The Indian stock market rebounded with vigor on Wednesday, snapping a one-day losing streak as strong buying in energy and IT stocks propelled the benchmark indices higher. The market was buoyed by positive global cues ahead of the U.S. Federal Reserve's policy decision and a slew of upbeat quarterly earnings reports from domestic companies.
The S&P BSE Sensex jumped 369.34 points (0.44%) to close at 85,027.50. The NSE Nifty 50 also saw a significant rise, climbing 114.70 points (0.44%) to end the day at 26,050.90.
Key Market Highlights
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Sensex: Closed at 85,027.50, up 369 points.
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Nifty 50: Ended the session above the 26,000 mark.
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Market Sentiment: The mood on Dalal Street was bullish, with most sectoral indices ending in the green. The positive sentiment was widespread, with the Nifty MidCap 100 and SmallCap 100 indices also posting gains.
Top Gainers and Losers
Gains were led by energy and IT heavyweights, while some pharma and auto stocks lagged.
| Top Gainers |
Top Losers |
| Adani Ports (+2.6%) |
Dr. Reddy's Laboratories (-2.99%) |
| Power Grid (+2.46%) |
Coal India (-2.4%) |
| NTPC (+2.46%) |
Bharat Electronics (-1.54%) |
| HCL Technologies (+2.31%) |
Mahindra & Mahindra (-1.24%) |
| Shriram Finance (+2.04%) |
Eternal Ltd. (-1.24%) |
Sectoral Performance
It was a day of broad-based gains, with the energy, metal, and IT sectors leading the charge.
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Top Gainers: The Nifty Energy and Nifty Metal indices were the standout performers, each surging by over 2%. The Nifty IT index also saw strong buying, closing with a gain of 0.89%.
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Sole Loser: The Nifty Auto index was the only major sectoral index to end in the red, with a marginal loss of 0.31%.
Q2 Earnings Season in Full Swing
Today was a blockbuster day for Q2 earnings, with over 65 companies announcing their results for the September quarter.
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Larsen & Toubro (L&T): The engineering and construction giant reported a strong 15.6% year-on-year increase in its consolidated net profit to ₹3,926 crore.
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Bharat Heavy Electricals (BHEL): The state-owned engineering firm posted a massive 253.7% surge in its consolidated net profit to ₹375 crore, compared to ₹106 crore a year ago.
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Coal India: The mining behemoth reported a 33% decline in its consolidated net profit to ₹4,053 crore for the second quarter.
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Shree Cement: The cement major's net profit quadrupled, jumping 4x to ₹310 crore on the back of strong demand and higher sales volumes.
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TVS Motor: The two-wheeler maker reported a 42% year-on-year rise in its net profit to ₹795.48 crore, driven by record sales during the festive season.
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Apollo Pipes: The company reported a significant downturn, with its net profit falling by 61.9% to ₹16 crore.
Major News and Market Movers
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Oil Marketing Companies Rally: Shares of oil marketing companies like HPCL and BPCL surged up to 6% as crude oil prices continued to decline, which is expected to improve their margins.
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Global Cues: The market's rally was supported by positive sentiment in global markets. Investors are now keenly awaiting the outcome of the U.S. Federal Reserve's policy meeting later today, with hopes of a rate cut boosting risk appetite.
Frequently Asked Questions (FAQs)
Why did the market rally today?
The market's rally was driven by a combination of strong Q2 earnings reports from several major companies, positive global cues ahead of the U.S. Fed's policy decision, and a decline in crude oil prices.
Which sectors were the top performers?
The Nifty Energy and Nifty Metal indices were the top performers, each gaining over 2%. The IT sector also saw strong buying interest.
What were the key Q2 results announced today?
It was a very busy day for earnings. L&T and BHEL reported strong profit growth, while Coal India's profit declined. Shree Cement's profit quadrupled, and TVS Motor also posted a healthy rise in its net profit.
What is the key global event investors are watching?
The most significant global event is the U.S. Federal Reserve's interest rate decision, which is expected to be announced later today. The Fed's commentary on the future path of monetary policy will be crucial for market direction.