The Indian stock market extended its winning streak for a third consecutive day on Friday, with benchmark indices hitting a new 52-week high. The rally was powered by strong gains in consumption-focused sectors like FMCG and Auto, although the IT sector faced significant selling pressure. The market ended the week on a high note ahead of the Diwali holiday.
The S&P BSE Sensex surged 484.53 points (0.58%) to close at 83,952.19. The NSE Nifty 50 also climbed 124.55 points (0.49%) to end the week at 25,709.85.
Key Market Highlights
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Sensex: Closed at 83,952.19, up by 485 points.
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Nifty 50: Ended the session above the 25,700 mark.
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Market Sentiment: The mood on Dalal Street was largely positive, driven by heavyweight consumption and banking stocks. However, the broader market showed signs of caution, with the Nifty MidCap 100 and SmallCap 100 indices settling with losses of 0.57% and 0.05%, respectively, indicating that the rally was not broad-based.
Top Gainers and Losers
The consumption and auto sectors led the gains, while the IT and metal sectors were the biggest drags on the market.
| Top Gainers |
Top Losers |
| Asian Paints (+4.18%) |
Wipro (-4.0%) |
| Mahindra & Mahindra (+2.67%) |
Infosys (-2.9%) |
| Bharti Airtel (+2.31%) |
Tata Steel (-2.1%) |
| Max Healthcare (+2.27%) |
HCL Technologies (-2.0%) |
Sectoral Performance
It was a day of starkly mixed sectoral performance, highlighting a rotation out of technology and into consumption themes.
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Top Gainers: The Nifty FMCG index was the standout performer, surging by 1.37%. The Auto, Bank, Healthcare, and Consumer Durables indices also rose by 0.5% to 1%.
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Top Losers: The Nifty IT and Nifty Media indices were the biggest laggards, plummeting by 1.63% and 1.56%, respectively. The Energy and Commercial Services sectors also faced significant selling pressure.
Q2 Earnings Roundup
The second-quarter earnings season was in full swing, with several major companies announcing their results today.
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JSW Steel: Reported a multi-fold increase in its consolidated net profit to ₹1,623 crore for the September quarter, compared to ₹439 crore a year ago.
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Polycab India: Announced a strong 56% year-on-year growth in its Q2 consolidated net profit to ₹693 crore.
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Havells India: Posted an 18.9% increase in its consolidated net profit to ₹319 crore, driven by strong demand in its core cables segment.
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Hindustan Zinc: Reported a 13.8% rise in its net profit to ₹2,649 crore for the second quarter.
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Dalmia Bharat: Saw its consolidated net profit surge by a massive 413% to ₹236 crore.
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Central Bank of India: The state-owned lender posted a 33% growth in its net profit to ₹1,213 crore.
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Tata Technologies: Reported a 5% year-on-year rise in its consolidated net profit to ₹165.5 crore.
Major News and Stock-Specific Action
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Adani Power Rallies: Shares of Adani Power surged 5.5% after a media report stated that the Centre has approved the company's plan to connect its Godda power plant to the Indian grid.
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Whirlpool of India Gains: The stock jumped 11% after the company secured new brand and technology license agreements with its parent, Whirlpool Corporation.
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Ola Electric in Focus: Shares of the EV maker gained nearly 5% after the company announced its entry into the energy storage business with its new product, 'Ola Shakti'.
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Reliance Industries: Shares of the conglomerate settled over 1% higher ahead of its Q2 results announcement.
IPO Market Update
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Midwest IPO Closes: The subscription for the Midwest IPO closed today. The issue saw strong demand, being subscribed 92.36 times overall, with the non-institutional investors' portion being oversubscribed by 176.56 times.
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October IPO Performance: The IPO market has been active in October. LG Electronics India had a strong debut, surging 50%, which outpaced the more subdued listings of Tata Capital and WeWork India.
Frequently Asked Questions (FAQs)
Why did the market close higher today?
The market's rally was driven by strong buying in heavyweight consumption, auto, and banking stocks, which overshadowed the significant sell-off in the IT sector. Positive sentiment ahead of the Diwali festival also contributed to the gains.
Which sectors performed the best and worst today?
The Nifty FMCG index was the top gainer, rising 1.37%. The Nifty IT and Nifty Media indices were the biggest losers, each falling by over 1.5%.
What were the key Q2 earnings announced today?
Several companies reported strong earnings, including JSW Steel, Polycab India, Havells India, and Dalmia Bharat, all of which saw significant growth in their net profits.
What's the latest from the IPO market?
The Midwest IPO closed today with a strong subscription of over 21 times. The IPO market has been active, but the post-listing performance of recent issues has been mixed.