Indices rise: SENSEX gains 400 pts, NIFTY50 hits 25,100; Avenue Supermarts drops 9%

The Indian stock market performed strongly on Monday, October 14, with the benchmark indices extending their gains in early trading. Investors looking to buy shares online saw positive momentum in leading companies such as HDFC Bank, Infosys, and Reliance Industries.

Sensex and Nifty climb in early trading

At 9:48 AM, the S&P BSE Sensex was trading at 81,828.40 points, up 447 points or 0.55%. The NSE Nifty50 index also gained, trading at 25,104.90 points, a rise of 140.65 points or 0.56%. The rise in key stocks encouraged many investors to buy shares online.

Top performers and underperformers

Wipro, L&T, Hero MotoCorp, JSW Steel, and Shriram Finance led the gains on the NSE, while Axis Bank, Bajaj Finance, Cipla, Britannia, and Titan Company were left behind. Despite foreign institutional investors (FIIs) selling equities worth ₹4,162.66 crore on Friday, domestic institutional investors (DIIs) stepped in, purchasing shares worth ₹3,730.87 crore.

Buzzing stocks

Two of the major buzzing stocks are: 

• Avenue Supermarts: Shares of Avenue Supermarts, the operator of D-Mart, fell by over 9%, trading at ₹4,143.60 apiece. This followed the company’s Q2 results, which reported a 5.78% increase in consolidated net profit to ₹659.44 crore. Revenue from operations rose by 14.41% to ₹14,444.50 crore for the quarter.
• Ashoka Buildcon: On a more positive note, Ashoka Buildcon shares surged over 5.5% to ₹265.90. Following news that the company’s joint venture received a ₹1,673 crore project award from the City and Industrial Development Corporation of Maharashtra.

The broader market struggles to keep up

While the benchmark indices rose, the broader market underperformed. The BSE MidCap index was down by 18 points, trading at 48,418.87, while the BSE SmallCap index showed a slight rise of 0.08%, trading at 56,645.68 points.

Sector performance

Metal stocks led the sectoral gains, with the S&P BSE METAL index up 0.91% at 33,952.79 points. Banking and financial services stocks also performed well, contributing to the overall gains seen by those keen to buy shares online.

Global market overview

Asian markets saw mixed performance as investors awaited more clarity on China’s economic stimulus promises. On Wall Street, U.S. stocks rose on Friday, driven by a 4.21% increase in bank shares. Oil prices also dipped over 1.5%, reflecting concerns over Chinese demand.

Key takeaways

1. Indian indices showed early gains, with the Sensex up by 0.55% and the Nifty by 0.56%.
2. Avenue Supermarts fell over 9%, while Ashoka Buildcon rose by 5.5%.
3. Metal stocks and banking shares were the top sectoral performers.
4. Global markets were uncertain due to unclear Chinese economic policies.

Investors looking to buy shares online should monitor these developments closely as the market continues to shift.