Nifty50, Bank Nifty Hit New Record Highs; Auto, Banks Gain

On April 30, 2024, the Nifty50 surged to a fresh peak of 22,779.75 during the trading day, primarily propelled by the automotive sector. Notably, M&M, Maruti Suzuki, and Tata Motors stood out as top performers on the index.

By 2:15 PM, the Sensex recorded a gain of 392 points, reaching 75,064.03. Market dynamics showed 2,070 stocks advancing, 1,669 declining, and 149 remaining unchanged.

The Nifty Auto index soared to an unprecedented level of 22,634.05, primarily buoyed by the robust performance of M&M and Bajaj Auto. Following suit, the Nifty Realty index also saw a notable increase of over two percent.

Top Nifty50 Gainers

• Mahindra & Mahindra – 5.09%
• Hero MotoCorp – 2.59%
• Bajaj Auto – 2.34%
• Shriram Finance – 2.20%
• Power Grid – 2.13%

Bank Nifty Hits New High

Nifty Bank index soared to new heights for the second consecutive day, propelled by the robust financial results announced by key players in the banking sector during the January-March quarter. At 2:23 PM, the index was trading at 49,921.20, marking yet another milestone in its impressive performance trajectory.

Leading the charge in this remarkable ascent were banking giants such as ICICI Bank, HDFC Bank, and Axis Bank, whose stellar performance underscored the sector’s resilience and growth potential.

ICICI Bank reported a consolidated net profit increase of 18.5 percent, reaching Rs 11,672 crore for the March quarter. Its standalone net profit for FY24 surged to Rs 40,888 crore, demonstrating substantial growth from Rs 31,896 crore in the previous fiscal year.

HDFC Bank also showcased impressive financial results, with its net profit for Q4 FY24 standing at Rs 16,512 crore, a notable increase of 37.1 percent compared to the same period last year when it reported Rs 12,047 crore.

Also read: Buy Axis Bank, Nestle India For Up To 13% Return

Meanwhile, IndusInd Bank posted a commendable 15 percent growth in consolidated net profit, amounting to Rs 2,349.15 crore for the quarter ending March 31, 2024. The bank’s net profit for FY24 witnessed a robust increase of 21 percent, reaching Rs 8,977 crore from Rs 7,443 crore in the previous fiscal year.

Axis Bank, which had faced challenges in the past, staged a remarkable turnaround, posting a net profit of Rs 7,130 crore in Q4 FY24, compared to a loss of Rs 5,728.4 crore in the corresponding period last year. The bank’s net interest income witnessed a healthy growth of 11.5 percent year-on-year, reaching Rs 13,089 crore. Additionally, its net interest margin (NIM) for Q4 FY24 stood at an impressive 4.06 percent.

These stellar performances by key players in the banking sector not only propelled the Nifty Bank index to new heights but also reaffirmed investor confidence in the resilience and growth potential of the banking industry. As the sector continues to demonstrate its ability to navigate challenges and capitalize on opportunities, it remains a key driver of India’s economic growth trajectory.

Source: NSE, BSE

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