Sensex Today Ends 603 Points Higher | Nifty Above 24,300 | 3 Reasons Why Indian Share Market is Rising

Mon, 28 Oct Closing

   Previous Close   

   Pre-Open   

   10:30 am   

After opening the day higher, Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Indian equity indices traded higher on Monday after five days of consecutive declines, despite ongoing foreign selling and lackluster corporate quarterly earnings.

At the closing bell, the BSE Sensex stood higher by 603 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 0.8%).

ICICI Bank, Wipro and JSW Steel among the top gainers today.

Bajaj Auto, Coal India and Axis bank on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,361 up by 213 points at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.7% higher and BSE SmallCap index ended 1.1% higher.

Barring energy sector and capital goods sector, all other sectoral indices were trading positive with socks in realty sector, IT sector and metal sector witnessing most buying speer.

Coforge, Poly Medicure and Deepak Fertilisers hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 84.08 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% lower at Rs 78,140 per 10 grams.

Meanwhile, silver prices were trading 0.9% lower at Rs 96,290 per 1 kg.

Here are the three key factors drive the market's momentum.

#1 Positive Global Cues

Asian markets traded higher, lending positive sentiment to domestic equities.

Japanese stocks experienced a robust rally on Monday as the yen dropped to a three-month low following Prime Minister Shigeru Ishiba's coalition losing its parliamentary majority in Sunday's election.

#2 Sectoral Trend

All sectoral indices posted solid gains on Monday, with Nifty PSU Bank, Nifty Metal, Nifty Auto, and Nifty Realty leading the rally.

The upward momentum in the Indian stock market today was strongly supported by gains in banking stocks, with notable surges in Bank of Baroda, Canara Bank, ICICI Bank, and Punjab National Bank (PNB).

#3 Crude Oil

Crude oil prices tumbled more than 4% on Monday after Israel's weekend strike on Iran bypassed oil or nuclear targets, easing geopolitical tensions in the Middle East.

Brent crude oil declined 4.3% to US$ 72.7 a barrel, while the US West Texas Intermediate (WTI) crude futures plunged 4.5% to US$ 68.6. Both Brent and US WTI crude futures hit their lowest levels since October 1 at the open.

Speaking of the stock market, turnaround stocks can be a goldmine, but finding the right ones can be tricky.

In this video, Rahul Shah, Co-head of research at Equitymaster shares his strategy for identifying 'good' turnaround stocks and avoiding the 'bad' ones.

Plus, he reveals 3 picks that you can keep on your watchlist.

Watch now.

Texmaco Rail Jumps 6%. Here's Why

In news from the railway sector, shares of Texmaco Rail jumped 6% after the railway firm reported stellar earnings for the September 2024 quarter. The company's net profit surged nearly triple, rising 195% YoY to Rs 741 m.

Texmaco's revenue climbed 67% YoY to Rs 13.5 bn in Q2 FY25.

The railway firm's earnings before interest, taxes, depreciation, and amortisation (EBITDA), rose 74% to Rs 1.3 bn and the Ebitda margin expanded to 9.8% from 9.5% in the same period last year.

In the past 12 months, the counter has gained 68%. In comparison, Nifty rose 28% during this period. Following the earnings announcement, the company said it successfully completed the acquisition of Jindal Rail Infrastructure on 3 September 2024 and the company has now been renamed Texmaco West Rail.

It was acquired for Rs 6.1 bn, and the transaction represented an FY24 EV/EBITDA multiple of 8.1x. This acquisition positions Texmaco as a market leader in the freight car industry.

During the first half of the year, Texmaco achieved the highest-ever freight car sales in its history, having sold 5,301 freight cars.

Afcons Infra IPO

Moving on, Afcons Infrastructure's Rs 54.3 bn initial public offer (IPO) was off to a slow start on 28 October, the second day of bidding, after the issue was overall subscribed 26%. The public offer drew bids for 22.2 m shares as against 86.6 m shares on offer, according to exchange data.

Afcons Infrastructure is a key engineering and construction arm of the Shapoorji Pallonji group, boasting over 60 years of experience.

The company is globally present in Asia, Africa and the Middle East. The company has five major infrastructure business verticals.

As per NSE data, retail investors were at the forefront, buying 32% of the portion reserved for them. The non-institutional investors' portion was booked at just 38% while the employee quota was subscribed at 92%. QIBs or Qualified Institutional Buyers bought 3% shares of their reserved portion.

The issue is a combination of a fresh issue of 27 m shares aggregating to Rs 12.5 bn and an offer for sale of 90.3 m shares aggregating to Rs 41.8 bn.

The company plans to use the IPO proceeds to fund several objectives, including capital expenditure for purchasing construction equipment, meeting long-term working capital needs, prepaying or repaying a portion of certain outstanding borrowings and acceptances, and for general corporate purposes.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers