Closing Bell: Market Delights On Dhanteras; Sensex & Nifty End Higher Led By Reliance & HDFC Bank

Closing Bell: Market Delights On Dhanteras; Sensex & Nifty End Higher Led By Reliance & HDFC Bank

Business oi-Shravani Sinha

As festive trading kicked off on Dhanteras, Indian markets ended the session on a high note, reflecting investor optimism. Both the Nifty and Sensex climbed to strong gains, powered by a recovery in realty and financial stocks. The Sensex closed with an impressive 364-point gain at 80,369, while the Nifty rose by 128 points to reach 24,467, continuing the upward trend of the previous session. The resilience of the markets was on full display today, with a significant midday rally helping to counter early-session losses.

The trading session on October 29, 2024, saw a smart recovery from initial declines, driven by strong performances from heavyweight stocks like Reliance Industries and HDFC Bank. As the afternoon progressed, these stocks helped the markets regain positive momentum and finish near the day’s highs, marking the second consecutive day of gains. The resurgence in these major players also lifted overall investor sentiment, allowing the markets to close out the session on a buoyant note.

Nifty’s surge was largely due to solid performances across the financial sector, with the Nifty PSU Bank index climbing more than 3% for the second day in a row. State Bank of India (SBI) was a top performer, posting a robust 5.3% gain. Other PSU banks and financial institutions also contributed to the rally.

Realty stocks were among the day’s biggest winners, riding a wave of positive investor sentiment. The financial sector also put up strong numbers, with several banks posting significant gains:

Nifty PSU Bank index surged over 3% as financial stocks attracted strong buying interest. State Bank of India (SBI) topped the list with a 5.3% gain, while other financial heavyweights like Bajaj Auto and HDFC Life Insurance also posted notable advances.

Metals saw a midday rally in response to reports of potential stimulus measures from China, a move that could provide much-needed support to global metal prices. This optimism helped metal stocks recover from earlier losses.

On the flip side, the auto sector struggled throughout the day. Maruti Suzuki took a significant hit, ending as the top Nifty loser after a 4.2% decline due to weak Q2 earnings. Tata Motors also lost ground, sliding by 3.9%, while Hero MotoCorp and Dr. Reddy’s Laboratories followed suit, closing down by 2.9% and over 1%, respectively.

In the broader market, the Midcap index posted a substantial gain of 514 points, reaching 56,251. The banking sector performed exceptionally well, with the Nifty Bank index climbing 1,061 points to settle at 52,321. Among individual banking stocks, Canara Bank closed nearly 3% higher, reflecting improved asset quality. Other PSU banks also saw strong buying activity as the sector continued its positive momentum from recent sessions.

Adani Group stocks made headlines today, with Adani Enterprises, Adani Ports, and Adani Wilmar each advancing by up to 3% on the back of robust Q2 results. The positive performance of Adani stocks reinforced market optimism.

Telecom giant Bharti Airtel ended the session in the red but showed signs of recovery after a positive statement from its MD, Gopal Vittal, reaffirming the company’s focus on growth. Meanwhile, Cipla closed lower despite reporting in-line results, with other pharmaceutical stocks like Sun Pharmaceutical and IndusInd Bank also struggling due to a subdued outlook in the sector.

In the commodity market, gold and silver continued their upward trajectory for the third consecutive session, driven by uncertainties around the upcoming US presidential election. Investors flocked to precious metals as safe-haven assets, pushing prices higher. Gold contracts on the Multi Commodity Exchange (MCX) for December delivery rose by Rs 322, or 0.41%, to Rs 78,888 per 10 grams, while silver contracts for December delivery jumped by Rs 1,038, or 1%, to Rs 98,460 per kilogram.

Reflecting the overall market optimism, the advance-decline ratio closed at a favourable 2:1, indicating that gainers outnumbered losers by a wide margin. The positive ratio showcases investor confidence, with most sectors ending the day with gains despite early-session volatility.

Story first published: Tuesday, October 29, 2024, 16:16 [IST]

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Original news source Credit: www.goodreturns.in

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