Finance
Indian benchmark indices created a strong rebound on Monday, October 28, as a rise in financials and metal stocks, combined with favorable global cues, helped bulls reclaim control of the market following a five-day slide.
Consequently, the Nifty 50 concluded the session with a gain of 0.65% at 24,339. During intraday trade, the index came close to reaching 24,500, but fell just 8 points short. The S&P BSE Sensex ended the session with a 0.6% gain, closing over the 80,000 milestone at 80,005. During the day, the index peaked at 80,539.
Meanwhile, both the mid- and small-cap indices witnessed a robust bounce, with the Nifty Smallcap 100 up 1.20% and the Nifty Midcap 100 up 0.83%.
All major sectoral indices closed in positive territory today, with the Nifty PSU Bank Index leading the way with a 4% gain. This is its largest intraday surge in a month, owing to the outstanding performance of Bank of Baroda’s September quarter earnings, which increased investor optimism in the sector.
The Nifty Metal index was the second top gainer, up 2.4%. Furthermore, the Nifty Media, Nifty Realty, and Nifty Pharma indices all closed the trading session with advances of more than 1%.
Meanwhile, both the mid- and small-cap indices witnessed a robust bounce, with the Nifty Smallcap 100 up 1.20% and the Nifty Midcap 100 up 0.83%.
All major sectoral indices closed in positive territory today, with the Nifty PSU Bank Index leading the way with a 4% gain. This is its largest intraday surge in a month, owing to the outstanding performance of Bank of Baroda’s September quarter earnings, which increased investor optimism in the sector.
The Nifty Metal index was the second top gainer, up 2.4%. Furthermore, the Nifty Media, Nifty Realty, and Nifty Pharma indices all closed the trading session with advances of more than 1%.
Looking at the individual companies, 35 of the Nifty 50 index’s components closed in positive territory, with Shriram Finance leading the way with a 5.4% gain. Adani Enterprises, ICICI Bank, Wipro, and eight other equities all posted gains of more than 2%.
Coal India fell 4.2% after Q2 results, while Bajaj Auto lost 2% and settled at ₹10,011 on Monday, continuing their downward trajectory. In October, the stock dropped 19% of its value, the largest monthly decrease since March 2020.
Other equities, including Axis Bank, Hero MotoCorp, Kotak Mahindra Bank, Bharat Electronics, Trent, and three others, finished the session with losses greater than 0.5%.
Source:Mint
