On October 16, the Indian stock market closed b for the second consecutive day. The Sensex rose by 862 points to 83,468, and the Nifty surged by 262 points to 25,585. Banking, realty, and FMCG stocks saw significant gains, while Reliance, Nestle India, and Titan bolstered the market. Buying by FIIs and DIIs also fueled the momentum.
Stock Market Today: On Thursday, October 16, the stock market witnessed a massive rally ahead of Diwali. The Sensex jumped 862 points to close at 83,468, and the Nifty climbed 262 points to 25,585. The banking, realty, and FMCG sectors strengthened the market, with b buying observed in stocks like Axis Bank, Nestle India, and Titan. Investor confidence was boosted by the activity of foreign and domestic funds, a ber rupee, and positive global cues. The market's attention is now on Reliance Industries' quarterly results.
Sensex and Nifty Show Strong Momentum
On Thursday, the Sensex closed at 83,468 after a leap of 862 points. Meanwhile, the Nifty closed at 25,585 with a gain of 262 points. This marks the Nifty's highest level in approximately four months. The bullish sentiment in the market was primarily driven by b buying in banking and FMCG stocks.
The Nifty Bank index surged by 623 points to reach 57,423, coming very close to its all-time high of 57,628. Broad-based buying was observed across the market, with almost all sectors closing in the green.
Banking Stocks Accelerate Market Pace
Throughout the day, the banking sector showed tremendous enthusiasm. Leading stocks like Kotak Mahindra Bank, Axis Bank, HDFC Bank, and ICICI Bank witnessed continuous buying. Investor confidence was boosted by Axis Bank's better-than-expected quarterly results and b credit growth.
RBL Bank's shares also rose by 2% as the company announced its fundraising plans. These stocks made a significant contribution to the Nifty Bank's gains.
Realty and FMCG Sectors Shine
All major sectors closed in the green today, but the realty and FMCG indices witnessed the best gains. Both sectors surged by about 2%. In realty stocks, Oberoi Realty, DLF, and Godrej Properties continued their rally for the second consecutive day. Nestle India delivered the best performance in the FMCG sector. Its shares jumped 4% after the company's b quarterly results.
Titan's shares also saw a 3% rise, driven by expectations of increased jewelry demand ahead of Diwali.
Profit Booking in Some Stocks
In this bullish environment, some profit booking was also observed in certain stocks. Eternal Limited fell by 3%, while KEI Industries dropped 6%. The latter informed about a delay in the commissioning of its Sanand plant, leading to investor sell-offs.
Shares in the insurance sector also showed weakness. HDFC Life and Max Financial fell by 3–4%. According to market experts, these companies' quarterly results did not meet expectations.
Eyes on Reliance Industries
Reliance Industries' shares surged by nearly 2%, becoming the top contributor to the Nifty. The company's quarterly results are expected on Friday, which generated positive sentiment in the market.
Today, the number of advancing stocks outweighed the declining ones in the market. The advance-decline ratio was 3:2, meaning for every three rising stocks, only two fell.
