Mumbai
Indian equity benchmarks made a strong comeback on Friday, breaking a three-day losing streak. The BSE Sensex surged by over 250 points, surpassing the 81,280 level, while the NSE Nifty climbed more than 100 points to exceed 24,850. This uptick was driven by strong buying interest in major stocks, particularly Axis Bank, Tata Consultancy Services (TCS), Wipro, and Reliance Industries Ltd (RIL).
Axis Bank reported an impressive 18% year-on-year increase in its net profit for the September 2024 quarter, reaching ₹6,917.57 crore, up from ₹5,863.56 crore in the same period last year. Analysts like Nuvama and ICICI Securities maintained a ‘Buy’ rating on the stock, citing its favorable valuation metrics.
In the IT sector, TCS also posted positive results, with a 5% rise in net profit to ₹11,909 crore for Q2 FY25, compared to ₹11,342 crore the previous year. The company’s revenue increased by 7.65% year-on-year, reaching ₹64,259 crore. Analysts expressed optimism about TCS’s performance, particularly in the BFSI vertical.
Wipro’s Q2 results showed a significant 21.26% year-on-year profit surge, totaling ₹3,208.8 crore. Market analysts have pointed to a blend of mid-sized and small deals in Wipro’s order book, suggesting a recovery in demand.
Investors are now keenly awaiting HDFC Bank’s results, expected today (Saturday) Despite the positive momentum, some analysts recommend a ‘sell-on-rise’ strategy due to ongoing foreign institutional selling pressures in the market.
