Stock Market Update: Nifty 50 and Sensex Rise as Banking and Metal Stocks Soar

Banking and Metal Surge Propel Nifty 50 and Sensex to Rise

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: April 22, 2024

Stock market news: Indian benchmarks opened higher on Monday, following the momentum of Asia's revival, with substantial gains in the banking and metals sectors.

As of 9:31 a.m., the NSE Nifty 50 was up 0.44% at 22,243.35, while the S&P BSE Sensex gained 0.37 percent to 73,368.73. The heaviest-weighted sector, financial services, rose 0.5%, while metal stocks increased by 1%.

HDFC Bank, the largest private lender by market capitalization and a Nifty 50 heavyweight, opened 1.7% higher but eventually reversed its gains to trade 0.6% lower. The bank's quarterly report revealed a lower-than-expected profit due to increased

provisions, although core lending margins remained unchanged.

Asian shares surged 0.7% on Monday after falling 3.7% the previous week due to worries about geopolitical tensions in the Middle East and speculation about delays in US rate declines.

Investors will focus on earnings reports in the coming days, as more than 10 Nifty 50 companies are set to reveal their results. Prominent companies reporting today include Reliance Industries, HDFC Asset Management Company, the Indian Renewable Energy Development Agency, and Laurus Labs.

Reliance Industries, India's most valued firm, is expected to publish earnings later today.

Stocks to look for:

1) HDFC Asset Management Company: They reported a consolidated net profit jump of 44% in the March quarter and declared a dividend of ₹70 per share.

2) Indian Renewable Energy Development Agency: They recorded a 33% rise in quarterly profit.

3) Laurus Labs: They confirmed the completion of the US drug regulator's inspection of its facilities in Anakapalli without any Form-483 observations.

Major reports today: Reliance Industries, Mahindra Logistics, Rallis India, and Hatsun Agro Products.

Disclaimer: This piece of writing is solely intended to provide you with informative and educational content. We do not intend to provide investment, financial, legal, or tax advice. It should not be used as an alternative for expert advice or assistance.