The Indian stock market witnessed a strong session as Nifty 50 climbed to a one-year high ahead of Muhurat Trading for Samvat 2082 on Diwali. Meanwhile, Sensex topped 84,000 points, signaling bullish consolidation despite minor early losses.
While the broader market showed strength, certain IT heavyweights saw declines after announcing their second-quarter results.
- Nifty 50 rose 0.69%, reaching 25,762.45 points, the highest since 1 October 2024.
- BSE Sensex gained 0.72% to 84,068.64, marking a three-month high.
- The indices opened slightly lower but quickly recovered, reflecting resilient investor sentiment.
- Ten out of 16 major sectors logged gains, with small-cap stocks advancing 0.2% and mid-caps declining 0.1%.
The market’s upward momentum positions both benchmarks less than 3% away from their peaks in September 2024.
Stocks in Focus
The session highlighted a mix of sectoral movements:
- IT Stocks: Nifty IT index dropped 1.3%. Wipro and Infosys slipped 4.5% and 1.8%, respectively, following their Q2 results.
- Reliance Industries (RIL): Gained 0.9% ahead of its Q2 results.
- HDFC Bank: Rose 0.4%, contributing to positive sentiment in the banking sector.
Other notable performers included:
- Asian Paints Ltd.: Climbed 5%, benefiting from a drop in oil prices, which reduced key input costs.
- Nestle India Ltd.: Increased 1.2%, continuing a strong September-quarter sales and volume growth trend.
- Zee Entertainment Enterprises Ltd.: Fell 3% after reporting a sharp drop in second-quarter profit.
Summary
The market displayed bullish consolidation following recent rallies, with Nifty 50 and Sensex reaching key milestones ahead of festive trading. While IT stocks such as Wipro and Infosys posted declines after their Q2 results, gains in sectors like banking and consumer goods kept the overall momentum positive.
The session highlights the market’s resilience and the mixed reactions of different sectors to quarterly results, setting the tone for upcoming trades in the festive season.
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