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Sensex extends rally to fifth day, ends 486 pts up; SBI, Axis Bank zoom over 5%

Indian stock market on Thursday, April 25: The NSE Nifty ended atop the 22,550 levels, up 156 points; Kotak Bank and HUL, however, bucked the trend.

Image SI Reporter Mumbai
BSE

Stock market highlights, April 25, 2024: Equity benchmark indices snubbed weak cues from global peers, and staged a smart recovery in Thursday's trading session to end on firm note. 

The S&P BSE Sensex opened nearly 300 points lower, and soon hit a low of 73,556 tracking losses in the US futures and Asian peers. The BSE benchmark, thereafter, erased losses and rallied to a high of 74,571 - up over 1,000 points from the day's low led by aggressive buying in band stocks, mainly PSUs.

The Sensex eventually ended the day with a gain of 486 points at 74,339. In the process, BSE index has rallied 1,849 points in the last five straight trading sessions.

The NSE Nifty touched a high of 22,626, and finally settled 156 points higher at 22,559.

Among the Sensex 30 shares, Axis Bank zoomed 6 per cent to Rs 1,127 as analysts upgraded the stock post Q4 performance. 

SBI hit a fresh all-time high and ended 5.2 per cent higher at Rs 813. Nestle India, Jindal Steel, NTPC, ITC and Sun Pharma were the other major gainers, up over 2 per cent each. HCL Technologies, Mahindra & Mahindra, IndusInd Bank, Bajaj Finserv and ICICI Bank also finished with prominent gains.

On the other hand, Kotak Bank plunged 11 per cent after RBI instructed the private lender not to issue fresh credit cards. 

Titan, Hindustan Unilever and Bajaj Finance were the other notable losers.

In the broader market, the BSE MidCap index index jumped 0.8 per cent, and the SmallCap added 0.6 per cent today.

 

3:44 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
The hourly momentum indicator has triggered a positive crossover which is a buy signal and, thus, we expect the positive momentum to continue over the next few trading sessions. On the upside, the next immediate hurdle is placed at 22,776. The stop-loss for long positions should be trailed at 22,430 levels which is the 20 hour moving average. 

Nifty Bank
Going ahead, we expect the momentum to continue and minor degree pullbacks should be used as a buying opportunity. On the upside, the next hurdle is placed at 49,000. Longs should be held with a trialing stoploss at 48,200 which is the 20 hour moving average.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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Sensex Heatmap :: 22 of 30 index stocks surge led by Axis Bank, SBI

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Closing Bell :: Nifty ends above 22,550

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Closing Bell :: Sensex gains over 450 pts after a choppy day

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First Published: Apr 25 2024 | 7:51 AM IST

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