Indian equity benchmarks Sensex and Nifty snapped a three-day losing streak on Monday, closing higher in a volatile session. The market was lifted by strong buying in banking, metal, and energy stocks, coupled with positive global cues after reports of progress in ending the U.S. government shutdown.
The S&P BSE Sensex gained 319.07 points (0.38%) to close at 83,535.35, while the NSE Nifty 50 climbed 76.80 points (0.30%) to end the day at 25,569.10.
Key Market Highlights
-
Sensex: Closed at 83,535.35, up by 319 points.
-
Nifty 50: Ended the session above the 25,550 mark.
-
Market Sentiment: After a flat start, the market gained momentum as positive global news and a return of risk appetite boosted sentiment. The broader markets also performed well, with mid-cap and small-cap stocks rising around 1%.
-
Institutional Flows: Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) both turned net buyers, providing strong support to the market.
Top Gainers and Losers
Gains in the IT and financial sectors were key to the market's recovery, while consumer stocks faced some headwinds.
| Top Gainers |
Top Losers |
| Infosys (+2.86%) |
Trent (-7.42%) |
| Bajaj Finance (+1.88%) |
Max Healthcare (-3.13%) |
| HCL Technologies (+1.82%) |
Tata Consumer Products (-2.23%) |
| Coal India (+1.48%) |
Apollo Hospitals (-1.41%) |
| Asian Paints (+1.46%) |
Eternal (Zomato) (-1.40%) |
Busiest Day of Q2 Earnings Season
Monday was a blockbuster day for corporate earnings, with nearly 288 companies, including several heavyweights, announcing their results for the September quarter.
-
ONGC: The state-owned oil and gas giant was in focus as it announced its Q2 results today. The company also considered an interim dividend for its shareholders.
-
Vodafone Idea: The telecom major was also scheduled to release its Q2 earnings, with its stock ending lower ahead of the announcement.
-
Jindal Stainless: The company reported a strong quarter, with its net profit climbing 32% to ₹807 crore. The stock held on to gains of 1% after the results.
-
WeWork India: The co-working space provider posted a net profit of ₹6 crore for Q2, a significant turnaround from a loss of ₹14 crore in the previous quarter. Revenue for the quarter rose 71% year-on-year to ₹531.69 crore.
-
KPIT Technologies: The IT company reported a 17% decline in its net profit to ₹169 crore, despite a 7.9% increase in revenue.
-
Emami: The FMCG company's net profit for the second quarter fell by 30%.
IPO Market Update
The primary market was abuzz with activity, with a major listing and ongoing IPO subscriptions.
-
Lenskart Listing: Eyewear retailer Lenskart Solutions made its stock market debut today.
-
Pine Labs IPO: The IPO of fintech company Pine Labs continued its subscription, garnering a muted response on its second day with an overall subscription of 52% so far. The grey market premium (GMP) for the IPO has dipped to around 1%, suggesting a modest listing.
-
Finbud Financial Services IPO: The IPO of Finbud Financial Services is set to close for subscription today.
Global Market Summary
Global markets started the week on a positive note, with Asian markets trading higher as concerns over the U.S. government shutdown eased.
Frequently Asked Questions (FAQs)
Why did the market close higher today?
The market's rebound was driven by positive global cues, particularly hopes of an end to the U.S. government shutdown. Strong buying in banking, metal, and energy stocks, along with net buying from both FIIs and DIIs, also lifted market sentiment.
Which sector was the top performer?
While the rally was broad-based, the IT sector was a notable gainer, with stocks like Infosys and HCL Technologies among the top performers. The banking and metal sectors also saw strong buying interest.
What were the key Q2 results announced today?
It was a very busy earnings day. WeWork India reported a profitable quarter, a significant turnaround from the previous one. Jindal Stainless also posted strong profit growth, while KPIT Technologies and Emami saw their profits decline.
What's new in the IPO market?
Lenskart Solutions made its stock market debut today. The Pine Labs IPO is ongoing but has seen a muted response so far, while the Finbud Financial Services IPO closes for subscription today.