Market Wrap: Sensex rises 411 points, Nifty tops 25,800 points as Reliance, HDFC Bank rally after gains

Indian shares rose for a fourth session on Monday, with the Sensex rising 0.5% and the Nifty closing above 25,800, while heavyweights Reliance Industries and HDFC Bank rose on optimism after the results. Gains were partly offset by profit-taking at ICICI Bank, which limited the broader rally.

The S&P BSE Sensex rose 411.18 points, or 0.49%, to close at 84,363.37, while the NSE Nifty 50 rose 133.30 points, or 0.52%, to 25,843.15.

Among the 30-share Sensex, Reliance Industries, Bajaj Finserv, Axis Bank, SBI and TCS led the gains, rising between 1.8% and 3.5%.

Reliance Industries rose 3.5% to a three-month high after its September quarter results as analysts were optimistic about the conglomerate’s core earnings, retail momentum and improving prospects for all businesses.

HDFC Bank ended little changed after hitting a record high earlier in the session, buoyed by stable quarterly results and improvement in asset quality.

ICICI Bank fell 3.2% even as it beat earnings expectations, with investors expressing concerns over subdued loan and deposit growth. The broader markets also recovered, with the midcap index rising 0.8% and small caps rising 0.5%. The Sensex and Nifty have now risen 2.8% in four sessions, leaving them less than 2% below their September 2024 record highs.

Indian markets will hold a special one-hour Muhurat trading session on the occasion of Diwali on Tuesday from 2:30 PM to 3:30 PM IST.

Expert views

The Indian market extended its positive momentum, driven by better-than-expected Q2 results from major companies and festival optimism and positive global cues further strengthened investor sentiment, with US-China trade stories easing and European market rally led by defense stocks, said Vinod Nair, head of research at Geojit Investments. months of sales.

“PSU banks and mid-market financial services firms led the way, benefiting from potential acquisitions and improvement in margins and asset quality as per Q2 results. The oil industry also posted notable gains, thanks to falling crude prices and a strengthening Indian rupee,” Nair said.