The Indian benchmark indices registered significant gains on Diwali as the Sensex increased more than 400 points closing at 84,369, and the Nifty closed at 25,850, inching up over 140 points.
The top gainers in the markets today were stocks like Reliance Industries, Bajaj Finserv, Axis Bank, State Bank of India and TCS. The laggards included stocks such as Maruti, Ultra Cement, Tech Mahindra, Hindustan Unilever and Trent.
In the broader markets, the Nifty Microcap 250 gained 1 per cent. On a sectoral basis, the Nifty Auto index declined by 0.16 per cent and the Nifty PSU Bank index jumped by 2.87b per cent.
Previously, during early morning trade the Sensex opened 498 points higher at 84,451, and the Nifty opened higher by more than 190 points, at 25,899.
Through the day, the Indian equity markets witnessed a bullish session on Monday as five major BSE Sensex stocks hit new all-time highs, including stocks like State Bank of India, HDFC Bank, Bharti Airtel, Bajaj Finance and Bajaj Finserv.
Indian equities ended the week on a strong note, with both key indices registering steady gains amid robust consumption trends as well as investor optimism.
Institutional Buying & Strong Corporate Earnings
According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 308.98 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares valued at Rs 1,526.61 crore.
Market experts said that sustained DII inflows, along with marginal FII participation and strong festive season sales across the automobile and consumer goods sectors, have reinforced investor optimism.
“The momentum in the market, triggered by sustained huge DII buying, marginal FII buying, and news of brisk festival season sales of automobiles and white goods, is set to continue with more positive news. The early Q2 results indicate a sharp recovery in earnings. Results of HDFC Bank and RIL are particularly impressive,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Additionally, major companies such as HDFC Bank and Reliance Industries are reporting better-than-expected results, which is also boosting investor confidence.
Global Cues And Crude Prices
Global sentiment remained broadly positive, with US markets ending in the green on Friday. Meanwhile, Brent crude, the global oil benchmark, edged down 0.36 per cent to USD 61.07 a barrel, offering relief for import-heavy economies like India.
