The beginning of the festive Diwali week in the Indian stock market was nothing short of a grand celebration, while as the market opened on Monday, an environment of widespread buying was witnessed across Dalal Street, creating immense enthusiasm among investors. 78.80. This stormy rally in the market filled the pockets of investors on the very first day of the week, setting a celebratory mood across Dalal Street.
Investors earn eight lakh crore rupees in a single day
This historic rally in the market brought massive profits to investors. 61 crore rupees on the previous trading session on Friday. 86 crore rupees. In financial market terminology, driven by this impressive rally on Monday, investors made a hefty profit of more than eight lakh crore rupees in just one day.
Nifty breaks five month record in strong rally
Monday's market rally was memorable in many ways. Both major indices closed with strong gains of over one and a half percent. Nifty witnessed its biggest intra-day surge since June 12, marking a period of nearly 5 months. Due to this stellar jump, Nifty reached its highest level since September 23, which is a 6-week high. Banking stocks also provided full support in this rally, enabling Bank Nifty to successfully close above the 55,000 mark. Throughout the trading session, approximately 2,668 shares advanced, while 1,469 shares declined. The prices of 162 shares remained unchanged. 95.
Reliance shares drive bumper earnings for investors
The biggest engine behind this soaring rally that earned investors eight lakh crore rupees was the stock of Reliance Industries Limited, while following strong quarterly results, investors rushed to buy shares of the country's most valuable company. 55 rupees in the previous session. 40 rupees. 90 rupees. 60 percent at 1,300 rupees.
Strong quarterly results boost market sentiment
Behind this grand Diwali party of the market are the solid quarterly results posted by companies. According to the MOFSL report, the second-quarter results announced so far are strictly in line with market expectations. Despite expensive raw materials and macroeconomic challenges, widespread growth has been witnessed across companies. Companies under MOFSL coverage have reported their highest growth in the last 12 quarters. So far, results for 35 Nifty companies have been released, with an estimated growth of 22 percent. Reliance Industries, JSW Steel, ICICI Bank, Coal India, and Axis Bank have made significant contributions to this performance.
Smallcap companies steal the show with stellar performance
Sector-wise, BFSI, metals, and oil and gas companies recorded higher growth. Only the healthcare and cement sectors showed a relatively subdued performance. On the category front, smallcap companies delivered the best performance, recording a strong growth of 34 percent in their results. This was followed by largecap companies with 30 percent growth and midcap companies with 26 percent growth. Results across all company categories surpassed expectations. A total of 43 percent of companies reported profits higher than estimated, while 24 percent of companies posted profits lower than anticipated.