Axis Bank emerged as the top performer in the Sensex pack, witnessing a significant rise of 3.07%. Reliance Industries also experienced heavy buying, surging by 1.75%. However, Asian Paints, Ultratech Cement, and ITC struggled to keep up.
The equity benchmark indices, Sensex and Nifty, managed to break their six-session losing streak and rebounded over 1%. This boost was attributed to value buying in auto, IT, financial, and energy stocks. Additionally, better-than-expected quarterly financial results from corporates uplifted investor sentiments. Nevertheless, concerns over escalating tensions in the Middle East continue to linger.
During the trading session, the BSE Sensex climbed 634.65 points or 1.01%, settling at 63,782.80 points. Throughout the day, it experienced a high of 63,913.13 points and a low of 63,393.37 points. Similarly, the Nifty surged 202.45 points or 1.07% to reach 19,059.70 points.
Vinod Nair, Head of Research at Geojit Financial Services, highlighted the positive impact of restrained FII selling, currency moderation, and global bond yield volatility on the domestic market’s recovery. However, Nair warned of potential earnings downgrades due to a further slowdown in the world economy caused by elevated interest rates and geopolitical risks.
In terms of individual stocks, Axis Bank led the Sensex pack with a 3.07% rise. This was followed by HCL Tech, SBI, NTPC, Tata Motors, Nestle India, and Infosys. Reliance Industries, a major index heavyweight, also experienced heavy buying, closing at Rs 2,265.25 apiece and surging by 1.75%. Notably, the company is set to announce its quarterly financial numbers after market hours.
Maruti Suzuki India reported a staggering 80.3% increase in net profit for the July-September quarter, reaching Rs 3,716.5 crore. This surge was primarily driven by better sales, lower commodity prices, cost reduction efforts, and higher non-operating income. On the other hand, Asian Paints, Ultratech Cement, and ITC struggled to perform.
In the broader market, the BSE midcap and smallcap indices gained 1.70% and 1.89%, respectively. All sectoral indices concluded in positive territory, with utilities gaining 2.22%, power jumping 2.04%, services rising by 1.79%, industrial and realty both increasing by 1.63%, and IT advancing by 1.36%.
Over the course of six trading sessions, the Sensex had experienced a decline of 3,279.94 points until October 26. Meanwhile, Asian markets such as Seoul, Shanghai, Tokyo, and Hong Kong closed with significant gains. European markets were trading on a mixed note, while US equity indices ended in negative territory on Thursday. The global oil benchmark, Brent crude, rose by 2.50% to reach USD 90.13 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 7,702.53 crore on Thursday.
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