Indian stocks are trending upward on Tuesday morning, buoyed by robust buying as traders engage in bargain hunting after recent sharp declines. The positive momentum from global markets is further fueling investor interest on the Indian exchanges.
Notable gains are seen in technology, automotive, banking, and real estate sectors, with several media stocks also enjoying significant upswings.
The BSE benchmark Sensex surged to 78,309.57, currently standing at 78,282.19, marking a rise of 943.18 points or 1.22%. Similarly, the broader Nifty50 index of the National Stock Exchange has increased by 278.85 points or 1.19%, reaching 23,732.65.
Key performers include Mahindra & Mahindra, Titan, Adani Ports, Tech Mahindra, and Tata Motors, each advancing between 2.5% and 3%. Meanwhile, Tata Consultancy Services and IndusInd Bank posted gains of 2.3% and 2.2%, respectively.
Other significant contributors are HDFC Bank, UltraTech Cement, Infosys, Power Grid Corporation, ITC, Reliance Industries, HCL Technologies, and Larsen & Toubro, all up between 1% and 2%. NTPC and Bharti Airtel also see notable increases.
Trent has risen approximately 2.85%, with ONGC up by 2.75%. Eicher Motors, BPCL, Hero Motocorp, BEL, Dr Reddy’s Laboratories, and Coal India are also witnessing strong gains.
Conversely, stocks like HDFC Life, SBI Life, Bajaj Financial Services, and Hindalco are experiencing declines ranging from 0.7% to 1.7%.
Auto component stocks including Motherson Sumi, Exide Industries, Bharat Forge, Bosch, Apollo Tyre, and Balkrishna Industries are sharply up.
Media stocks such as PVR Inox, Sun TV Network, Dish TV, Nazara, Den, Hathway, Saregama, and TIPS Music are up by between 1.5% and 3.4%.
Waaree Energies Limited declared a net profit of ₹375.65 crore for the quarter ending September 30, 2024, compared to ₹320.12 crore in the corresponding quarter of the previous year, though the stock fell by 3.7%.
Adani Green Energy catches attention amidst reports of its forthcoming US$ 600 million bond issuance. The stock is up by approximately 0.5%.
Bajaj Finance Limited announced a 21% increase in its Fixed Deposit book, amounting to ₹66,131 crore as of September 30, 2024, with the stock rising by 0.5%.
Ashoka Buildcon Ltd climbed roughly 2.7% after revealing it emerged as the lowest bidder for projects worth ₹2,791 crore from the National Highways Authority of India.
The market's breadth is notably strong, with 2,903 stocks showing gains on the BSE, while 843 stocks are showing declines, and 131 stocks remain relatively unchanged from their previous close.
