Sensex Soars with Infosys and HDFC Bank Driving Market Optimism—What’s Behind the Surge?
The equity benchmark indices Sensex and Nifty opened on an optimistic note on Wednesday, driven by buying interest in heavyweights such as Infosys and HDFC Bank. The positive momentum came amidst a mixed trend in global markets.
Mumbai: The equity benchmark indices Sensex and Nifty opened on an optimistic note on Wednesday, driven by buying interest in heavyweights such as Infosys and HDFC Bank. The positive momentum came amidst a mixed trend in global markets.
The 30-share BSE Sensex surged by 366.49 points or 0.48%, reaching 76,204.85, while the broader NSE Nifty gained 80.60 points or 0.35%, trading at 23,105.25.
Table of Contents
Key Gainers: Infosys and HDFC Bank Lead the Charge
In the Sensex pack, notable gainers included Infosys, HDFC Bank, Tata Consultancy Services, ICICI Bank, Titan, and Tech Mahindra, among others. These stocks contributed significantly to the early gains in the indices.
Infosys and HDFC Bank were at the forefront of the buying spree. HDFC Bank, which is set to announce its third-quarter earnings for the financial year 2024-25 on January 22, saw a modest gain of 0.26%, trading at Rs 1,646.00 by 12:33 PM.
HDFC Bank’s Quarterly Earnings Preview
Analysts are expecting HDFC Bank, India’s largest private-sector lender, to report muted net profit growth for the third quarter. In the previous quarter (Q2 FY24-25), HDFC Bank had posted a 5.3% rise in net profit, amounting to Rs 16,821 crore, up from Rs 15,976 crore in Q2 of the previous year.
Also Read: Tension in Hyderabad: Why is MLA Danam Nagender Demanding a Stop to Demolitions?
Lagging Stocks: Zomato, Tata Motors, and Adani Ports
While most stocks in the Sensex pack showed positive movement, some notable laggards included Zomato, Tata Motors, PowerGrid, IndusInd Bank, State Bank of India, Tata Steel, and Adani Ports. These stocks contributed to the mixed market sentiment.
