Benchmark stock indices ended the day a little higher, after a rebound, mainly driven by a surge in financial sector stocks.
The S&P BSE Sensex added 0.66% to end at 74,339.44, while NSE Nifty50 rose by 0.75% to reach 22,570.35. Initially, both benchmarks dropped by approximately 0.4% in the opening trading session before bouncing back.
Notable gains were seen in companies like Axis Bank and Nestle India following their post-earnings performance.
Axis Bank shares surged by over 6%, marking its highest single-day percentage gain in 18 months, following the private lender’s surpassing of quarterly profit estimates.
Nestle India shares saw a rise of 2.5% following its report of a larger-than-anticipated quarterly profit increase.
Additionally, the consumer company announced its partnership with Dr Reddy’s Laboratories to manufacture items like nutraceuticals and supplements.
This announcement led to a 5% surge in Dr. Reddy’s shares.
Dr Reddy’s, and Nestle emerged among the top five gainers on the Nifty50 index, outweighing the 10.87% decline witnessed by the leading loser, Kotak Mahindra Bank.
Kotak Mahindra Bank stocks plunged after the Reserve Bank of India banned the private lender from adding clients digitally.
The public sector bank index went up by 3.77%, driven by a 5.12% surge in the State Bank of India, reaching a new record high.
Share of Hindustan Unilever fell by 1.3% following a quarterly profit that fell short of estimates.
