Indian stock market today started the week on a strong note, on the auspicious occasion of Diwali. The Nifty 50 index touched a new high. The Nifty 50 closed at 25,853.20 for the session, up 143.36 points or 0.56% from the previous close. The remarkable performance underscores the buoyant sentiment among investors, driven by a confluence of strong corporate earnings, sustained domestic institutional buying and positive global cues. The broader market sentiment remains bullish, which could see a festive mood on Dalal Street in the coming days and weeks.
The Day’s Stock Market Trading Dynamics
The night witnessed a bullish overnight session in the US markets and a favourable start in the Asian markets. Therefore, the Nifty 50 started the trading session today on a positive note, with the index opening at 25,864, indicating a continuation of the upward trend of recent weeks. In early trade, it crossed the psychological level of 25,900 and touched an intraday high of 25,926.20, which is the highest peak today. Despite some minor profit-booking in the latter part of the day, the index successfully held its ground, reflecting the fundamental strength of the market. Trading volume was strong, further confirming the confidence of market participants in the current bullish trend.
Leadership within sectors
The stock market rally was broad-based today but was led by financial services, energy and telecom sectors. The Bank Nifty index, a strong indicator of local economic health, also touched a new high, driven by impressive quarterly results from private banking companies and improving asset quality.
Reliance Industries Limited (RIL) led the Nifty gains today, rising over 3.5% after its strong quarterly earnings report, which impressed the market. RIL’s performance, along with other energy and core sector stocks, provided major support to the index.
Bharti Airtel also showed strong gains, indicating continued optimism in the telecom sector’s consolidation and rate outlook. Other major gainers included Axis Bank, SBI and Asian Paints, indicating healthy appetite for cyclical and consumption-related stocks.
In contrast, the information technology (IT) sector acted as a minor drag on the index. Shares like ICICI Bank, JSW Steel and UltraTech Cement were among the biggest losers of the day, though their declines were moderate and largely due to sector-specific pressure or profit-taking after a significant rally in the recent past. In particular, the IT sector is under pressure due to concerns over discretionary spending by US clients and mixed earnings outlook.