Sensex ends 600 points higher, Nifty gains; Wipro, HDFC Bank stocks rally
Mirroring positive trends from global markets, Indian equity indices traded higher for the second consecutive session on Tuesday, driven by gains in banking and IT stocks, as well as a decline in crude oil prices.
The BSE Sensex was trading 237 points, or 0.29%, higher at 82,210. The Nifty50 was up 65 points, or 0.26%, trading at 25,193 around 9:20 am.
Oil prices slid 3% after a media report said Israel is willing not to strike Iranian oil targets, easing fears of a supply disruption.
A fall in oil prices is positive for India, the world’s third-largest oil importer, as the commodity makes up a significant part of the country’s import bill.
Angel One shares opened 8.6% higher after the company reported its best-ever quarterly performance across key financial metrics for the three-month period ending September 30, 2024.
On the sectoral front, the Nifty IT index rose 0.8%, driven by gains in HCL Tech and Infosys. The Nifty Bank, Financial Services, Media, Pharma, Consumer Durables, and Oil & Gas sectors also opened higher.
Meanwhile, higher food prices pushed India’s retail inflation to a nine-month high in September, according to government data released after market close on Monday. India’s retail inflation accelerated to 5.49% on an annual basis in September, driven by a persistent rise in vegetable prices and a lower year-ago base.
All the other broader market indices were ended the trading session in the green, signalling the positive momentum on Dalal Street.
High-weightage sectoral indices such as Nifty IT, Nifty Bank and Nifty Financial Services ended the trading session with gains above 1%.
The top five gainers on the Nifty50 were Wipro, Tech Mahindra, HDFC Life, HDFC Bank and L&T.
On the other hand, the top losers were ONGC, Maruti, Tata Steel, Bajaj Finance and Adani Enterprises.
The Q2 results of HCLTech and Reliance Industries Limited are set to dictate the mood on Dalal Street tomorrow along with inflation data, which will be released at 5:30 pm.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Global markets are showing mixed signals as China’s disinflation and weaker economic data suggest a potential further slowdown in global economic growth, already affected by rising geopolitical tensions. Furthermore, the positive impact of the Chinese stimulus package seems to be diminishing.”
“Meanwhile, the Indian market is demonstrating resilience, with subdued Q2 earnings expectations seemingly priced in and oil prices declining. The IT and financial sectors are attracting buying interest after recent corrections,” Nair added.
With Thanks Reference to:https://www.msn.com/en-in/money/markets/sensex-ends-600-points-higher-nifty-gains-wipro-hdfc-bank-stocks-rally/ar-AA1sekWt?ocid=BingNewsVerp and https://www.msn.com/en-in/money/markets/tech-banking-stocks-lift-sensex-200-points-higher-nifty-above-25150/ar-AA1shdeF?ocid=BingNewsVerp
