Indian equity benchmarks closed Thursday’s session on a positive note, with frontline indexes up over 1.5% on broad-based buying, reflecting a recovery in global markets.

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“With the Thursday’s close, the index has broken out its past 15 sessions’ ‘Down-Sloping Trendline’ resistance at 17,100 levels. The daily price action has formed a bullish candle carrying either side shadows representing volatility,” Rajesh Palviya, VP – Technical and Derivative Research at Axis Securities said.

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Indian Indices

Sensex rose 701.67 points or 1.23% to 57,521.06 and Nifty was up by 206.65 points or 1.21% to 17,245.05 in the previous session. Sensex touched a high and low of 57,790.85 and 56,936.94, respectively. There were 26 stocks advancing against 4 stocks declining on the index. Nifty traded in a range of 17,322.50 and 17,071.05. There were 45 stocks advancing against 4 stocks declining and 1 stock remain unchanged on the index.

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Broader Indices

The broader indices ended in green with the BSE Midcap index rising 0.83%, while the Small cap index was up by 0.12%. The top gaining sectoral indices on the BSE were FMCG up by 2.08%, Power up by 1.88%, Utilities up by 1.76%, Capital Goods up by 1.48% and Banking up by 1.22%, while Telecom down by 0.78% was the lone losing index on BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, fell 5.96% to 19.38 on Thursday.

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SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 35-points gain. The Nifty futures were trading at 17,295.00 on the Singaporean Exchange around 06:45 hours IST.

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Support and Resistance levels

The key support level for the Nifty is placed at 17,103, followed by 16,961. If the index moves up, the key resistance levels to watch out for are 17,355 and 17,464, according to pivot charts.

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US Markets

The S&P 500 rose 103.54 points, or 2.5%, to 4,287.50.

The Dow Jones Industrial Average rose 614.46 points, or 1.8%, to 33,916.39.

The Nasdaq rose 382.59 points, or 3.1%, to 12,871.53.

The Russell 2000 index of smaller companies rose 33.91 points, or 1.8%, to 1,917.94.

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Asian Markets

Asian markets finished broadly higher yesterday with shares in Japan leading the region. The Nikkei 225 was up 1.75% while Hong Kong’s Hang Seng was up 1.46% and China’s Shanghai Composite was up 0.58%.

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European Markets

European markets finished broadly higher yesterday with shares in Germany leading the region. The DAX was up 1.35% while London’s FTSE 100 was up 1.13% and France’s CAC 40 was up 0.98%.

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Major News Headlines

Axis Bank Q4 Results: Profit jumps 54% YoY to Rs 4,118 crore, NII up 17%

Axis Bank reported a 54% year-on-year (YoY) rise in net profit to Rs 4,117.77 crore for the fourth quarter ended March 31, 2022. In the March 2021 quarter, the company reported a net profit of Rs 2,677.1 crore. The lender’s total income increased 16% YoY to Rs 21,999.58 in the March 2022 quarter. The net interest income (NII) rose 17% to Rs 8,819 crore for the reported quarter from Rs 7,555 crore in the March quarter of fiscal 2021. The net interest margin (NIM) for the March 2022 quarter stood at 3.49%. The operating profit for the quarter grew 135 YoY to Rs 6,466 crore during the March quarter of fiscal 2022. The board has also recommended a dividend of Re 1 per equity share for the year ended March 31, 2022.

Bajaj Finserv Q4 Results: Net profit grows 37% YoY, declares Rs 4 dividend

Bajaj Finserv reported a 37.5% year-on-year (YoY) rise in consolidated net profit at Rs 1,346.1 crore for the March quarter of the financial year 2021-22. In the corresponding quarter of fiscal 2021, its consolidated net profit stood at Rs 979 crore. The non-bank finance company said its total revenue from operations surged 22.58% to Rs 18,861.7 crore in the March quarter of fiscal 2022 from Rs 15,387 crore in the same quarter of fiscal 2021. The Board of Directors of the company recommended a dividend of Rs 4 per share to shareholders. The total dividend payout is Rs 64 crore, up from Rs 48 crore in the previous year. The solid topline growth of the company was driven by its insurance business. The gross premium written of the life insurance business grew 27% YoY to Rs 5,718.7 crore. The same for the general insurance operations rose 18.4% YoY.

OPEC+ likely to increase June output by 432,000 bpd

OPEC+ is expected to continue with its existing deal and agree to another small output increase for June during its meeting on May 5, even as Russia expects its output to shrink further, reported Reuters. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have been laying out record production cuts in place since the COVID-19 pandemic struck in 2020. According to a deal reached in July 2021, the group is set to raise output targets by 432,000 barrels per day (BPD) every month until September end, to unwind its remaining output cuts. In March, it agreed to increase the planned output for May. Major consumers such as the United States, have been pressurizing the organization to increase output at a faster pace, however, as the Western sanctions-hit Russian output. Russia on Wednesday suspended gas supplies to Bulgaria and Poland for not paying rubles, while the European Union (EU) warned that complying with the demand could break sanctions. However, OPEC+ has been struggling to increase output at its agreed targets, a trend that is expected to continue.

SEBI cuts timeline for listing REITs, InvITs units to six working days

Securities Exchange Board of India (SEBI) reduced the timelines for the listing of units of Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvIT). The regulator has reduced the time taken for the allotment and listing after the closure of the REITs and InvITs issue to six days from the present 12 days. The new timeline will apply to a public issue of units of Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvIT), which opens on or after June 1, market regulator SEBI said in two separate circulars. The regulator has directed Self Certified Syndicate Banks (SCSBs), stock exchanges, depositories, and intermediaries to coordinate to ensure completion of listing through the public issue and commencement of trading of units of REITs and InvITs within six working days from the date of closure of the issue. The move is aimed at simplifying and streamlining the process of issuance of such emerging investment vehicles.

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Bulk Deal data

GAURANG JITENDRA PAREKH bought 25,600 shares in Atal Realtech Limited at Rs 139.55 per share on the NSE.  

DOLLY KHANNA bought 10,00,000 shares in Chennai Petroleum Corp at Rs 263.15 per share on the NSE.

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VED PRAKASH AGARWAL sold 1,07,000 shares in DCM Limited at Rs 105.85 per share on the NSE.  

VISTRA ITCL INDIA LIMITED sold 104,52,866 shares in Future Consumer Limited at Rs 2.60 per share on the NSE.

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AXIS INVESTMENTS bought 1,33,000 shares in Jeena Sikho Lifecare Limited at Rs 193.22 per share on the NSE.  

L7 HITECH PRIVATE LIMITED sold 55,000 shares in Megastar Foods Limited at Rs 163.40 per share on the NSE.

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AVANI IMPEX PRIVATE LIMITED sold 10,00,000 shares in Prakash Steelage Limited at Rs 5.08 per share on the NSE.  

SAHI TRADING PRIVATE LIMITED bought 3,50,000 shares in Som Dist & Brew Limited at Rs 70.00 per share on the NSE.

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ALPHA LEON ENTERPRISES LLP sold 13,80,355 shares in Supreme Engineering Limited at Rs 2.97 per share on the NSE.  

RAJESH KUMAR bought 24,000 shares in Walpar Nutritions Limited at Rs 35.34 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) bought shares worth a net Rs 743.22 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 780.94 crore in the Indian equity market on April 28, as per provisional data available on the NSE.

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No stock/security has been put under the F&O ban for April 29. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.