Market Opened Strong, but Soon Slipped. Adani Ports, ICICI, and HDFC Bank showed gains, while Nifty fell below 24,400 and Sensex below 81,000.
Stock Market Open: Indian stock markets opened bly on Friday but failed to sustain the initial gains. The Sensex climbed 400 points to reach 80,977 but soon slipped below 81,000. Nifty also reached 24,511 but traded below 24,400.
This initial surge was largely driven by heavyweight stocks like Adani Ports, ICICI Bank, HDFC Bank, and Maruti Suzuki, which witnessed gains of up to 5%. This provided initial support to the market, but profit-booking limited the upside.
Positive cues from US markets and strength in the banking sector provided the initial momentum. However, global uncertainties and investor caution balanced the sentiment.
Market Movement
- Sensex surged 735 points to 80,977, then declined.
- Nifty rose 176 points to 24,511, then fell below 24,400.
Impact of Global Indicators
US markets saw b gains on Thursday. Nasdaq rose by 1.52%, S&P 500 by 0.63%, and Dow Jones by 0.21%. US bond yields reached 4.23%, influencing equity trends.
Major Stock Performance
- Adani Ports saw a 5% increase.
- ICICI Bank and HDFC Bank showed strength.
- Maruti Suzuki also performed well.
Q4 Results to be Announced Today
On May 2nd, 37 companies will announce their quarterly results. Investors will be closely watching these companies:
City Union Bank
Godrej Properties
Indian Overseas Bank
Latent View Analytics
Parag Milk
RR Kabel
PNB Gilts
V-Mart Retail
Previous Trading Day
On April 30th, the Sensex closed down 46 points at 80,242, and Nifty closed down 2 points at 24,334. FII purchased ₹50 crore, and DII purchased ₹1,792 crore.
Given the current market volatility, review long-term positions and monitor sectoral trends. Close attention should be paid to today's Q4 results.
