Closing Bell: Market Ends At One-Week High, Sensex & Nifty Soar; HDFC Bank, L&T & ITC Lead Gains

Closing Bell: Market Ends At One-Week High, Sensex & Nifty Soar; HDFC Bank, L&T & ITC Lead Gains

Business oi-Shravani Sinha

On Monday, October 14, the Indian stock market closed at a one-week high, buoyed by substantial gains from heavyweight stocks, including HDFC Bank, L&T, and ITC. The benchmark indices displayed robust performance, with the Sensex rising by 592 points to settle at 81,973, while the Nifty reclaimed the 25,100 mark, ending the day at 25,128, a gain of 164 points.

The Nifty Bank index also experienced a significant uptick, gaining 645 points to finish at 51,817, closing above key moving averages of 50 and 100-day durations. This positive momentum was reflected across various sectors, with the Midcap Index surging 258 points to close at 59,471, recovering from intraday lows.

A total of 249 stocks, including HCL Technologies, Tech Mahindra, Persistent Systems, Trent, and Divi’s Laboratories, hit fresh one-year highs during intraday trading on the Bombay Stock Exchange (BSE).

The return of buying interest in the IT sector was noteworthy, with Wipro and Tech Mahindra emerging as the top gainers in the Nifty index. Meanwhile, HCLTech rose by more than 1% ahead of its earnings report, reflecting positive market sentiment regarding its performance. In contrast, Reliance Industries ended the day flat, failing to follow the upward trend seen in other heavyweights.

L&T’s shares surged by over 2%, buoyed by a positive brokerage note that likely encouraged investor optimism. Conversely, ONGC’s stock faced pressure and declined, while oil marketing companies (OMCs) saw gains tracking a decrease in crude prices, with Brent crude falling back below $78 per barrel.

The two-wheeler auto segment also witnessed buying activity amid expectations of healthy demand during the festive season, which traditionally boosts vehicle sales.

However, not all sectors participated in the rally. Tata Chemicals and Bandhan Bank experienced sharp declines after exiting the futures and options (F&O) ban. The Indian Energy Exchange (IEX) fell 4% following comments from the Power Secretary, emphasizing a commitment to market coupling.

City gas stocks also faced pressure due to expectations of lower allocations of Administered Price Mechanism (APM) gas, indicating a potential tightening of supply that could affect profitability. In the real estate sector, stocks saw increased buying interest, with Oberoi Realty rising 4% and Godrej Properties up 2%.

On the midcap front, Federal Bank emerged as the top gainer, surging by 5%, while MTNL soared 6% after reports suggested that a revival plan may be in the works. Despite the positive close, market breadth remained neutral, with an advance-decline ratio of 1:1, indicating that while many stocks advanced, a comparable number experienced declines.

Story first published: Monday, October 14, 2024, 16:05 [IST]

Original news source Credit: www.goodreturns.in

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