Sensex rises 473 points, Nifty snaps 4-day losing streak: 5 reasons why stock market rose today
Heavyweight stocks such as Reliance Industries, ICICI Bank and ITC contributed the most to the Nifty’s gains during the session. ITC was the top Nifty gainer, rising more than 5% after a positive brokerage note.
The equity benchmark indices snapped a four-session losing streak on Monday , with the Sensex rising 473 points to 72,383 and the Nifty gaining 134 points to 22,556 in a volatile session.The Nifty Bank advanced 263 points to 54,714, while the Midcap index climbed 392 points to 59,124.Here are the key reasons behind the market’s move:1. Heavyweights drive Nifty higherHeavyweight stocks such as Reliance Industries, ICICI Bank and ITC contributed the most to the Nifty’s gains during the session. ITC was the top Nifty gainer, rising more than 5% after a positive brokerage note.ALSO READ | Bajaj Housing Finance shares in focus after all key metrics grow in excess of 20% in Q22.
IT stocks lose opening gainsIT stocks failed to sustain their opening gains following Accenture’s fourth-quarter results. HCLTech fell 3% during the session as the IT pack came under pressure.3. HDFC Bank sees profit bookingHDFC Bank declined more than 2% as investors booked profits following the appointment of a new managing director and chief executive officer.4.
Capital market stocks surgeCapital market stocks rallied in trade, with BSE and Angel One gaining up to 4%. Meanwhile, MOIL shares jumped 5% after the company reported 19% year-on-year growth in September production.ALSO READ | IT, banks, autos: Dharmesh Kant shares top stock picks and sector outlook5. Stock-specific moves remain sharpDMart slipped more than 6% following its second-quarter update, while V2 Retail plunged nearly 16% after its same-store sales growth was seen at 5–7% in FY27 versus 8–10% earlier.Among midcaps, AU Small Finance Bank and Nykaa were among the top gainers following strong second-quarter updates.
Hospital stocks extended their losses, with Apollo Hospitals and Max Healthcare declining nearly 2% each.PB Fintech failed to hold on to its gains and ended lower for the seventh straight session. Market breadth remained weak, with the advance-decline ratio at 1:1.ALSO READ | Gautam Shah sees 23,500-24,000 on Nifty; flags IT, PSUs and FMCG opportunitiesFrom the Sensex basket, ITC Ltd, Shriram Finance Ltd, Bajaj Finance Ltd, ICICI Bank Ltd, Bharti Airtel Ltd and Tata Consultancy Services Ltd were the major gainers. HCL Technologies Ltd, Max Healthcare Institute Ltd, Asian Paints Ltd, Infosys Ltd, Cipla Ltd and Tata Steel Ltd were the biggest laggards
Related Stories
Meta share price: Stock slumps 7.5% despite upbeat Q3 results; why is Facebook parent falling?
Meta shares fell 7.5% after the company raised its capital-spending outlook to as much as $145 billion to advance its AI strategy, despite quarterly revenue exceeding expectations.
Gen Zers and millennials are taking on side hustles and freelance work
Gen Z and millennials have earned money from side hustles or other work outside their primary job, largely because they need to, rather than for fun.
Stocks to watch on Oct 23: Swiggy, HPCL, Sagility, Colgate, and more
Swiggy, HPCL, Cyient, Colgate, Sagility and Adani Total Gas shares are in focus on October 23 after reporting Q2FY27 results, with mixed profit growth, rising revenue and margin pressures.