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FX.co ★ Sensex, Nifty Rally On Firm Global Cues; Banks Lead Charge

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typeContent_19130:::2024-04-29T11:26:00

Sensex, Nifty Rally On Firm Global Cues; Banks Lead Charge

Indian stock markets surged on Friday, mirroring the solid indicators from international markets after U.S. inflation figures largely aligned with predictions. Meanwhile, diplomatic initiatives for achieving a lasting ceasefire and hostage-releasing agreement in Gaza also bolstered markets.

Banks were the leading gainers, spurred by optimistic earning reports from numerous private sector banks. The benchmark, S&P BSE Sensex, closed the session with an upturn of 941.12 points, or 1.28 percent, at 74,671.28. This rise was influenced by US equities, marking the best weekly rally of 2024 following outstanding earnings reports from technogiants like Alphabet and Microsoft, coupled with reassuring inflation data holding no substantial surprises.

The broader NSE Nifty index settled higher by 223.45 points, or 1 percent, at 22,643.40. Shares of ICICI Bank soared by 4.4 percent after the private lender announced a 17 percent hike in Q4 profits and increased expenditures on information technology and cyber security.

Other banks like SBI, IndusInd Bank, and Axis Bank also experienced nearly a 3 percent rise each. On the flip side, HCL Technologies saw a 5.8 percent drop due to weak fiscal year 2025 forecasts.

Apollo Hospitals Enterprise saw a descent of 4.7 percent after the private equity firm, Advent International, confirmed it will invest nearly $297 million (or around 24.75 billion rupees) in its division, Apollo HealthCo.

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