh crore
Today the market capitalization of companies listed on BSE is Rs. An increase of Rs 2.4 lakh crore was recorded. A total of 284 shares made their new fifty-two week high today, while 463 shares hit the upper circuit. Of the total 4,058 actively traded shares on BSE, 2,021 advanced, 1,854 declined while 183 closed flat.
FIIs made net withdrawal of Rs 169 crore
FIIs, who were making daily net sales in the Indian stock market during the month of April, today reversed the trend to the tune of Rs. Net purchase of Rs 169 crore. On the other hand, DII also maintained its stance of Rs. Net purchase of Rs 692 crore. Earlier in April, FIIs made net purchases in the Indian stock market for only three days. With this, their net sales figure came down to Rs 2.5 crore. 36764 crores.
Main reasons for today's rise
1) Rapid rise in banks and financial stocks
Banking stocks witnessed a strong rise today led by ICICI Bank. Banking stocks have the highest weightage in benchmark indices. The top five contributors to Nifty's gains include four banking stocks ICICI Bank, HDFC Bank, Kotak Mahindra Bank and SBI. Of the 12 stocks included in the Nifty Bank index, all 10 except IDFC First Bank and Bandhan Bank closed with gains. The Nifty Bank index also rose 2.5 per cent and barring one of its constituents, Punjab National Bank, 11 other stocks gained.
2) Boom in global markets
On Friday, the three major indices of the American market, Nasdaq, S&P 500 and Dow Jones all closed up by 0.40 percent to 2 percent. In such a situation, there was a rise in Asian markets this morning. In the morning, Japan's Nikkei, Hong Kong's Hang Seng and China's Shanghai rose from 0.65 percent to 0.81 percent.
3) Fall in crude oil prices
Tensions have eased significantly following the Iranian missile attack on Israel earlier this month and the subsequent Israeli retaliatory strike. Due to which the price of crude oil has also declined. On Friday, oil prices fell by about 1 percent, which led to a rise in the stock market.
4) Reduce this fear that the situation in the Middle East will worsen
The ongoing talks between Israel and Hamas in Cairo have now allayed the fear that the situation in the Middle East will worsen. This has increased demand for relatively riskier equity markets.
5) Fall in dollar index
The dollar fell ahead of the start of a two-day US Federal Reserve meeting on monetary policy on Tuesday. The dollar index was trading 0.30 percent lower at 105.63 as the Federal Reserve is expected to keep interest rates unchanged at the meeting. In the last five trading sessions, this index has registered a decline of 0.45 percent.
ICICI Bank's M cap crosses Rs 8 lakh crore, Nifty Bank also at new high of 49,359
Shares of ICICI Bank, India's second largest private bank, rose 4.30 percent intraday today to Rs. 1,155.65, the market capitalization of this stock increased to a record high. The figure of Rs 8 lakh crore has been crossed. Along with this, this bank also has Rs. It has become the fifth company in India with m cap of more than Rs 8 lakh crore. Significant gains were seen in benchmark indices today
ICICI Bank was the largest contributor. After the rise in this stock, Nifty Bank also rose by 1,260 points during the day to reach a new high of 49,359. The rise was driven by strong results from ICICI Bank. In the fourth quarter of 2023-24, the bank has committed Rs. Net profit increased from Rs 10,707 crore to Rs 10,707 crore. Net profit stood at Rs 9,121 crore, an increase of 17 per cent compared to Rs. The bank's net interest income also increased by 22 percent to Rs. 37,948 crores.
Profit increased by 123 percent, Yes Bank created a new record level
Yes Bank 123% growth in Q4 2023-24 to Rs. Net profit of Rs 452 crore, its shares gained 8.98 per cent in intraday today and closed at Rs. A new high of 28.50 was made. The total income of the bank also increased by 25 percent to Rs. 9,016 crores.
19 percent difference in BSE shares, SEBI orders payment of Rs 165 crore
The BSE scrip fell 19 per cent intraday and ended the day down 13.31 per cent at Rs. It closed at 2,783. As per the calculations done by BSE, during the year 2006-07 to the year 2022-23, thus BSE will pay a total of Rs. 68.64 crore and for the year 2023-24 Rs. Rs 96.30 crore is to be paid. Apart from this, GST is also charged separately on this. Thus, after this order BSE will get a total loss of Rs. Rs 165 crore will have to be paid.