Equity benchmark indices rallied in early trade on Tuesday (October 15, 2024) amid buying in IT and bank stocks along with a sharp cut in Brent crude oil prices.
The BSE Sensex climbed 327.39 points to 82,300.44 in early trade. The NSE Nifty went up by 84.1 points to 25,212.05.
From the 30 Sensex firms, Asian Paints, Bharti Airtel, Infosys, Mahindra & Mahindra, Titan, Bajaj Finance, HCL Technologies and ICICI Bank were among the major gainers.
IT services major HCL Technologies (HCLTech) on Monday (October 14, 2024) reported a 10.51% increase in consolidated net profit to ₹4,235 crore in the July-September quarter of FY25, as the company raised the lower band of its growth guidance on the back of better-than-expected performance.
From the blue-chip pack, Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance and NTPC were the laggards.
Reliance Industries Ltd, India’s most valuable company, on Monday (October 14, 2024) reported a 5% fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance.
“The sharp cut in Brent crude by 3% is a macro positive for India, but CPI inflation for September coming worse-than- expected at 5.49% is a concern…,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Soaring vegetable prices pushed the retail inflation rate to a nine-month high of 5.49% in September, according to government data released on Monday (October 14, 2024).
Global oil benchmark Brent crude dropped 2.98% to $75.15 a barrel.
In Asian markets, Seoul and Tokyo were quoting in the positive territory while Shanghai and Hong Kong traded lower.
The U.S. markets ended higher on Monday (October 14, 2024).
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,731.59 crore on Monday (October 14, 2024), according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth ₹2,278.09 crore.
“Even though FIIs continue to sell, the intensity of their selling has come down reducing the pressure on largecaps,” Mr. Vijayakumar added.
The BSE benchmark Sensex jumped 591.69 points or 0.73% to settle at 81,973.05 on Monday (October 14, 2024). The Nifty climbed 163.70 points or 0.66% to 25,127.95.
“The Nifty continues to show resilience, with bullish momentum supported by positive global market trends and strong Q2 earnings from HCL Tech,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Published – October 15, 2024 12:27 pm IST