The NSE Nifty 50 reversed losses to trade at a one-year high today, as gains in Reliance Industries Ltd. ahead of its quarterly results offset losses in Infosys and Wipro share prices.
The NSE Nifty 50 rose as much as 0.42% to 25,693.3 points—the highest since 1 October 2024—while the BSE Sensex added 0.50% to 83,887.58. Both the indexes fell about 0.2% at open. The equity benchmarks are at three-month highs and now sit less than 3% below their record peaks in September 2024.
Ten of the 16 major sectors logged gains. The broader small-caps advanced 0.2%, while mid-caps shed 0.1%.
The Nifty IT index dropped 1.3%, with Wipro Ltd. and Infosys Ltd. slipping 4.5% and 1.8%, respectively, after declaring their second-quarter results. Reliance Industries and ICICI Bank Ltd. rose 0.9% and 0.6% respectively, while HDFC Bank Ltd. gained 0.4%.
The stock market is witnessing a bullish consolidation following a recent rally, and ahead of the results of ICICI Bank, HDFC Bank on Saturday and Reliance on Friday.
“Good results from HDFC Bank and ICICI Bank can support the market and if Reliance also joins the rally, after its quarterly results, the market can sustain the momentum further,” VK Vijayakumar, chief investment strategist at Geojit Investments, told Reuters.
Stocks In Focus
- Asian Paints Ltd. rose 5% to emerge as the top percentage gainer on Nifty 50, helped by a drop in oil prices — a key input cost for paintmakers.
- Nestle India Ltd. climbed 1.2%, after gaining 4.5% Thursday on reporting a rise in sales and volume growth in the September quarter.
- Zee Entertainment Enterprises Ltd. fell 3% after reporting a sharp drop in second-quarter profit.
Track latest updates on Sensex and Nifty today, here.