Markets shrug off global cues

Nifty50: 17,822 ▲+131 (+0.7%)
Sensex: 59,744 ▲+445 (+0.7%)

Amid mixed global cues, markets closed in green for the second straight session. Of the Nifty50 pack, 29 stocks posted gains.

Among the Nifty indices, Oil & Gas (+2.7%) and IT (+1.1%) were the top gainers. Whereas, Realty (-1.3%) and Pharma  (-0.5%) were the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

HDFC Bank reports strong Q2 numbers

The largest private bank’s total loan book grew by 15% YoY to ₹11.9 lakh crore in the September quarter. This sharp growth in loan disbursals was largely driven by the commercial and rural banking segment. 

In the same period, the total deposits also rose by 14.4% to ₹6.5 lakh crore. Its CASA (current account saving account) ratio also improved to 47% from 41.6%. Meanwhile, shares of HDFC Bank were 0.5% today.     

Vedanta, Hindustan Zinc’s production rises

The aluminium production of Vedanta rose 21% year-on-year to 570,000 tonnes in the September quarter. In the same period, Vedanta’s subsidiary Hindustan Zinc’s mined metal segment reported a 4% YoY growth. 

However, Hindustan Zinc’s other segments such as integrated metal, refined zinc integrated and refined lead integrated reported a drop in production. Shares of Vedanta and Hindustan Zinc were up 1.7% and 0.8%, respectively today.

Oil prices soar on OPEC’s move

Notwithstanding the pressure from the oil consuming nations, OPEC plus allies said that they will stick to their plan to restore oil output slashed during the pandemic and will only add 4,00,000 barrels a day.

With the sharp recovery in the global economy and pick up in demand for air and road travel around the world, the decision comes on the backdrop of rising demand for oil products like gasoline and jet fuel. Meanwhile, In the international market, WTI crude is trading above $78, having gained over 3% so far this week. . Shares of domestic oil exploration companies too saw strong investor interest - ONGC and Oil India were up 10.7% and 1.2% respectively.

Closing bell

Today, the rally in the markets was largely fueled by stocks in the Oil & Gas and IT sectors. Reliance Industries and ONGC saw a strong buying interest. Meanwhile, IT stocks have started a run-up ahead toward the September quarter results of TCS on 8 October 2021. The strong results and outlook shared by global IT major Accenture have already helped in building optimism in the markets regarding the performance of Indian IT majors.

Good to know

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