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Sensex Jumps 790 Points, Nifty Closes Above 14,850
Banks and Financials led most of the rally in the markets ahead of the U.S Fed meeting outcome which is scheduled to be announced later in the day.
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Sensex closed higher by 789.70 points at 49,733.84 on April 28 after reaching its day’s high of 49,801.48 backed by advances in its 25 constituents out of 30. Similarly, the key index Nifty-50 closed up by 211.50 points at 14,864.55 after reaching its day’s high of 14,890.25.
The BSE Sensex gained over 800 points during the day’s trade as investors tracked superior earnings from India Inc, and with optimism about the support extended by the U.S considering India’s Covid situation. The Metal and Bank stocks lifted the Sensex to breach above 49,800; and Nifty-50 above 14,850. Phase three of vaccination will also add to the existing momentum, said experts.
“With various steps being taken by the government to curb the spike and with vaccination opening for all from May 1, there is hope that the current covid situation may come under control by Mid-May and thus the hit on asset quality might not be that adverse,” said Siddhartha Khemka of Motilal Oswal Financial Services.
Mohit Nigam of Hem Securities said, “The vaccine optimism & the Q4 results are repeatedly giving strength to the market momentum.”
Banks and Financials led most of the rally in the markets ahead of the U.S Fed meeting outcome which is scheduled to be announced later today. Robust earnings in the March quarter rose the sentiment of the market participants, said experts. IndusInd Bank and Kotak Mahindra advanced over five and three per cent respectively among the private banks.
The Bajaj group shares were the top boosts for the Sensex today as they gained between 4-8 per cent each. Bajaj Finance and Bajaj Finserv jumped up over eight and five per cent respectively after the twins reported a strong profit in their Q4 earnings.
“Q4 results continue to be good. Axis Bank's numbers confirm the trend of leading private sector banks growing their market share. Early bird midcap results are much better than expected. Midcaps are likely to outperform in the coming days," said VK Vijayakumar – Chief Investment Strategist at Geojit Financial Services.
Buying across the board led all major sectors to close higher except for Pharma, Metal, and Realty. The PSU Bank, Financials, and Private Bank indices climbed 2-3 per cent in the markets today.
However, Nestle, Britannia, Hindalco, and HDFC Life were among the top losers of the index as they dipped over a per cent each in the day’s trade on Wednesday.
Moving further in the short term, analysts predict the markets to breach upwards on strong expectations from India Inc with their quarterly results, said analysts.
“We have observed a positive momentum in the market since the important level of 14500 was breached a few trading sessions ago. We expect this momentum is likely to continue and we expect the market to trade in the range of 14500-148500 in the short term,” said Likhita Chepa of CapitalVia Global Research.