5 Minutes Read
Market at Close | Sensex, Nifty regains Friday’s losses led by ICICI Bank, HDFC Bank
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
The broader market indices mirrored the fervent activity, with the Sensex surging by 941 points to settle at 74,671, while the Nifty surged 223 points to reach 22,643.
The equity benchmark indices, Sensex and Nifty surged on Monday (April 29), reclaiming losses incurred during the previous session, with the financial sector spearheading the resurgence. The Nifty Bank Index stole the spotlight, surging to an all-time high, marking its most significant gain in two months.
Driving this surge were ICICI Bank and HDFC Bank, whose combined efforts accounted for over 60% of Nifty Bank’s remarkable ascent. ICICI Bank, in particular, emerged as the biggest contributor to both the Nifty and Nifty Bank indices.
The broader market indices mirrored the fervent activity, with the Sensex surging by 941 points to settle at 74,671, while the Nifty surged 223 points to reach 22,643. The Midcap Index also saw notable gains, climbing 210 points to 50,834. ICICI Bank’s market capitalisation crossed ₹8 lakh crore mark, buoyed by a robust showing in the fourth quarter.
IndusInd Bank, UltraTech Cement, State Bank of India, Axis Bank, Kotak Mahindra Bank, Tata Consultancy Services, Bajaj Finance and HDFC Bank were the other major gainers. ITC, Wipro and Bajaj Finserv were the other laggards.
HCLTech witnessed a 6% decline following lower-than-expected Q4 results and a muted outlook. Conversely, UltraTech Cement shone bright, rising 3% after reporting better-than-expected Q4 results.
Meanwhile, companies like IREDA and KPIT Tech enjoyed notable gains post-quarterly announcements, with the former receiving Navratna status and the latter impressing investors with improved earnings and bullish guidance.
In the midst of earnings season, volatility was evident, with Trent swinging wildly post-earnings but ultimately closing 1% higher. Similarly, Maruti Suzuki faced mixed reactions from investors, ending the day in the red despite a 3% dip from its highs.
Companies like SBI Card, Mastek, NDTV, and IDFC First Bank faced market scrutiny after posting Q4 results, resulting in declines of up to 4%. Apollo Hospitals also faced investor backlash, emerging as the top Nifty loser following scrutiny surrounding details of the Apollo 24/7 deal.
BSE shares witnessed a staggering 18% intra-day fall, the most since listing, amid concerns over regulatory fee issues. Despite the mixed bag of performances, market breadth favoured advances, with the advance-decline ratio standing at 1:1.
In Asian markets, Seoul, Shanghai and Hong Kong settled in the positive territory. European markets were trading on a mixed note. Wall Street ended with gains on Friday. Global oil benchmark Brent crude declined 0.51% to $89.04 a barrel.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
