Markets surge as bank nifty hits all-time high
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Market Overview
Nifty opened with a 100-point gap-up at 23,949.15, led mainly by financials after HDFC Bank and ICICI Bank reported strong earnings over the weekend. Following initial volatility, the index moved higher, crossing 24,000 within the first 30 minutes. It continued its upward momentum, breaching 24,100 after 11 AM, and then traded in a narrow 60-point range between 24,120 and 24,180 for the rest of the session. Nifty eventually closed at 24,125.55, up 1.14%.
The rally was supported by steady FII inflows, strong financial earnings, improving global sentiment, a weakening dollar, and expectations of stable domestic policy. All eyes now turn to cues from the upcoming US Fed meeting.
Broader Market Performance:
The broader market performed well today, with 3,014 stocks traded on the NSE. Of these, 2,251 advanced, 683 declined, and 80 remained unchanged.
Sectoral Performance:
Nifty Energy emerged as the top gainer for the day, rising 2.50%, followed closely by PSU Bank and IT indices. On the other hand, Nifty FMCG was the only sector to end in the red, declining by 0.96%, making it the worst performer. Out of the 12 sectors listed, 11 closed in the green while only 1 sector closed in the red, indicating broad-based strength across the market.
Note: The above numbers for Commodity futures were taken around 5 pm. NSE has not released today’s FII-DII data yet. Here’s the trend from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 24th April:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,200, indicating strong resistance at these levels.
The maximum Put Open Interest (OI) is 24,000, followed by 23,800, suggesting strong support at 23,800, and an additional support at 23,600.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
The Indian rupee appreciated to 85 per USD in April, its strongest in four months, aided by a weaker dollar and rally in domestic assets. Easing oil prices and subdued inflation helped limit outflows, while GDP growth of 6.5% kept focus on growth despite the RBI's easing outlook. Dive deeper
The yield on the 10-year Indian G-Sec dropped to 6.36% in April, a three-year low, as back-to-back rate cuts and liquidity support from the RBI boosted demand. Easing inflation and a stable rupee reignited foreign interest in Indian bonds, especially after inclusion in global bond funds. Dive deeper
Bharti Airtel added 16.5 lakh subscribers in January, topping net additions, followed by Jio with 6.86 lakh users, per TRAI. Vodafone Idea lost 13.4 lakh users, while BSNL saw a decline of 1.52 lakh. Total broadband subscribers rose marginally to 945.16 million. Dive deeper
Insurers have begun onboarding hospitals under Irdai’s common empanelment drive, targeting 4,000–5,000 additions in the next few months. Over 600 eye hospitals and 150 general hospitals have already been approached. Some hospitals support the move, while larger ones remain wary of standardised pricing. Dive deeper
Infosys closed 2.22% higher at ₹1,451 after reporting an 8% YoY rise in revenue and a 12% drop in Q4 profit. Dive deeper
Yes Bank shares hit a two-month high after Q4 net profit rose 63% YoY to ₹738 crore, aided by higher other income and lower provisions. NIM improved to 2.5%, while asset quality stayed stable with GNPA at 1.6%. CASA ratio rose to 34.3%. Dive deeper
ICICI Bank reported a robust 18% year-on-year increase in standalone net profit for Q4 FY2024–25, reaching ₹12,630 crore, driven by an 11% rise in net interest income to ₹21,193 crore and a net interest margin of 4.41%. The bank's asset quality improved, with gross NPA declining to 1.67% and net NPA to 0.39%, while total advances grew by 13.3% and deposits by 14% year-on-year. The board recommended a dividend of ₹11 per share
HDFC Bank reported a 6.7% year-on-year increase in standalone net profit to ₹17,616 crore for Q4 FY2024–25, driven by a 10.3% rise in net interest income to ₹32,070 crore. The bank's asset quality improved, with gross NPA at 1.33% and net NPA at 0.43%. The board recommended a dividend of ₹22 per share.
Angel One shares closed 4.55% higher at ₹2,463.3 after announcing a ₹26 final dividend for FY25, despite a 49% YoY drop in Q4 PAT and a 22% decline in revenue. Dive deeper
Inox Wind has begun executing a 990 MW turnkey order from Purvah Green, part of a larger 1,500 MW agreement. Spread across Gujarat, Rajasthan, and Madhya Pradesh, this is the largest-ever wind order by an independent power producer in India. Commissioning will begin in phases from FY26. Dive deeper
Ola’s AI arm, Krutrim, has denied media reports about a $300 million fundraising plan, stating it is not seeking external equity and remains sufficiently funded by its promoter and select investors. The company reiterated its focus on advancing its AI strategy tailored for India. Dive deeper
Toshiba Transmission & Distribution Systems (India) will invest ₹562 crore to expand its manufacturing capacity in Telangana. The MoU, signed on April 18, is expected to create over 250 direct jobs in three years, supporting the ‘Make in India’ and ‘Export from India’ initiatives. Dive deeper
What’s happening globally
Brent crude fell over 2% to ~$66.5 as progress in US-Iran nuclear talks eased supply fears. A possible deal framework is underway, with the next round of talks set for Saturday. Demand concerns from the trade war and OPEC+ supply additions added to the pressure. Dive deeper
Gold hit a record high above $3,400/oz as trade tensions and Fed uncertainty lifted safe-haven demand. Dive deeper
The dollar index fell to 98.2 on Monday, its lowest since February 2022, as concerns over Fed independence and political interference weighed on sentiment. Trump’s public criticism of Chair Powell and talk of his removal rattled investor confidence. Dive deeper
The Russian ruble held near a two-year high at 82 per USD in April, supported by a weaker dollar, strict capital controls, and high interest rates. Despite falling energy and metal prices, the ruble stayed firm as Moscow’s capital controls curbed outflows and trade remained stable due to limited Western ties. Dive deeper
US stock futures fell nearly 1% on Monday as markets reopened to concerns over Fed independence after Trump hinted at removing Chair Jerome Powell. The comments raised fears of policy politicisation. Meanwhile, trade tensions and a packed earnings week added to the cautious sentiment. Dive deeper
The People's Bank of China (PBoC) kept lending rates steady in April for the sixth straight month, with the one-year LPR at 3.1% and five-year at 3.6%. The move follows stronger-than-expected Q1 GDP growth of 5.4%, as the central bank monitors the impact of US trade tensions before introducing further stimulus. Dive deeper
The Swiss franc strengthened toward 0.80 per dollar in April, its highest level in over a decade, as US policy uncertainty and safe-haven demand weighed on the greenback. Concerns over Fed independence and aggressive US tariff moves drove flows into Swiss assets. Dive deeper
Oman’s annual inflation eased to 0.6% in March 2025, the lowest since November, mainly due to a drop in food and transport prices. Housing, education, and health costs remained unchanged. On a monthly basis, prices fell 0.4% for the second straight month. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
V. Anantha Nageswaran, CEA, Government of India, on growth and job creation goals
"We have to generate 8 million jobs per year for the next 10 to 12 years and raise the manufacturing share of GDP to meet the goal of becoming a developed country by 2047."
"AI may threaten entry-level and low IT-enabled jobs, so public policy must balance labour-centric approaches with technology adoption."
"Sustaining 8% growth is tough, but a steady 6.5% with focused deregulation and boosting domestic investment can keep India on a strong path forward." - Link
BV Mehta, Executive Director, Solvent Extractors Association (SEA), on trade issues and packaging norms
"We’ve urged the government to push for the resumption of organic, non-GMO soybean exports to the US during trade talks."
"These exports were halted due to safeguard duties imposed after lobbying by US soy producers."
"We’ve also requested a return to standardised edible oil packaging to avoid consumer confusion in the domestic market." - Link
Hemendra M Kothari, Chairman, DSP Asset Managers, on India’s market evolution and growth outlook
"The Indian market is now so strong that ADRs and GDRs have lost relevance - nobody talks about them anymore."
"I’m optimistic that India will see 7.5–8% growth, making it a key destination for both foreign and domestic investors."
"Nifty doubling in the next 10 years is likely, given India’s economic momentum and market resilience." - Link
Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!
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