Bulls return at Stock Markets, IT stocks lead the rally
New Delhi, Oct 13 (UNI) Indian Stock Markets recorded a strong comeback by the bulls with the Nifty closing above 22,700 level. The markets rally was led by IT stocks following strong quarterly earnings from HCL Technologies. At close, the Sensex was up 1,109.10 points or 1.54 percent at 73,033.78, and the Nifty was up 358.60 points or 1.60 percent at 22,721.95.
Nifty Midcap index rose 0.7%, while Smallcap index closed flat. Among the sectors, except Energy and pharma, all other indices ended in the green. In the notable names, Information Technology index gained 5%, while Metal, PSU Bank, Auto, Consumer Durables, Realty up 1 percent each. On Nifty, the key gainers were HCL Technologies, TCS, Shriram Finance, Tech Mahindra and Infosys, while losers included Eternal, Kotak Mahindra Bank, Max Healthcare, Power Grid Corp and Maruti Suzuki.
More than 160 stocks touched 52-week low. These included Medplus Health, Tube Investment, Max Healthcare, Maruti Suzuki, Power Grid Corp, Gujarat Energy, Avenue Supermarts, IOC, Vedanta Aluminium, Balkrishna Industries, Reliance Industries, Ramco Cements, Vishal Mega Mart, Bata India, Swiggy, Voltas, Jupiter Wagons, HUL, among others. In terms of individual performers, RBL Bank shares fell 7.5 percent despite reporting a 170 percent year-on-year surge in standalone profit. Polycab India shares declined 2 percent after the National Stock Exchange of India decided to exclude the company from the equity derivatives segment.
Vinod Nair, Head of Research, Geojit Investments Limited said, "Indian equities advanced as stronger-than-expected technology earnings boosted confidence in corporate profit growth and lifted benchmark-heavy large-cap stocks. Rupee stability and easing bond yields further supported sentiment, bringing financial stocks into focus. However, with inflation near the upper end of the RBI's tolerance band and geopolitical uncertainty keeping energy markets volatile, policymakers are likely to remain cautious on macro stability, potentially keeping the market range-bound." "Still, the strong IT-led start and expectations of a decent overall Q2 corporate performance suggest the market is pricing in resilience despite a challenging external environment."
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