Nifty trades above 24,000; PSU Bank shares rally for 5th day

The key equity benchmarks traded with significant gains in morning trade, led by a rally in banking stocks. Investors are looking forward for Q4 results from the bluechip companies. The Nifty climbed above the 24,000 level. PSU Bank shares advanced for the fifth consecutive trading session.

All eyes will also be on the upcoming Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), set to take place from April 21'26 in Washington, D.C. On the agenda: the ripple effects of trade tensions on global growth and updates on the progress of the World Bank and IMF's initiatives.

At 10:25 IST, the barometer index, the S&P BSE Sensex, advanced 538.37 points or 0.68% to 79,094.55. The Nifty 50 index added 167.70 points or 0.70% to 24,019.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.38% and the S&P BSE Small-Cap index advanced 0.94%.

The market breadth was strong. On the BSE, 2,594 shares rose and 1,078 shares fell. A total of 224 shares were unchanged.

Earnings Today:

Anant Raj(down 0.43%), Himadri Specialty Chemical(up 0.69%), International Gemmological Institute India(up 3.62%), Mahindra Logistics(up 0.12%), Pitti Engineering(up 0.03%), Rajratan Global Wire (up 2.23%), will declare their result later today.

Buzzing Index:

The Nifty PSU Bank index rallied 2.06% to 6,656.60. The index jumped 9.26% for the five trading sessions.

Bank of Maharashtra (up 3.43%), Indian Overseas Bank (up 2.97%), Central Bank of India (up 2.57%), State Bank of India (up 2.52%), Punjab & Sind Bank (up 2.17%), Canara Bank (up 2.15%), UCO Bank (up 2.04%), Bank of India (up 1.75%), Indian Bank (up 1.69%) and Union Bank of India (up 1.67%) advanced.

Stocks in Spotlight:

Tata Elxsi rallied 5% after the company has reported 12.4% fall in net profit to Rs 172.4 crore in Q4 FY25 from Rs 196.9 crore in Q4 FY24. Revenue from operations for the period under review aggregated to Rs 908.3 crore, up 0.3% YoY.

Mastek shed 0.88%. The company's consolidated net profit fell 14.40% to Rs 81.07 crore in Q4 FY25 as against Rs 94.71 crore reported in Q3 FY25. However, revenue from operations grew by 4.12% quarter on quarter (QoQ) to Rs 905.42 crore in the quarter ended 31 March 2025.

Yes Bank jumped 4.31% after the company reported 63.34% surge in standalone net profit to Rs 738.12 crore in Q4 FY25 as against Rs 451.89 crore posted in Q4 FY24. The bank's total income rose 3.76% YoY to Rs 9,355.39 crore in the quarter ended 31 March 2025.

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