Sensex Surges 905 Points to 74,151 and Nifty Reclaims 22,900 on Broad Rally Led by IT, Banking, and Adani Stocks
Indian equity markets witnessed aggressive short-covering and value buying on October 29, staging a comprehensive recovery from recent weakness. The benchmark BSE Sensex surged 905.01 points, or 1.24 percent, to close at 74,151.04. Simultaneously, the broader NSE Nifty 50 gained 237.90 points, or 1.05 percent, reclaiming psychological milestones to settle at 22,936.75.
The rally started on a quiet note tracking mixed global markets but gathered strong momentum as the trading session matured. Investor confidence received a major lift after the US Federal Reserve decided to hold its benchmark interest rate steady in the 3.75% to 4.00% band, meeting consensus expectations and easing global liquidity anxieties.
Key Top Gainers on the Nifty 50:
- Adani Ports & SEZ: Surged near the top of the benchmark pack, gaining roughly 6.0%.
- Adani Enterprises: Rose 5.8% as conglomerate counters witnessed robust institutional buying.
- Kotak Mahindra Bank: Advanced over 4.3%, spearheading the strength in frontline banking names.
- Power Grid Corporation: Jumped more than 4.0%, providing solid support from the utility and infrastructure segment.
- Eternal: Gained over 3.4% during the session.
Key Laggards:
- Trent: Faced sharp profit-booking ahead of quarterly earnings, sliding 1.8%.
- Maruti Suzuki: Shed 1.3% as the automobile pack came under margin pressures.
- Bajaj Auto: Dipped close to 1.0% amid selective offloading in two-wheelers.
- SBI Life Insurance & Hindalco Industries: Traded lower, slipping among the index's bottom performers.
Sectoral Performance and Market Breadth
Market breadth was decisively tilted in favor of the bulls. With the sole exception of the Nifty Auto index, which slipped around 0.24%, all sectoral gauges ended in the green. High-beta and rate-sensitive indices led the charge: Nifty Bank, Nifty IT, Nifty Energy, Nifty PSU Bank, and Consumer Durables rose approximately 1% each. The Nifty Realty, Metal, and Oil & Gas indices also posted healthy gains of over 0.5%.
The broader markets tracked the headline benchmarks higher, with both the Nifty Midcap and Smallcap indices clocking 1% gains each.
Earnings and Stock-Specific Buzz
Beyond the frontlines, several mid- and small-cap stocks saw sharp price reactions tied to operational developments and quarterly earnings:
- Nilkamal: Soared 13% after the company declared a doubling of its second-quarter net profit to Rs 68 crore.
- Aeroflex Industries: Gained 9% following solid quarterly operational figures.
- Jupiter Wagons: Rallied 5% on bagging a fresh commercial order worth Rs 1,140 crore.
- Hyundai Motor India: Advanced 2.5% after brokerage CLSA reiterated an 'Outperform' rating with a target price of Rs 2,300 per share.
- JSW Energy: Jumped 5.7% after maintaining a positive operational outlook.
For Indian market participants, the decisive bounce back above 22,900 points to strong underlying demand near lower support bands. Analysts note that while global cues remain sensitive to monetary trajectory updates, domestic earnings delivery and easing institutional outflows will remain the primary drivers of Indian indices in the coming sessions.
