Market Close Highlights, Oct 28: Sensex adds 603 pts, Nifty holds 24,300; Bank stocks outperform

Stock Market Highlights: Indian benchmark equity indices BSE Sensex, and NSE Nifty50 settled higher on Monday

Stock Market Highlights, Monday, October 28, 2024:  Benchmark equity indices, BSE Sensex and NSE Nifty 50, jumped over 1 per cent during intra-day trade on Monday before ending the week's first trading session in positive territory, mirroring Asian peers.

The BSE Sensex added 602.75 points or 0.76 per cent to settle at 80,005.04. Similarly, the NSE Nifty 50 ended higher by 158.35 points or 0.65 per cent at 24,380.80.

Notably, 36 out of 50 constituent stocks of Nifty 50 ended higher, with gains led by Shriram Finance, Adani Enterprises, ICICI Bank, Wipro, and JSW Steel, extending up to 5.35 per cent. On the other hand, Coal India, Bajaj Auto, Axis Bank, Hero MotorCorp, and BEL were among 14 stocks that ended in red with losses extending up to 3.76 per cent.

Smallcap stocks outperformed broader markets, with Nifty Smallcap 100 ending higher by 1.20 per cent. Midcap shares followed, as Nifty Midcap 100 index settled higher by 0.83 per cent. All sectoral indices ended in green, with banking stocks leading the charge. Nifty PSU Bank index ended higher by 3.78 per cent, followed by Bank Nifty at 093 per cent and Nifty Private Bank at 0.27 per cent.

Meanwhile, Nifty Media, Pharma, Realty and Heathcare indices ended higher by over 1 per cent each.

3:55 PM

Stock Market Highlights LIVE Updates: A decisive close above 24,500 will signal further recovery for Nifty50

Markets opened the week on a positive note, gaining over half a percent, pausing after the recent decline. Following an initial dip, the Nifty recovered strongly, briefly testing the 24,500 resistance level in the first half; however, profit-taking in the latter half trimmed the day’s gains.

Ultimately, it closed at 24,339.15, up by 0.6 per cent. All major sectors contributed to the recovery, with metals, realty, and pharma among the top gainers. The broader indices also saw some relief, each gaining nearly a percent.
 

Participants should not read much into a single day rebound and await a decisive close above 24,500 to signal further recovery, as a failure to do so could lead to a resumption of the decline. Traders are advised to maintain a cautious approach, keeping positions balanced on both sides, with a focus on large-cap and mid-cap leaders while avoiding averaging down loss-making positions.

(View by  Ajit Mishra – SVP, Research, Religare Broking Ltd.)

3:46 PM

Stock Market Highlights LIVE Updates: Positive results from banks and a slump in oil prices boosted markets

The market exhibited a rebound after continuous selloff last week. Positive results from banks and a slump in oil prices in expectation of an ease in retaliations in the Middle East aided investor sentiment.

Stability in the broad-based rally requires more evidence from earnings, which are currently in the doldrums of weak demand and margin pressure. We expect companies with a less leveraged balance sheet and growth prospects to outperform when the market stabilizes.

(View by: Vinod Nair, Head of Research, Geojit Financial Services.)

3:44 PM

Stock Market Highlights LIVE Updates: Coal India, Bajaj Auto and Axis Bank shed on NSE

Coal India, Bajaj Auto and Axis Bank were top losers on NSE, falling up to 4 per cent. 

3:42 PM

Stock Market Highlights LIVE Updates: Nifty PSU Bank, Metals lead sectors

Among sectors, Nifty PSU Bank was the top gainer, rising 3.78 per cent, followed by Nifty Metal, up 2.54 per cent among others. 

3:40 PM

Stock Market Highlights LIVE Updates: BSE SmallCap index outperforms

In line with benchmarks, broader markets, too, had thier day in the sun on Monday, with BSE SmallCap index rising 1.11 per cent and BSE MidCap index jumping 0.69 per cent.

3:37 PM

Stock Market Highlights LIVE Updates: ICICI Bank, JSW Steel and M&M gain on Sensex

ICICI Bank, JSW Steel and M&M were top gainers on BSE Sensex on Monday. 

3:34 PM

Stock Market Highlights LIVE Updates: Nifty50 settles above 24,300

NSE's Nifty50 ended at 24,339 level, rising 158 points or 0.65 per cent on Monday.

3:32 PM

Stock Market Highlights LIVE Updates: Sensex ends 600 pts higher

The BSE Sensex ended 602 points higher or 0.76 per cent at 80,005 level. 

3:29 PM

Stock Market LIVE Updates: Sun Pharma rises 2% after Q2 performance

Sun Pharmaceutical Industries reported a strong Q2FY25 performance with net profit surging 28 percent on-year to Rs 3,040 crore. The drugmaker’s consolidated revenue from operations rose 9 per cent on-year to Rs 13,291 crore during July-September.

3:12 PM

ACME Solar Holdings IPO: Key Highlights, financials, risks revealed in DRHP

ACME Solar Holdings IPO: Leading renewable energy player ACME Solar Holdings is all set to go public with the launch of its Initial Public Offering (IPO). Through this IPO, the company seeks to raise Rs 3,000 crore by offering a fresh issue of equity shares and an Offer for Sale, with promoters divesting their stake from the company. The promoters of the company include Mamta Upadhyay, Manoj Kumar Upadhyay, ACME Cleantech Solutions, MKU Holdings, and the Upadhyay Family Trust. Read more

3:03 PM

Stock Market LIVE updates: 3 PM market update

At 3 PM, the BSE Sensex was up 637.83 points, or 0.80 per cent, at 80,040.12, while the Nifty 50 was at 24,334.95, up 154.15 points, or 0.64 per cent

 

2:50 PM

Stock Market LIVE Updates: Afcons Infra IPO Day 2: Subscription lags at 0.19x, GMP holds at 5%; bid?

Stock Market LIVE Updates: Afcons Infrastructure, the flagship company of Shapoorji Pallonji Group, has garnered a lackluster response to its Rs 5,430-crore initial public offering (IPO), which launched on October 25, 2024.

As of Monday, 11:48 AM, the issue has been subscribed 0.19 times, with bids received for 1.62 crore shares against 8.66 crore shares on offer, as per the NSE data. READ MORE

 

2:43 PM

Stock Market LIVE Updates: PNB reports nearly 3-fold jump in standalone Q2 net profit at Rs 4,303.46 crore

Stock Market LIVE Updates: Punjab National Bank reported standalone total income for Q2 at Rs 34,447.1 crore, up 17.3 per cent YoY from Rs 29,383.20 crore in
the year ago period.

The bank reported net interest income at Rs 21,184.26 crore, up 14.7 per cent YoY from Rs 18,464.29 crore in the year ago period.

The company's operating profit for the quarter stood at Rs 6,853.31 crore, up 10.2 per cent from Rs 6,216.43 in the year ago quarter.

The company's provisions for NPA declined to Rs 198.86 crore during the quarter, from Rs 3,018.63 crore in the year ago quarter.

Meanwhile, the company reported a net profit of Rs 4,303.46 crore, up 145.1 per cent YoY from Rs 1,756.13 crore in the year ago period.

 

2:24 PM

Stock Market LIVE Updates: Shakti Pumps hits 5% upper circuit as profit grows multi-fold in Q2

Stock Market LIVE Updates: Shares of Shakti Pumps were locked in a 5 per cent upper circuit at Rs 4,474.95 per share on the BSE in Monday’s intraday deals. The stock price jumped after the company reported a sharp rise in net profits, and despite recording subdued sales for the second quarter of the financial year 2024-25 (Q2FY25). 

 

The company reported a revenue from operations of Rs 634.6 crore in September 2024, up 315.4 per cent from Rs 152.8 crore in September 2023. Sequentially, the revenues rose 11.8 per cent. READ MORE

 

2:10 PM

Stock Market LIVE Updates: RVNL bags Rs 186.8-cr order to build traction sub stations for East Central Railway

Stock Market LIVE Updates: Rail Vikas Nigam Limited today informed that it has bagged a Rs 186. crore order from East Central Railway for the "Design, Supply, Erection, Testing & Commissioning of Traction Sub Stations with associated Switching Posts for upgradation work of electric traction system from 1X25 to 2 X 25 KV AT feeding system in Gomoh - Patratu Section of Dhanbad Division of East Central Railway.”