Market Wrap: Sensex Jumps 411 pts, Nifty Tops 25,800 as Reliance, HDFC Bank Rally Post-Earnings
The Indian stock market posted a robust performance today, with the Sensex surging 411 points and the Nifty closing above 25,800, powered primarily by strong post-earnings rallies in Reliance Industries and HDFC Bank—the focus keyword. This bullish momentum marked the fourth consecutive session of gains, reflecting upbeat investor sentiment as several heavyweight stocks reported solid quarterly numbers.
Reliance Industries and HDFC Bank Spark Market Rally
Reliance Industries jumped 3.5%, hitting a three-month high is one of the key highlights, following exceptional September-quarter results. Analyst confidence soared regarding Reliance’s core earnings, sustained retail growth, and improved outlook. Simultaneously, HDFC Bank touched a record high earlier in the session, driven by its steady Q2 earnings and improved asset quality, underpinning the overall rise of Sensex and Nifty. These focus stocks cemented their position in driving today’s optimism in the market.
Key Sector Movements and Investor Sentiment
Broader markets also witnessed notable firming, with mid-cap and small-cap indices rising in tandem. While PSU banks and mid-sized financial services benefited from improved margins and asset quality, as shown in recent Q2 results, investors remained cautiously optimistic due to some profit-taking in ICICI Bank, which capped the market’s upward momentum. Oil industry stocks saw gains thanks to falling crude prices and a strengthening rupee, contributing further to the Sensex and Nifty’s advancement.
Outlook and Muhurat Trading
With Sensex and Nifty climbing over 2.8% in four sessions, they are now less than 2% away from their record highs of September 2024. The upcoming special one-hour Muhurat trading session for Diwali is anticipated to further add to the bullish sentiment. Better-than-expected quarterly results, festive optimism, foreign investor inflows, and positive global cues have transformed the Indian market into a net buyer, reversing three months of selling.
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Disclaimer
This article is intended solely for educational purposes. Stock market investments are subject to risks, and readers should consult financial professionals before making investment decisions.