Festive Cheer On D-Street: Nifty Tops 25,800; Reliance, PSU banks, And IT Stocks Lead Rally
Synopsis
- Indian markets kicked off the festive truncated week on a positive note
- Reliance jumped 3% post-earnings, while RBL Bank surged on record FDI deal.
- Retail sentiment on Stocktwits for the Nifty has moved from ‘bullish’ to ‘neutral’ at market open
Indian equity markets opened the festive truncated week on a strong note, with the Nifty index pushing above 25,800. Barring metals, real estate, and consumer durables, the rest of the indices traded in the green. PSU banks, IT, and energy stocks lead the gains.
At 09:50 a.m. IST, the Nifty 50 was up 91 points at 25,801, while the Sensex was up 315 points at 84,268. Broader markets were mixed, with the Nifty Midcap index gaining 0.3%, and the Smallcap index was flat.
The retail sentiment on Stocktwits for the Nifty has moved from ‘bullish’ to ‘neutral’ at market open amid ‘high’ message volumes.
Stock Watch
Reliance was the top Nifty gainer, with its shares rising 3% following a strong show in the September quarter (Q2) earnings and brokerage upgrades.
ICICI Bank fell over 2% despite steady Q2 earnings as brokerages flagged growth concerns for the lender. It was the top Nifty loser in early trade.
RBL Bank surged 4% after Dubai's Emirates NBD acquired a 60% stake for $3 billion, marking the largest FDI deal in Indian banking so far.
IDFC First Bank gained 2% after reporting a 75% surge in Q2 profit, driven by robust core income and lower provisions. On the other hand, IndusInd Bank fell over 1% after it posted a surprise Q2 loss of ₹437 crore due to a substantial increase in provisions.
DCB Bank surged 10% on earnings cheer, Q2 profit rose 18.3% to ₹184 crore.
RPP Infra Projects gained 4% on securing an LoA worth ₹125.9 crore for civil works at the National Academy of Defence Financial Management in Pune.
Global Cues
Globally, Asian markets traded higher, while crude oil prices fell amid global trade tensions.
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