Closing Bell: Nifty closes near 9,400, Sensex up 371 pts; IndusInd Bank jumps 17%

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Taking Stock: Sensex reclaims Mount 32K; time to book profits or stay put?

Indian markets closed in the green for the second straight day on April 28, which helped the S&P BSE Sensex climb above 32,000, while the Nifty50 reclaimed 9,300 and closed a shade below its crucial resistance level of 9,400.

Ajit Mishra, VP - Research, Religare Broking:

The recent buoyancy in banking is certainly an encouraging sign but we feel others should also pitch in for a sustainable surge in the benchmark. In the coming sessions, we expect that earnings announcements particularly from Nifty pack (HUL, Tech Mahindra) and F&O expiry will continue to lead stock-specific swings this week. We reiterate our view focusing on stock-selection and trade management amid the prevailing uncertainty.

Vinod Nair, Head of Research at Geojit Financial Services:

Benchmark indices ended positive tracking global markets, led by financials. Hopes of a fiscal stimulus have given support to the markets. Stock specific news reactions are happening based on the results and management commentary. The sustainability of this rally depends on the easing of lockdown measures and the measures to get businesses back on track.

S Ranganathan, Head of Research at LKP Securities:

Market today on the back of a ferocious afternoon move by Financials. HDFC & Bajaj Finance led the charge which was well supported by Axis Bank and IndusInd Bank. De-Leveraging exercise from RIL through a planned rights issue also helped markets hold on to its gains.

Market Close: Indian indices ended on positive note for the second consecutive day on April 28 with Nifty finished near 9,400 level.

At close the Sensex was up 371.44 points or 1.17% at 32114.52, and the Nifty was up 98.60 points or 1.06% at 9380.90. About 1282 shares have advanced, 1047 shares declined, and 185 shares are unchanged.

IndusInd Bank, Bajaj Finance, HDFC, Axis Bank and Bajaj Finserv were among major gainers on the Nifty, while losers were Sun Pharma, IOC, NTPC, Nestle and Vedanta.

Among sectors, pharma, metal, FMCG and energy ended lower, while buying seen in the bank and auto stocks.

Capital Multiplier:

Experts say these 7 stocks are a good long-term bet amid virus-led crisis

There's no relief from the COVID-19 front as the numbers are not showing any signs of slowing down yet and that could result in further extension of the lockdown, said Ajit Mishra of Religare Broking.

Zota Healthcare launches new product: Zota Healthcare launched new product with the name COROWL. This product shall be useful in treatment of Viral lnfection and Viral Fever.

JK Paper approves buyback: The company approved the buyback of its fully paid-up equity shares having face value of Rs 10 each at a price not exceeding Rs 130 per equity share for an aggregate amount not exceeding Rs 100 crore from the shareholders of the company.

#MarketsWithMC | Check out top gainers and losers on #Nifty and #Sensex#StocksToWatch #StockMarket LIVE: https://t.co/np76cgjJTh pic.twitter.com/xT6FYpHuyN

— moneycontrol (@moneycontrolcom) April 28, 2020

BSE allows negative price level trading in commodity derivatives

Trading in commodity derivatives segment can be done at a negative price now. The Bombay Stock Exchange (BSE) on April 28 said negative price levels feature in the exchange trading system for commodity derivatives segment is available.