Stock Market Today: Nifty, Sensex Log Highest Close Riding On Gains In HDFC Bank

• The local currency weakened by 2 paise to close at 83.45 against the U.S. Dollar.

• It closed at 83.43 a dollar on Wednesday.

Source: Bloomberg

Benchmark equity indices came out of their two-day losing streak to end at highest closing levels amid gains in global markets after Fed Chair Powell restored hopes of rate cuts this year but also said that the timing for rate cuts is uncertain.

Investors now await the outcome of the upcoming meeting of the monetary policy committee due Friday. The Reserve Bank of India will likely keep its benchmark repurchase rate at 6.5% for a seventh straight policy meeting, according to all 39 economists surveyed by Bloomberg.

Today, the Nifty closed 80 points or 0.36% higher at 22,514.65 and the Sensex closed 350.81 points or 0.47% higher at 74,227.63. Intraday, the Nifty hit a high of 22,619 points and the Sensex hit 74,501.73.

"After dismissal of 22600/74500, the market could rally up to 22700-22750/74800-75000," said Shrikant Chouhan, head of equity research at Kotak Securities. "On the flip side, below 22350/73500 the sentiment could change. Below 22350/73500, the market could retest the level of 22200-22100/73100-72800."

Shares of HDFC Bank Ltd. contributed the most to the gains followed by Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Titan Company Ltd., and Infosys Ltd.

Meanwhile, those of Adani Ports and Special Economic Zone Ltd., Oil and Natural Gas Corp Ltd., State Bank Of India, Reliance Industries Ltd., and Bharti Airtel Ltd. capped the upside.

Sectoral indices were mixed at close with Nifty Metal and Nifty Bank gaining over 1% and Nifty Pharma shed 1.2%.

Broader markets ended on a mixed note. The S&P BSE Midcap index settled 0.11% lower, and the S&P BSE Smallcap index ended 0.54% higher.

On BSE, 13 sectors advanced, and seven sectors declined out of 20. The S&P BSE IT index rose nearly 1% to emerge as the top performer among sectoral indices. The S&P BSE Oil and Gas declined over 1% to become the top loser.

Market breadth was skewed in favour of buyers. On BSE, 2,469 stocks rose, 1,379 stocks declined, and 99 remained unchanged.

• Gross advances as of March 31 stand at Rs 34,337 crore, up 23% YoY

• Total deposits as of March 31 stand at Rs 36,129 crore, up 43% YoY

• Q4 CASA Ratio at 32% vs 33% QoQ

Source: Exchange Filing

• Total deposits at Rs 31,650 crore, up 24% YoY

• CASA ratio at 26.3% vs 25.5% QoQ

• Gross loan book at `29,779 crore, up 24% YoY

• Disbursements at Rs 6,681 crore, up 11% YoY

Source: Exchange Filing