Sensex Today Trades Higher | Nifty Above 22,500 | BSE Tanks 17%, Yes Bank Jumps 5%

Mon, 29 Apr 10:30 am

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Asian stocks got off to a positive start on Monday ahead of the Federal Reserve's policy meeting later in the week.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.6%.

The US stock market ended higher on Friday led by a rally in megacap growth stocks after robust quarterly results from Alphabet and Microsoft in addition to moderate inflation data.

Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	173.69	15.74	9.97%	176.42	171.4	176.42	104.42
Apple	169.3	-0.59	-0.35%	171.34	169.18	199.62	164.08
Meta	443.29	1.91	0.43%	446.44	431.96	531.49	229.85
Tesla	168.29	-1.89	-1.11%	172.12	166.37	299.29	138.8
Netflix	561.23	-3.57	-0.63%	562.92	553.19	639	315.62
Amazon	179.62	5.95	3.43%	180.82	176.13	189.77	101.15
Microsoft	406.32	7.28	1.82%	413	405.76	430.82	295.25
Dow Jones	38239.66	153.86	0.40%	38337.64	38065.05	39889.05	32327.2
Nasdaq	17718.3	287.79	1.65%	17772.78	17533.08	18464.7	12938.45

Source: Equitymaster

At present, the BSE Sensex is trading 434 points higher and NSE Nifty is trading 97 points higher.

ICICI Bank, Tech Mahindra and IndusInd Bank are among the top gainers today.

HCL Tech, M&M and Apollo Hospital the other hand are among the top losers today.

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.

Broader markets are trading on positive note. The BSE Midcap index is trading 0.6% higher and the BSE Small Cap index are trading 0.4% higher.

Sectoral indices are trading mixed, with socks in finance sector and capital goods sector witnessing buying. Meanwhile stocks in healthcare sector, realty sector witnessed selling pressure.

The rupee is trading at Rs 83.43 against the US dollar.

In commodity markets, gold prices are trading 0.4% higher at Rs 71,250 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 82,430 per 1 kg.

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...

Speaking of stock markets, Rahul Shah, Co-head of Research at Equitymaster argues that it's better to analyze 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.

Vi FPO Boosts Telecom Sector

Vodafone Idea (Vi) recently concluded Rs 180 billion (bn) follow-on public offer (FPO) has reinvigorated the telecom sector, as it may reduce the subscriber erosion of the beleaguered telco.

It stressed that the telco would need to raise tariffs soon.

The largest-ever FPO in India saw 16.4 bn shares issued at Rs 11 per piece. Since their listing on Thursday, the share price has been affected by ATC Telecom Infrastructure selling its entire 2.8% stake in Vi.

Analysts believe the latest fund-raise by Vi may stop the massive customer attrition being faced by the telco for two years now.

With Vi's fund-raise, subscriber market share gains for its competitors Reliance Jio and Bharti Airtel could moderate to some extent.

Stopping the massive churn of users is of utmost importance to Vi, which has lost 16.3 million (m) subscribers in the first 11 months of FY24.

Since November 2023, the telco has lost more than a million subscribers every month. Its wireless market share fell to 18.9% at the end of February, down from 20.7% in February 2023.

Global investment banking and financial services major UBS gave a neutral rating to Vi.

The telco has to pay Rs 120 bn to the government between October 2025 and March 2026, taking into account both principal and interest. Subsequently, it needs to pay Rs 430 bn annually for five years, or from FY27 till FY31.

ICICI Bank Q4 Results

Private sector lender ICICI Bank on April 27 reported a net profit of Rs 107.1 bn for the January-March quarter of the financial year 2023-24, which marks a 17% jump as compared to Rs 91.2 bn clocked in the year-ago period.

The net profit is in line with the market estimates of Rs 103.3 bn. The bank recommended a dividend of Rs 10 per share.

The net interest income (NII) of Rs 190.9 bn, increased by 8% as compared to Rs 176.7 bn reported in the corresponding quarter of the previous fiscal. The NII is slightly higher as against the estimates of Rs 189.6 bn.

The bank's gross non-performing asset (NPA) stood at 2.2%, down from 2.8% recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.4% compared to 0.5% last year.

The bank has done a write-back of around Rs 1 bn on its provisions made to its alternative investment funds (AIFs).

On more investments in AIFs, Banerjee said that the bank has no plans for investments now. Earlier, the lender had made a provision of Rs 6.3 bn on its AIF investments.

The Reserve Bank of India (RBI) on 27 March issued certain clarifications on its earlier guidelines on investments by lenders in alternative investment funds (AIFs), which have further investments in borrower companies linked to the lenders.

As per the clarification, the definition of downstream investments will exclude investments in equity shares of the debtor company of the lender.

However, the rules will apply to all other investments, including investments in hybrid instruments.

Patanjali Foods to Acquire Patanjali Ayurved

Patanjali Foods Limited on 26 April said that its board discussed the initial proposal received from Patanjali Ayurved Limited (PAL) for a sale of the latter's non-food business undertaking to the former.

Patanjali Ayurved is co-founded by yoga guru Ramdev, while Acharya Balakrishna is the Managing Director of the company.

To strengthen its product portfolio, the company acquired the biscuits business of Patanjali Natural Biscuits Private Limited for Rs 600.3 m in May 2021. The company also acquired the Noodles and Breakfast cereals business for Rs 35 m in June 2021 and the food business in May 2022 for Rs 6.9 bn from Patanjali Ayurved Limited.

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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