Although the benchmark indices opened higher, they traded on a positive note throughout the session and ultimately closed green.
Indian equity benchmarks indices, Sensex and Nifty50 ended sharply higher as oil prices declined, allaying fears about persistent price pressure.
At the closing bell, the BSE Sensex closed 1,534 points higher (up 1.6%)
Meanwhile, the NSE Nifty closed 374 points higher (up 2.1%)
ICICI Bank, Tech Mahindra, Bharti Airtel are the top gainers today.
Bharat Elec, Trent, HUL on the other hand, were among the top losers today.
The GIFT Nifty was trading at 22,984 with 361 points higher at the time of writing.
The BSE 150 Midcap index is trading 0.4% lower and the BSE 250 SmallCap index is trading 1% higher.
Sectoral indices traded mixed today, with buying interest witnessed in the stocks of oil & gas sector and auto sector. Meanwhile, stocks in power sector and PSU Bank sector witnessed selling pressure.
3 reasons why Indian share markets are rising:
1. Buying in Blue-Chip Stocks
Investors are showing more interest in large, well-established companies as stock prices become more reasonable. These stocks are seen as relatively safer investments than mid- and small-cap stocks amid ongoing global uncertainties.
2. Selloff in AI Stocks
AI-related stocks in markets like South Korea and Taiwan are falling due to concerns about high valuations and a possible slowdown in the AI sector. This could benefit the Indian stock market as foreign investors may shift their money from AI stocks to India, which has a relatively strong economy.
3. Healthy Start to Q2 Earnings
The Indian stock market is gaining support from better-than-expected second-quarter results from major IT companies like TCS and HCL Tech. Despite concerns over rising oil prices, high US bond yields, and foreign investors selling shares, investors are selectively buying stocks at lower prices.
The rupee is trading at Rs 95.1 against the US$.
Gold prices for the latest contract on MCX are trading 1% higher at Rs 1,47,822 per 10 grams.
Meanwhile, silver prices were trading 1.3% higher at 2,11,083 per 1 kg.
Indian Bank Q2 FY27 Results
Shares of Indian Bank came into focus after the company reported its Q2 FY27 results.
Indian Bank reported a 14.7% year-on-year (YoY) increase in net profit to Rs 34.62 billion in Q2FY27, compared with Rs 30.18 billion in the same quarter last year.
The public sector bank's total income rose 20.9% YoY to Rs 230.59 billion from Rs 190.77 billion.
Gross non-performing assets (NPAs) declined 28% to Rs 116.13 billion from Rs 161.35 billion, while net NPAs remained largely unchanged at Rs 9.83 billion.
Nestle India Q2 FY27 Results
Shares of Nestle India came into focus after the company reported its Q2 FY27 results.
The FMCG major reported a 36.3% year-on-year (YoY) increase in net profit to Rs 10.27 billion in Q2FY27, compared with Rs 7.53 billion in the same quarter last year. EBITDA rose 31% YoY to Rs 16.15 billion from Rs 12.33 billion.
Sales grew 20.5% YoY to Rs 67.82 billion from Rs 56.30 billion, supported by healthy volume growth, steady demand and premiumisation.
Exports increased 22% to Rs 2.67 billion. Revenue was broadly in line with analysts' expectations of Rs 67.65-68.09 billion, while total expenses rose 17% to Rs 54.06 billion, mainly due to higher raw material costs and other expenses.
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