Wednesday, May 22, 2024
spot_img

Sensex gains 500 points led by banks

Date:

Share post:

spot_img
spot_img

New Delhi, April 29: BSE Sensex gained 500 points on Monday led by banking stocks.

Sensex was trading at 74,248 points, up by 518 points. ICICI Bank and IndusInd Bank were up more than 2 per cent in trade while Kotak Mahindra and Axis Bank were up more than 1 per cent.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said the major negative in the market continues to be the sustained selling by FIIs, triggered by the high bond yields in the US. This selling by FIIs, in both equity and debt, will continue to weigh on markets so long as the US bond yields remain high, which, in turn, will be decided by the US inflation numbers.

“ICICI Bank results are very good. Impressive growth in deposit and credit and a decline in NPAs augur well for the stock. HCL Tech’s low guidance of 3 to 5 per cent revenue growth in FY25 will weigh on the stock. Pharma and auto sectors will continue to remain resilient,” he said.

HCL Tech is down more than 5 per cent on Monday. HCL Technologies (HCLT) reported weak 4QFY24 performance, Motilal Oswal Financial Services said.

“While we expect some near-term pressure on the stock on account of weak FY25 revenue growth guidance, we continue to expect the stock to outperform its peers. We cut our FY25-26 earnings estimates by 6-8 per cent to factor in weaker-than-expected guidance,” the brokerage added.

IANS

spot_img
spot_img

Related articles

Rajnath takes potshots at Pak’s praise for Rahul, says ‘PoK will inevitably come to India’

New Delhi, May 22: Defence Minister Rajnath Singh on Wednesday took potshots at the former Pakistan minister’s admiration...

SC refuses to entertain ex CM Soren’s plea against ED arrest

New Delhi, May 22: In a big jolt to former Jharkhand Chief Minister Hemant Soren, the Supreme Court...

Haj pilgrims facing inconvenience in Assam, alleges AIUDF

Guwahati, May 22: Assam AIUDF MLA Karim Uddin Barbhuiya has alleged that even as the state sends the...

NDA has already crossed 310 seats after five phases of LS polls: HM Amit Shah

Kolkata, May 22: Union Home Minister Amit Shah, on Wednesday, said that the BJP-led National Democratic Alliance (NDA)...