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Nifty at the close ended at 18,264, up over 1% or nearly 200 points, while Sensex zoomed 710 points and scaled to 61,764 levels.

Abhishek Banerjee of ICICI Securities, believes that ONDC is initially stealing business from aggregators, but it will limit the potential commission rates that they can charge. The discount offered by ONDC is currently funded by the company, which is unsustainable in the long-term. However, a 15-20% pricing difference between ONDC and aggregates like Swiggy or Zomato may be sustainable, which will attract price-sensitive customers.

The Nifty index ended above 18,250 points and formed a bullish candle on the daily chart, indicating that it is still in buy mode as long as it remains above the support of 18,200 points. Supports are placed at 18,181 and 18,081, while the index has a broader trading range between 17,800 to 18,500 points and an immediate trading range between 18,100 to 18,400 points. The daily and hourly momentum indicators signal a buy, and the consolidation range is estimated to be between 18,000 to 18,300 points. The expanding triangle shows that the Nifty may have obstacles at 18,330 to 18,350 points.

The 30-share BSE Sensex closed up 709.96 points at 61764.25

From the Sensex pack, IndusInd Bank, Power Grid, Kotak Bank, Tata Motors and HDFC were the top gainers

Mankind Pharma is set to list on May 9 with a premium of Rs 120 apiece according to grey market trends. The company is valued at a price-to-earnings ratio of 30 times FY22 earnings and has a market capitalisation of Rs 44,000 crore. The initial share sale of the company was subscribed 15.32 times with strong interest from QIBs and is the largest IPO so far this year. The company has 25 manufacturing facilities across India, a dedicated in-house R&D centre and a team of over 600 scientists.

Having a repayment strategy is crucial when it comes to credit card expenses, as they usually occur on impulse and can result in costly interest rates. Larger expenditures, in particular, require prior planning to determine where the funds will come from for repayment. Seeking help from an external agency might be beneficial if debts have piled up and individuals find it challenging to manage them.

ITC will declare its Q4 earnings on May 18th, along with the final dividend for FY22. The firm has already acquired over 39% of share capital in Sproutlife Foods Private Limited for Rs 175 crore. In Q3 FY23, the company posted a 21% YoY increase in net profit to Rs 5,031 crore. The target price for ITC is Rs 435 per share, and out of 32 analysts covering the stock, 30 have given strong buy and buy ratings. Recently, ITC has surpassed Infosys to become the sixth-largest company by market cap.

On the technical charts, the RSI of the stock stood at 39.34.

REIT (real estate investment trust) is a popular instrument globally and was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets.