Market bounces back, Sensex jumps over 900 points
Apr 29, 2024
New Delhi [India], April 29 : Indian stocks bounced back on Monday. At the closing bell, Sensex closed 941.12 points up at 74,671.28, while Nifty closed at 22,643.40, up 223.45 points.
Supported by strong US markets which showed a robust performance. Also, improved investor sentiment with the relative easing of tensions in the Middle East and declining oil prices supported the Indian stocks.
Among the sectoral indices, barring Nifty auto, Nifty, and Nifty realty, all sectoral indices were sharply higher with Nifty bank and Nifty PSU bank being the top movers, shows NSE data.
Snapping a four-day winning streak, Indian stock indices closed sharply lower last week, primarily due to risk aversion by investors amid weak global cues. Volatility returned in Indian stock markets after a smooth rally at the start of April.
This week will be dominated by the corporate earnings releases and the highly anticipated Federal Open Market Committee (FOMC) meeting scheduled for April 30 to May 1.
The US Federal Reserve, in its March meeting, voted to leave the key interest rate unchanged at 5.25-5.50 per cent, keeping the policy rate unchanged for the fifth straight time on the trot to manage high inflation. During the COVID-19 pandemic, the interest rates were near zero.
The experts highlighted that overall Asian markets are poised to carry forward the bullish sentiment as April draws to a close, despite looming challenges anticipated for May.
There has been some sort of volatility in Indian stocks over the past fortnight or so, after a smooth rally at the start of April. The current volatility is primarily driven by Foreign Portfolio Investor (FII) selling activity.
Foreign portfolio investors (FPIs) have turned net sellers in Indian stocks lately, as the ongoing geopolitical crisis in the Middle East likely pushed investors to take money off their portfolios.
Foreign portfolio investors (FPIs), who continued to remain net buyers for the third month until a few days ago in April, have cumulatively sold stocks worth Rs 6,304 crore, National Securities Depository Limited (NSDL) showed.
