SENSEX, NIFTY50 snap two-day losing streak led by gains in banking shares

The Indian equity benchmarks snapped their two-day losing streak on Thursday, October 29, as investor sentiment turned positive tracking a drop in crude prices in global markets amid monthly expiry of SENSEX futures and option contracts.

The SENSEX rose as much as 920 points and NIFTY50 index touched an intraday high of 22,962 powered by gains in index heavyweights like Kotak Mahindra Bank, State Bank of India, ICICI Bank, Eternal, Bharti Airtel, Infosys, Adani Ports and Reliance Industries.

The SENSEX ended 905 points higher at 74,151 and NIFTY50 index advanced 238 points to close at 22,937.

In October series, the SENSEX advanced 0.78%.

Brent crude futures dropped 1% to $114 per barrel as hopes for ‌peace talks took the edge off renewed concerns over Middle East supply disruptions from escalating regional conflict.

Buying was visible across board as all the major sector gauges compiled by the National Stock Exchange (NSE), barring the measure of auto stocks, ended lower led by the NIFTY Realty index's 2.75% gain, NIFTY PSU Bank, FMG, Bank, Financial Services, IT, Media, Private Bank and Consumer Durables indices also rose between 1% and 2.34%.

Broader markets also witnessed buying interest as NIFTY Midcap 100 index advanced 1% and NIFTY Smallcap 100 index gained 0.95%.

Among the individual shares, Aeroflex Industries advanced as much as 17.5% after it posted a 157% increase in its consolidated net profit after tax to ₹37 crore, in comparison to ₹14 crore in the corresponding quarter of the previous financial year.

Jupiter Wagons rose 9% after the company bagged a major order from the Ministry of Railways.

The rolling stock and mobility solutions company received an order from the Ministry of Railways (Railway Board) for the manufacture and supply of 2,583 wagons worth ₹1,140 crore, including taxes. The 2,583 wagons comprise BOXNHL and BOXNS wagons.

Hyundai Motor India shares surged nearly 6% to hit an early market high of ₹1,973.80 as investors focused on the strong overall sales growth and the potential for a turnaround in the second half of FY27, despite a 24% fall in its consolidated net profits in the July to September quarter results.

Adani Ports and Adani Enterprises were top gainers in the NIFTY50 index after their September quarter earnings enthused investors.

Kotak Mahindra Bank, Eternal, Power Grid, Bajaj Finance, Hindustan Unilever, Titan, NTPC, ITC, Infosys, Tata Consumer Products and Bharat Electronics also rose between 1.83% and 4.32%.

On the flip side, Trent, Maruti Suzuki, Bajaj Auto, SBI Life, Eicher Motors, Hindalco, Cipla, tech Mahindra and IndiGo were top losers in the NIFTY50 index.

The overall market breadth was positive as 2,196 shares ended higher while 1,387 closed lower on the NSE.