Keeping its bullish momentum intact, the Indian stock market saw another session of strong gains in Monday’s trade, October 20, supported by both domestic and global positive cues, bringing frontline indices a step closer to their record highs.
Heavyweights led by Reliance Industries, Bharti Airtel, Infosys, SBI, and Axis Bank drove the Nifty 50 rally, which closed 0.52% higher at 25,843. The S&P BSE Sensex also gained 0.49%, ending the day at 84,363, compared to Friday’s close.
The broader markets also advanced, with the Nifty Midcap 100 surging 0.75%, while the Nifty Smallcap 100 rose 0.46%.
In terms of sector-wise performance, the Nifty PSU Bank index stood out, rallying 2.87%, followed by the Nifty Oil & Gas and Nifty IT indices, which gained 1.41% and 1%, respectively. The Nifty Media and Nifty Pharma indices also advanced, rising 0.87% each.
The Nifty Auto index was the weakest performer among the major sectoral indices, slipping 0.16%.
The first batch of September quarter earnings reflected a healthy performance across sectors, indicating that earnings may have bottomed out. Banks showed improvements in asset quality and margins, while consumer goods companies have so far reported a strong set of numbers.
