Market Movers: 5 major stocks including HDFC Bank, RIL contribute 78% to the Nifty 50 gains today; check full list
Also Read: DMart: Market not impressed by Q3 earnings as stock closes with marginal gains; what should investors do next? Notably, 32 constituents of the index finished the session in the green zone, with the five heavyweights contributing 158 points, or 78%, to the Nifty 50's overall rally. Among these, HDFC Bank emerged as a significant contributor, supporting 66.16 points to the index rally. During today's trading session, the stock witnessed a 1.93% spike, reaching ₹1,672 apiece.
In its latest Q3FY24 preview report, brokerage firm Motilal Oswal expects the bank to post a net profit of ₹16,241.6 crore for the December ending quarter (Q3FY24), an increase of 32.5% YoY and 1.7% QOQ. It expects NII to increase by 26.8 YoY and 6.4% QoQ to ₹29,142.3 crore. The pre-provision operating profit is expected to rise by 26.2% YoY and 5.8% QoQ to ₹24,016 crore.
Also Read: Nifty 50 advances for 5th straight session, crosses 22,000 mark for first time; Wipro, Infosys, TCS among major gainers Meanwhile, another heavyweight that contributed most to Nifty 50's rally was Reliance Industries. The stock has been in an upward trend over the last three trading sessions, and it continued the same robust momentum in today's trade by touching a fresh record high of ₹2,792 apiece and contributing a significant 34.47 points to the index rally. Another noteworthy contributor was Infosys, adding 32 points to the index.
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