The Indian stock market edged higher on April 27 following its Asian peers after meetings of major central banks this week raised hopes of more stimulus to counter the fallout from the coronavirus pandemic, while investors also eyed a slew of earnings at home.
Sensex is up 751.96 points or 2.4 percent at 32079.18, and the Nifty jumped 216.85 points or 2.37 percent at 9371.25.
Bank Nifty spiked 3 percent led by gains from Kotak Mahindra Bank which jumped 6 percent followed by Axis Bank, IndusInd Bank, Axis Bank, ICICI Bank and RBL Bank.
IndusInd Bank will report its January-March quarterly earnings on April 27. The private lender is expected to register an 80 percent year-on-year fall in Q4 FY20 profit due to pressure on its operating earnings and higher provisions. According to brokerages, pre-provision operating profit growth could be in single-digit YoY.
Stocks including Kotak Mahindra Bank, Axis Bank, IndusInd Bank and ICICI Bank are the top Sensex gainers up 3-6 percent each.
Among the most active securities on NSE in terms of value, Axis Bank, Kotak Bank, ICICI Bank, IndusInd Bank and HDFC Bank top the chart.
Chandan Taparia, technical and derivative analyst at Motilal Oswal Securities is of the view that Bank Nifty is moving in sideways direction between a broader range of 18,700 to 21,100 zones from the last ten trading sessions and it may move in the same for the coming days too. Going forward, support is placed at 18,700 levels while immediate resistance is placed at 20,000 then 20,500 zone, he said.