Sensex, Nifty surge over 1%: From gains in RIL, HDFC Bank to strong global cues, here's 4 key factors driving the rally
BSE Sensex soared 896 points to 71,637.61 while the Nifty50 jumped 291 points to 21,429.60. The market exhibited a clear bullish bias, as 37 out of the Nifty stocks were trading in positive territory, while only 13 were in the negative zone. The top gainers were ONGC up over 7 percent followed by Adani Enterprises, Adani Ports, Reliance Industries, and Coal India.
Meanwhile, the top losers were Cipla, Dr Reddy's Laboratories, Infosys, LTIMindtree and Bajaj Finserv. While the overall sentiment was robust, the selling by foreign portfolio investors and a rise in crude oil prices capped further upside. Index heavyweights Reliance Industries and HDFC Bank were the top contributors on Sensex in morning deals today.
RIL was the top Sensex gainer. It jumped over 3.6 percent to its record high of ₹2,810 in intra-day deals today. Meanwhile, HDFC Bank also gained 2 percent on BSE after RBI approved LIC to raise its ownership in the country's largest private sector lender.
The Central Bank allowed LIC to acquire an additional 4.8 percent stake in HDFC Bank, and the stake could be raised to a maximum of 9.99 percent by January 24, 2025. Currently, LIC owns a 5.19 percent stake in HDFC Bank as of December 2023. Gains in the Indian market were also broad-based with all sectors trading in the green.
The market breadth also favored gainers as nearly two stocks rose for each one that fell. Sectors including bank, Financial Services, Auto, Metal, and Oil and Gas rose between 1-4 percent each. Meanwhile, the Nifty Midcap and Smallcap indices were also up over 1 percent each.
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