The Nifty 50 crossed the 24,400 mark by 10:30 AM. The domestic equity market kicked off on a positive note on Monday, October 28, with heavy demand in key index-sensitive stocks such as ICICI Bank, SBI, and Infosys.
At 9:25 AM, S&P BSE SENSEX was at 79,757.57, higher by 355 points or 0.45 %. On the other hand, the NSE NIFTY 50 index also rose by 24,265.05 points, rising by 84 points or 0.35%. The hike in some major blue-chip stocks has given a positive start, especially after healthy Q2 shows of ICICI Bank and buoying up the market.
NSEs top gainers listing are Shriram Finance, ICICI Bank, State Bank of India, BPCL, and NTPC, while NSE’s top losers are Coal India, ONGC, L&T, ITC, and Tech Mahindra. ICICI Bank was the star performing stock on the SENSEX counter, with an appreciation of 2.7 percent on Friday following more than-expected second-quarter numbers. It was closely trailed by SBI and NTPC, wherein investors were seen lapping up stocks in the counter.
The market breadth was majorly positive; this indicated a high level of buying amongst the market investors. On the BSE, out of 3,144 stocks, there were gainers of 1,896 stocks and losers of 1,103 stocks, and 145 stocks remained flat. The market breadth came out as positive because more than half of the stocks went up while the market mood among investors was generally upbeat.
This renewed positive move in the Indian stock market has come at a time when stock exchanges are in search of investing in sectors in which they expect high growth, and this has highly favored banks and other financial institutions due to consistent performance in the current quarter.
The good show of blue-chip counters like ICICI Bank and SBI, along with an overall Buying Interest for Sectors, indicates that the market is still holding up well despite the troubles unfolding across the world. This bipolar distribution of gain and loss indicates a moderately positive market sentiment & mid and small-cap stocks are on investors’ radar in the forthcoming trading sessions.
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