Positive global cues, auto stocks drive Sensex 300 points higher; Nifty above 22,700

In the Sensex pack, M&M, , , , and opened with gains, while , , , and started the day with declines.

Among individual stocks, rose 6.4% in early trade after the company posted a rise in quarterly profit as it opened more lower-priced Zudio brand of stores.

Smallcap firm shares also surged over 8% after the company reported a 31% increase in PAT at Rs 74.5 crore for Q4 FY24, driven by growth across business verticals.

Sector-wise, all sectoral indices showed gains. Nifty Auto rose by 2.2%, Nifty Media increased by 0.8%, and Nifty Realty surged 0.8% as well.

Markets are pricing in a 97.3% chance of the Fed keeping rates unchanged in May 2024, according to the CME FedWatch tool, compared with a 90.7% chance at the end of March.

Experts View
"This bull market is remaining resilient despite headwinds, and is slowly gathering momentum despite high valuations. A significant feature of the ongoing bull run is that the FIIs are consistently being outsmarted by the DIIs and retail investors," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"A significant development in the market yesterday was the huge delivery volume in the banking stocks like ICICI, HDFC, Axis, SBI and Kotak. This segment will remain resilient and may appreciate further," Vijayakumar said.

Deepak Jasani, Head of Retail Research at HDFC Securities, said, "The next upside levels to be watched are around 22726-22775 band for the near term. Immediate support is at 22447."

Global Markets
Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve's policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.36% higher, set to clock in a nearly 1% gain for the month, its third straight month of gains. Nikkei rose 1% as Japan reopened after a holiday on Monday.

Overnight, U.S. stocks ended higher, led by sharp gains in Tesla shares after the electric vehicle maker made progress in securing regulatory approval to launch its advanced driver-assistance program in China.

FII/DII Tracker
Foreign institutional investors (FIIs) net bought Rs 169.09 crore shares, while domestic institutional investors (DIIs) pumped in Rs 692.05 crore on April 29, provisional data from the NSE showed.

Crude Oil
U.S. crude fell 0.18% to $82.48 per barrel, and Brent was at $88.31, down 0.1% on the day.

Currency Watch
The Indian rupee fell 4 paise to 83.49 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.24% to 105.83 level.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)