The festival mood seems to have entered Dalal Street days in advance, as Indian frontline indices gained over 1% in Thursday’s trading session. The rally was largely led by financial heavyweights following Axis Bank’s results, which triggered a sharp rise in private sector banks.
A strong Q2 performance by Nestle powered a rally in broader FMCG stocks, sending the Indian stock market to its biggest intraday gain since early October.
The Nifty 50 rallied 1.03% to the 25,585 level, while the S&P BSE Sensex surged 1.04% to 83,467 points. Broader markets also showed similar strength, with the Nifty Midcap 100 advancing 0.46% and the Nifty Smallcap 100 closing 0.24% higher.
In terms of sector-wise performance, the Nifty FMCG index stood out, rallying 2.02%, followed by Nifty Realty and Nifty Private Bank, which gained 1.90% and 1.48%, respectively.
The Nifty Metal index also picked up momentum in the second half of the session, ending 0.68% higher, while Nifty Oil & Gas and Nifty IT advanced 0.54% and 0.37%, respectively. Nifty PSU Bank was among the few losers, falling 0.44%. The Nifty PSU Bank was the only loser, slipping 0.44%.
BLS International Services leads the gainers’ list
BLS International Services stood out as the stock jumped 16.5% to ₹324.5 apiece after the company announced that it had bagged a three-year contract from the Ministry of External Affairs.
In its exchange filing, the company said it had been awarded the contract to establish and operate Indian Visa Application Centers (IVACs) in China for a three-year period.
Extending their winning run to the fourth session, Ather Energy shares rallied 8.4% to settle at a record high of ₹688.6 apiece. Ola Electric Mobility shares also remained higher, hitting another 5% upper circuit limit at ₹55.38 apiece after the EV maker announced its entry into the energy storage solutions space with the launch of ‘Ola Shakti.’
Reacting to its stellar performance in the September quarter, Nestle India shares advanced 4.52% to a one-year high of ₹1,276 apiece. The company’s domestic sales were the highest ever in a quarter, according to management, while margins, though lower, were in line with expectations.
Axis Bank also reacted positively to its Q2 numbers, surging 2.28% to ₹1,196. Although the private lender posted a larger-than-expected drop in September-quarter profit, several analysts pointed to improved operating performance and asset quality as positive factors.
Other banking stocks such as Kotak Mahindra Bank and RBL Bank were also among the top gainers, rising 2.6% and 2.4%, respectively.
KEI Industries, Anant Raj among top laggards
KEI Industries emerged as the top laggard among Nifty 500 stocks, falling 5.6% to ₹4,172 apiece, while Anant Raj also dropped 4.41% to ₹633.35 apiece. Other top weak performers in the pack included Netweb Technologies, Tata Investment Corporation, Max Financial Services, Delhivery, and Chennai Petroleum Corporation, all of which fell over 3%.
Other prominent stocks such as Hyundai Motor India, Multi Commodity Exchange, Hexaware Technologies, NLC India, Gujarat Mineral Development, and Castrol India also came under pressure, with all losing between 1.5% and 3%.
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