Stock Market Highlights, April 19: Sensex zooms 599 pts, Nifty nears 22,150; Financials surge

Stock market highlights on Friday, April 19, 2024: Equity markets shrugged off concerns around the Middle East tensions after Iran said it won't consider "immediate" retaliation against Israel

Closing Bell on April 19, 2024: Equity markets shrugged off concerns around the Middle East tensions after Iran said it won't consider "immediate" retaliation against Israel. Earlier, it had denied confirmation of Israel's attack on its soil. This, coupled with short-covering by foreign investors, helped benchmark indices end sharply higher on Friday.

The S&P BSE Sensex sank 672 points in the early hours of Friday's session amid reports of three explosions in Iran, likely launched by Israel. The index, however, bounced back in the afternoon session to end 599 points, or 0.83 per cent, higher at 73,088 levels.

On the NSE, the Nifty50 hit an intraday low of 21,778 before closing at 22,147, up 151 points or 0.7 per cent. 

Bajaj Finance, M&M, Maruti Suzuki, JSW Steel, Grasim Industries, HDFC Bank, Bajaj Finserv, Bharti Airtel, Wipro, Tech M, ITC, and Tata Steel helped the frontline indices move higher. These stocks advanced between 1 per cent and 3 per cent.

Meanwhile, in the broader markets, the indices ended lower with the BSE MidCap slipping 0.39 per cent, and the BSE SmallCap 0.04 per cent. 

Among sectors, the Nifty Financial Services, and Private Bank indices added 1 per cent each. On the downside, the Nifty Realty slipped 0.7 per cent. 

3:50 PM

Tech View :: Check key levels on Nifty Bank

The Bank Nifty Index displayed strong bullish momentum as it formed a bullish piercing candlestick pattern from the support level of 46,500. The immediate resistance for the index is located at 48,000, where there is a significant buildup of open interest on the call side, indicating a potential hurdle.

The index has established immediate support between 47,200 and 47,000. Any pullbacks towards this support zone are seen as buying opportunities, suggesting continued bullish sentiment if these levels hold.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:50 PM

Tech View :: Topping 22,300 may drive Nifty towards 22,600

On the daily chart, a piercing line pattern has formed, often indicating a bullish reversal following a correction. Additionally, the indicator has surpassed the 55EMA, a short-term moving average. A close above this moving average signifies a positive short-term trend.

Looking ahead, bulls may drive the Nifty's recovery towards 22,300. Furthermore, a decisive breakthrough above 22,300 could trigger a sustained rally towards 22,600. On the downside, support on a closing basis is situated at 22,000.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:48 PM

Comment :: What all happened in the markets today?

Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel's actions against Iran. However, fragility persists with elevated oil prices, posing inflation risks. Gold prices were rising on account of safe heaven demand. FIIs continued to remain risk-averse, a trend seen since last week. Global sentiment remains subdued due to a robust US economy and persistent inflation, dampening hopes of a near-term Fed rate cut. Mid & small caps saw weakness as Q4 earnings expectations remained muted.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

 

3:45 PM

Currency check :: Rupee ends higher after hitting record low earlier Friday

3:42 PM

Broader markets :: Indices end lower despite solid gains in benchmarks

3:40 PM

Sensex Heatmap :: HDFC Bank, Bajaj Finance, Maruti lead recovery

3:39 PM

Closing Bell :: Nifty ends near 22,150

3:38 PM

Closing Bell :: Sensex surges nearly 600 pts

3:31 PM

ALERT :: RVNL wins order worth Rs 440 crore

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3:18 PM

ALERT :: Hindustan Zinc drops over 1% after Q4 results

3:06 PM

ALERT:: Elecon Engg Q2 net jumps over 52%; stock zooms nearly 10%

Elecon Engineering today posted a 52.5 per cent YoY growth in Q4FY24 consolidated net at Rs 103.65 crore as against Rs 67.94 crore in Q4FY23. Revenue from operations grew by 33 per cent YoY to Rs 564.62 crore form Rs 424.54 crore in the same period.

2:56 PM

Corporate bond market booms: Record high mobilization despite tax changes

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Illustration: Ajay Mohanty

2:47 PM

ALERT:: RVNL emerges lowest bidder for Southern Railway project; stock down 1%

Rail Vikas Nigam Limited (RVNL) in an exchange filing today said the company emerged as the Lowest Bidder (L1) from South Central Railway for “Engineering, Procurement and Construction (EPC) tender related to double tracking work on the Aurangabad-Ankai route. 

2:35 PM

Russia squeezes Mideast, OPEC shares in India's oil mkt to historic lows

Russia is an ally of the Organization of Petroleum Exporting Countries (OPEC) but it has eaten into the share of India's crude diet from key OPEC producers in the Middle East. READ MORE

2:24 PM

ALERT:: Hindustan Zinc Q2 net drops 21%; stock slips 2%

Hindustan Zinc today reported a 21.1 per cent decline in Q4 consolidated net profit at Rs 2,038 crore for the quarter ended March 2024 when compared with Rs 2,583 crore in the corresponding quarter a year ago. Revenue from operations was down 12 per cent YoY at Rs 7,285 crore from Rs 8,281 crore.