In the mid-day session, the Nifty Auto index soared to an unprecedented peak of 22,634.05, led by remarkable gains in M&M and Bajaj Auto. Concurrently, the Nifty Realty index exhibited robust growth, climbing by over a percent.
Market Resilience: Sensex and Nifty Near Peak Levels
As of April 30 afternoon, both benchmark indices, Sensex and Nifty, are soaring close to their all-time highs, driven primarily by the buoyancy in the auto and realty sectors.
Near-Record Levels
The Sensex is merely 166 points away from breaching its historic high of 75,124, while the Nifty is just 38 points shy of surpassing its lifetime peak of 22,775. Notably, the broader markets are outperforming the frontline indices, with the BSE Midcap and BSE Smallcap indices witnessing an uptick of up to 0.7 percent.
Current Market Status
As of noon, the Sensex exhibits an uptrend of 287.56 points, marking a rise of 0.39 percent, settling at 74,958.84. Simultaneously, the Nifty is up by 94.40 points, reflecting a surge of 0.42 percent, at 22,737.8. Market breadth on the BSE is favoring gainers, with approximately 1,747 shares advancing, 1,416 shares declining, and 82 shares maintaining stability.
Volatility Indicator
The India VIX, a measure of near-term volatility, has surged by over 7 percent, hovering around 13.13, reflecting the prevailing market conditions.
Sectoral Performance
The Nifty Auto index has reached an unprecedented high of 22,634.05, primarily propelled by remarkable gains in M&M and Bajaj Auto. Following suit, the Nifty Realty index has showcased an upward trajectory, ascending by over a percent. Conversely, the Nifty IT, Metal, and PSU Bank indices have emerged as the top sectoral laggards, witnessing a downturn of up to 0.5 percent.
Expert Insights
VK Vijayakumar, the Chief Investment Strategist at Geojit Financial Services, asserts that the current bull market exhibits remarkable resilience, despite the looming headwinds. He emphasizes the overwhelming dominance of domestic institutional investors (DIIs) and retail investors over foreign institutional investors (FIIs), elucidating how their buying spree surpasses FII selling during periods of increased US bond yields. Vijayakumar predicts that bullish sentiments will continue to prevail, ensuring that market dips are opportunistically bought.
Technical Analysis
Sameet Chavan, Head of Research, Technical and Derivative at Angel One, anticipates the Nifty’s foray into uncharted territory in the near future. He suggests that the immediate support for the Nifty is likely to elevate towards the 22,400 mark, while the previous high zone, ranging between 22,775 and 22,800, is poised to serve as immediate resistance before the index ventures towards the 23,000 milestone.
Stock Movements
M&M: The stock has surged by over 4 percent, attaining a record high of Rs 2,152 per share on April 30. This surge follows the launch of the compact SUV – XUV 3XO, priced aggressively at Rs 7.49 lakh, positioning itself against competitors like Maruti Suzuki Brezza, Tata Nexon, and Hyundai Venue.
SBFC Finance: The stock witnessed a decline of 3 percent on April 30, triggered by a block deal worth Rs 534 crore executed on the exchanges. Notably, approximately 6 crore shares, representing a 5.6 percent stake in SBFC Finance, changed hands during this transaction.
Trent: The stock exhibited a notable rally of over 6 percent on April 30, subsequent to reporting a significant year-on-year surge in net profit, amounting to Rs 712 crore for the quarter ending March 30, 2024.
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