Sensex, Nifty rises in early trade driven by IT, bank stocks

Mumbai: Stock indices surged at the beginning of trading on October 15 (Tuesday) due to increased purchasing of IT and bank shares, in addition to a significant drop in Brent crude oil costs. Early in the trading session, the BSE Sensex increased by 327.39 points to reach 82,300.44 while NSE Nifty rose 84.1 points to reach 25,212.05. 

Asian Paints, Bharti Airtel, Infosys, Mahindra & Mahindra, Titan, Bajaj Finance, HCL Technologies, and ICICI Bank were some of the top performers among the 30 companies in Sensex.

HCL Technologies (HCLTech) reported a 10.51 pc rise in consolidated net profit to Rs 4,235 crore in Q2 of FY25, as it increased its growth guidance due to strong performance. Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance, and NTPC were among the underperformers in the group of top companies. 

India's most valuable company, Reliance Industries Ltd, saw a 5 pc drop in quarterly net profit in July-September due to poor performance in oil refining and petrochemical sectors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that while the 3 pc drop in Brent crude is a good thing for India overall, the higher-than-anticipated CPI inflation of 5.49 pc in September is worrying. 

According to data released by the government on October 14th, 2024 (Monday), the retail inflation rate reached a nine-month peak of 5.49 per cent in September due to skyrocketing vegetable prices.

The world oil standard Brent crude fell by 2.98 percent to reach USD 75.15 per barrel. Seoul and Tokyo were trading with gains in Asian markets, whereas Shanghai and Hong Kong were seeing declines. Monday saw increases in the US markets. According to data from the exchange, Foreign Institutional Investors (FIIs) sold equities valued at Rs 3,731.59 crore on Monday. Nevertheless, Domestic Institutional Investors (DIIs) purchased equities totaling Rs 2,278.09 crore.