Nifty crosses 23,400 as bank stocks extend winning streak

The Indian benchmark indices closed higher on Wednesday, rebounding from a weak open, led by gains in financial stocks and optimism supported by strong domestic fundamentals, including foreign investor buying and a five year low in domestic retail inflation, helping the market outperform its Asian counterparts. At close, the Sensex was up 309.40 points or 0.40 percent at 77,044.29, and the Nifty was up 108.65 points or 0.47 percent at 23,437.20.
IndusInd Bank, Axis Bank, Trent, ONGC, Asian Paints were top gainers on the Nifty, while losers included Maruti Suzuki, Hindalco, Bajaj Finance, L&T, Tata Motors. On the sectoral front, gains were led by media, PSU bank, oil & gas sector rising between 1-2 percent, however, auto, IT, pharma pack sold off. Banks supported the rally, with PSU lenders emerging as top gainers among the midcap names. BSE Midcap index rose 0.5 percent and smallcap index jumped nearly 1 percent, according to information.
Rupee Close:
On 16 April'25,the Indian rupee ended marginally higher for a third straight session at 85.68 against the US dollar on Wednesday, as U.S. tariff concerns pressured the dollar and lifted safe havens like gold and the Swiss franc.
Trading Guide:
Vinod Nair, Head of Research, Geojit Investments reportedly quoted as saying, globally, markets are undergoing fresh consolidation as tariff tensions intensify, with the US increasing tariffs to 245% on Chinese goods. Amidst global weakness, the Indian market exhibited a mild positive sentiment in anticipation that the trade fight between the US & China will not harm but benefit India, and March's CPI inflation which is at a 5-year low is indicative of further rate cuts in the near future. Domestically, the Q4FY25 earnings season has started on a weak note. Overall expectations remain subdued, suggesting potential profit booking at higher levels.
Market experts have recommended four shares to buy -Confidence Petroleum India, Paramount Communications, Canara Bank, and SBFC.

(Business Correspondent)