Sensex Today Rallies 941 Points | Bank Nifty Hits Record High | 5 Reasons Why Indian Share Market is Rising

Mon, 29 Apr Closing

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended on firm footing.

Indian headline indices returned to their winning ways after a one-day hiatus, led by strong buying action in banks.

At the closing bell, the BSE Sensex stood higher by 941 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 215 points (up 0.9%).

ICICI Bank, SBI and Axis Bank were among the top gainers today.

Bajaj Auto, Apollo Hospital and HCL Tech on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,753, up by 164 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.8% higher and BSE SmallCap index ended marginally higher.

Barring realty sector, all other sectoral indices are trading positive with socks in financial sector, banking sector and power sector witnessing most buying.

Shares of Trent, Hindustan Aeronautics, Colgate hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.5 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 71,639 per 10 grams.

Meanwhile, silver prices were trading 0.2% higher at Rs 82,663 per 1 kg.

Here are five reasons why Indian Markets are rising today

#1 Eased Geopolitical Concerns

Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East, boosting demand for risky assets like equities.

#2 Bank & Financials Shine

Banking stocks which corner the highest weight in the 50-stock Nifty were trading with strong momentum. ICICI Bank, SBI, HDFC Bank and Kotak Bank were four of the top five index contributors today.The Nifty Bank index hit a fresh lifetime high today, rising 1,200 points. Barring IDFC First Bank and Bandhan Bank, the remaining 10 counters in Nifty Bank were trading in the green.

PSU Bank Index also rose over 2.5% around this time with 11 stocks trading positive with a lone loser in Punjab National Bank (PNB).

#3 Upbeat Global Market

The handover by Wall Street on Friday was positive with all three major headline indices ending strong. Nasdaq Composite finished Friday at 15,927.9, up 25, while S&P 500 closed 1% higher.

Major Asian indices reciprocated in a similar breath with Japan's Nikkei 225, Hong Kong's Hang Seng index and China's Shanghai Composite gaining between 0.8% and 0.7% around this time.

#4 Falling Crude Prices

Slippages in crude oil prices also lend support to the markets. Crude oil prices were down thanks to some letdown in geo-political tensions that created panic after Iran's missile attacks on Israel earlier this month followed by the retaliation by the latter.The US WTI crude oil contracts were trading at US$ 83, down 0.9%, while the Brent Oil futures were down by over US$ 1 per BBL to US$ 88.5.

#5 Benign Greenback

US dollar cooled off on Monday ahead of the Fed's two-day monetary policy meeting beginning Tuesday. The event takes centre stage for the week, where expectations are for the central bank to keep rates on hold.

Speaking of stock markets, Rahul Shah, Co-head of Research at Equitymaster argues that it's better to analyse a company first to determine its intrinsic value before looking at the market price to avoid bias.

We try this technique on a prominent Tata group stock and come away with a surprising result.

Tune in to find out the result.

Why BSE Share Price is Falling

In news from the finance sector, Shares of BSE tanked 19% today (29 April 2024) in intra-day trade amid heavy volumes after the market regulator on Friday directed the exchange to pay a regulatory fee on the notional value of annual turnover.

BSE is liable to pay Total Regulatory Fees along with 15% interest, to the market regulator based on Annual Turnover considering Notional Value in case of Option Contract.

Notional turnover refers to the total strike price of each contract traded in the derivatives, while the premium turnover is the total of the premium paid on all contracts traded. The notional value is always higher than the premium turnover thus a higher outgo as a fee if the notional turnover is kept as the base.

While the NSE pays the charge on notional value, the BSE has been paying the turnover fee on premium value.

In case, if it is ascertained that the said amount is payable, then the total differential market regulator regulatory fees for the past periods i.e. from FY 2006-07 to FY 2022-23, would be approx Rs 686.4 m plus GST, which includes interest of Rs 303.4 m.

MCX, BSE's peer company, has also been asked to pay a differential fee of Rs 44.3 m.

Meanwhile, the BSE said it was currently evaluating the validity, or otherwise, of the claim as per market regulator communication.

PSU Bank Stocks Hit Record High

Moving on to news from the banking sector, the Nifty PSU Bank index touched an all-time high on 26 April 2024.

After constant interventions by the regulator on private banks and NBFCs, experts feel that public sector banks (PSUs) could be a better way to play the banking theme.

Among the very recent ones is Kotak Mahindra Bank, where the central bank asked the bank to stop onboarding new customers through online and mobile banking channels.

The Nifty PSU Bank index touched an all-time high of 7,470.6 on 26 April. In the same lot, SBI touched an all-time high of Rs 816, while Canara Bank touched an all-time high of Rs 624 on the same day.

High demand for capital for infrastructure, which will result in strong credit growth and improving return on equity (ROE), and the inclusion of Indian bonds in the global bond index, are expected to make the case for PSU banks stronger.

The Nifty PSU Bank index has rallied 81% in the last year. Much of the rally had to do with improving the fundamentals of PSU banks.

Till a couple of years ago, PSU banks had a lot of bad loans on their books because of which they were unable to make new loans. This meant that they kept losing market share to private banks.

PSU banks have now written off most of their bad loans, and their asset quality is much better.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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