Market Commentary - Mid-Session
Indices trade with major gains; European mkt opens higher As on : 28-Oct-24  13:41

The domestic equity benchmarks traded with significant gains in afternoon trade. The Nifty traded near the 24,450 mark. All the sectoral indices on NSE were in the green with PSU bank, metal and realty shares gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex surged 1,004 points or 1.27% to 80,399.30. The Nifty 50 index jumped 269.50 points or 1.11% to 24,450.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.88% and the S&P BSE Small-Cap index jumped 1.31%.

The market breadth was strong. On the BSE, 2,591 shares rose and 1,307 shares fell. A total of 164 shares were unchanged.

Gainers & Losers:

Shriram Finance (up 5.70%), Adani Enterprises (up 4.38%), ICICI Bank (up 3.97%), Mahindra & Mahindra (up 3.21%) and Adani Ports and Special Economic Zone (up 3.10%) were major Nifty gainers.

Coal India (down 3.94%), Bharat Electronics (down 1.43%), Kotak Mahindra Bank (down 0.85%), Bajaj Auto (down 0.79%) and Axis Bank (down 0.78%) were major Nifty losers.

Shrirram Finance rallied 5.70% after the NBFC's standalone net profit jumped 18.30% to Rs 2,071.26 crore on 17.89% increase in total income to Rs 10,096.68 crore in Q2 FY25 over Q2 FY24.

Stocks in Spotlight:

ICICI Bank gained 3.98% after the private lender's standalone net profit increased 14.47% to Rs 11,745.88 crore on 17.24% rise in total income to Rs 47,714.04 crore in Q2 FY25 over Q2 FY24.

InterGlobe Aviation (IndiGo) fell 6.91% after the company reported consolidated net loss of Rs 986.7 crore in Q2 FY25 as against net profit of Rs 188.9 crore posted in Q2 FY24. However, revenue from operations jumped 13.55% year on year (YoY) to Rs 16,969.6 crore in the quarter ended 30 September 2024.

Bandhan Bank soared 9.39% after the bank reported 29.99% growth in standalone net profit to Rs 937.44 crore on 21.11% rise in total income to Rs 6,094.53 crore in Q2 FY25 over Q2 FY24.

Balkrishna Inds advanced 1.64% after the company reported 4.24% increase in standalone net profit to Rs 349.60 core on 9.45% rise in revenue from operations to Rs 2,436.19 crore in Q2 FY25 over Q2 FY24.

IDFC First Bank shed 0.66%. The bank's standalone net profit declined 97.33% to Rs 20.06 crore despite 21.61% jump in total income to Rs 10,684.23 crore in Q2 FY25 over Q2 FY24.

Central Depository Services (INDIA) (CDSL) rallied 4.81% after it reported consolidated net profit jumped 48.86% to Rs 162.03 core on 55.79% rise in net sales to Rs 358.51 crore in Q2 FY25 over Q2 FY24.

Yes Bank surged 7.16% after the private bank's standalone net profit zoomed 145.56% to Rs 553.04 crore on 15.35% rise in total income to Rs 9,137.09 crore in Q2 FY25 over Q2 FY24

Global Markets:

Dow Jones futures climbed 202 points, signaling a positive open for US stocks. Investor sentiment improved after Israel opted against striking Iran's nuclear and oil facilities over the weekend, easing concerns about a major escalation in Middle Eastern tensions.

Most European shares traded higher on Monday as market participants were digesting a cooling geopolitical situation in the Middle East. Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities, easing earlier concerns.

Most Asian stocks advanced on Monday, with the Japanese yen weakening to a three-month low. Investors eagerly awaited details of China's fiscal stimulus plans, as a recent report revealed a deepening decline in industrial profits. The upcoming National People's Congress meeting, scheduled for November 4-8, is expected to address financial work, state asset management, and potential changes to the bond-issuance quota or deficit ratio.

US stocks closed mixed on Friday, with the Nasdaq hitting a new intraday high while the S&P 500 and Dow Jones Industrial Average finished below recent peaks. The S&P 500 ended flat at 5,808.12 points on Friday, while the NASDAQ Composite rose 0.6%. The Dow Jones Industrial Average closed down 0.6%.

Investor interest in technology stocks intensified ahead of a slew of key earnings reports from major tech companies this week. Five of the Magnificent Seven tech giants are set to release their quarterly results. This week, investors will closely monitor a series of crucial economic indicators and corporate earnings reports for insights into the health of the economy and businesses.

Powered by Capital Market - Live News