Banking stocks power Sensex past 80,000, Nifty above 24,450 in afternoon trade

By Pune Media On Oct 28, 2024 24

Indian equity benchmarks extended their morning gains in afternoon trading on Monday, with the BSE Sensex breaching the 80,000 mark and the NSE Nifty climbing above 24,450 points, driven by strong performance in banking and financial stocks.

The 30-share BSE Sensex traded at 80,492.69 at 12:29 pm, up 1,090.40 points or 1.37 per cent from its previous close. The broader NSE Nifty rose 298.75 points or 1.24 per cent to 24,479.55.

Banking stocks continued their upward momentum, with the Nifty Bank index rising 735.70 points or 1.45 per cent to 51,523.15. The Nifty Financial Services index gained 244.70 points or 1.03 per cent to reach 23,977.40.

Also read: Index Outlook: Sensex, Nifty 50 in the last leg of correction

Market breadth remained positive with 2,551 stocks advancing and 1,285 declining on the BSE. Trading activity was robust with 4,024 stocks traded, while 118 stocks hit 52-week highs and 138 touched 52-week lows. The session saw 294 stocks hitting upper circuit limits and 292 touching lower circuits.

Among sectoral indices, the Nifty Next 50 advanced 505.05 points or 0.72 per cent to 70,221.55, while the Nifty Midcap Select rose 80.90 points or 0.66 per cent to 12,402.10.

Vodafone Idea led the gainers on NSE, surging 6.53 per cent, followed by Hindustan Petroleum Corporation Limited up 4.75 per cent. Indus Towers gained 3.24 per cent, Dixon Technologies rose 2.98 per cent, and Federal Bank advanced 2.11 per cent.

On the downside, Bharat Forge declined 1.91 per cent, followed by Indian Hotels Company dropping 1.82 per cent. Container Corporation of India fell 1.23 per cent, while IDFC First Bank and Coforge shed 1.22 per cent and 1.20 per cent respectively.

The market showed resilience despite recent selling pressure from Foreign Institutional Investors (FIIs), who offloaded ₹3,036 crore worth of Indian equities on October 25. However, Domestic Institutional Investors (DIIs) provided support by purchasing ₹4,159 crore worth of shares on the same day.

The broader market sentiment remained positive with advances outnumbering declines by nearly two to one, indicating widespread buying interest across sectors.

Published on October 28, 2024

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