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Stock Market Today Live Updates: Sensex inches 300 pts higher, OMC shares rally | Business News

Share Market Today Live Updates: Indian equity benchmark indices opened on a positive note Monday (April 29), tracking healthy global cues. BSE Sensex opened 252.50 points, or 0.34 per cent higher at 73,982.80 while Nifty inched 55.50 points, or 0.25 per cent higher at 22,475.50.

The gains in markets today are supported by financials after post-results gains in SBI Life Insurance and ICICI Bank. The high-weightage financial services index rose 0.7 per cent with 12 of the 13 major sectors logging gains. On the similar lines, Nifty Bank inched 234.50 points, or 0.50 per cent higher at 48,437.20.

The strength in financial stocks arrives after better-than-expected ICICI Bank Q4 results, which has beaten D-Street estimates.

Aided by strong loan growth, ICICI Bank has reported a 17.4 per cent growth in its standalone profit after tax (PAT) at Rs 10,707.53 crore for the March quarter (Q4) of 2024 against Rs 9,121.87 crore in the same period of last year. Total income of the bank rose to Rs 43,597 crore for Q4 as against Rs 42,791.64 crore a year ago. The board has proposed a dividend of Rs 10 per share for the year.

IndusInd Bank, Tech Mahindra, Maruti, Sun Pharma, Reliance Industries and Tata Steel were the other major gainers. On the other hand, HCL Technologies, Mahindra & Mahindra, ITC and Power Grid were the laggards.

The Indian rupee opens five paise weaker at 83.43 against US dollar. On Friday, the rupee had declined 10 paise to close at 83.38 against the US dollar. Dollar index futures, which measures strength of American currency against a basket of six global peers, are up 0.06 per cent at 105.87.

Several analysts have attributed the strengthening US dollar to the positive global trends amid firm growth in the world’s largest economy.

Brent crude futures fell 83 cents, or 0.93 per cent, to $88.67 a barrel while West Texas Intermediate (WTI) futures were down 67 cents, or 0.80 per cent, to $83.18 a barrel.

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Stock Market LIVE Updates: Sensex gains 1,300 points, Nifty above 16,200; LIC trades at Rs 882/share on BSE

The company’s weak listing can be attributed to high volatility in the markets and negative market sentiments. LIC enjoys many competitive advantages like strong brand value, extremely large scale of operations, a huge network of agents, and an envious distribution network, further, the company’s issue was priced at a price to embedded value of 1.1x, providing a valuation comfort, so we suggest investors to stay with the company for the long term despite the negative listing. Those who applied for listing gains can maintain a stop loss of Rs. 800. New investors can take advantage of the dips to accumulate this share for the long term. We would like to add that the company’s further downside will be limited due to low float post listing.

Parth Nyati, founder, Tradingo

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