Indian Market Rebounds Strongly on Stellar Performance by HDFC Bank, Bajaj Finance, Infosys, Axis Bank, and Bharti Airtel; Financial Sector Leads Rally

Indian Market Rebounds Strongly on Stellar Performance by HDFC Bank, Bajaj Finance, Infosys, Axis Bank, and Bharti Airtel; Financial Sector Leads Rally

Asif Iqbal | January 4, 2024 | 08:57 PM IST | Breaking News | Follow on Google News

Indian Market Rebounds Strongly on Stellar Performance by HDFC Bank, Bajaj Finance, Infosys, Axis Bank, and Bharti Airtel; Financial Sector Leads Rally.image/mint

Indian Market Rebounds Strongly on Stellar Performance by HDFC Bank, Bajaj Finance, Infosys, Axis Bank, and Bharti Airtel; Financial Sector Leads Rally

After a two-day period of weakness, the Indian market displayed a resilient recovery in today’s trading session, predominantly propelled by the exceptional performance of five major stocks—HDFC Bank, Bajaj Finance, Infosys, Axis Bank, and Bharti Airtel. These select stocks collectively played a pivotal role, contributing a significant 100 points, constituting 70.79% of the overall rally in the Nifty 50 index.

The driving force behind this surge primarily originated from the financial sector, spearheaded by HDFC Bank, which exhibited a noteworthy gain of 1.07%, reaching ₹1,690 per share during today’s trade. This heavyweight contributed a substantial 30.86 points to the overall upswing witnessed in the index. In a similar vein, Bajaj Finance witnessed a substantial surge of 4.34%, reaching ₹7,705 per share, following the release of the company’s Q3FY24 update. Notably, the company’s assets under management (AUM) crossed the ₹3 lakh crore mark for the first time, totaling ₹3,11,000 crore during the quarter.

Additionally, Axis Bank experienced a robust uptick in its shares during the session, registering a noteworthy 2.26% increase to reach ₹1,123 per share. This intraday surge marked the stock’s most significant jump since December 01, 2023, indicating positive momentum in the banking sector.

In the IT sector, Infosys witnessed a substantial spike in its shares during today’s session, gaining 1.52% to ₹1,512 per share. This surge was attributed to global brokerage firm J.P. Morgan upgrading its rating on the stock from Neutral to Overweight and raising its target price to ₹1,800 from the previous ₹1,400, indicating an upside of 19%.

Further contributing to the market rally, telecom major Bharti Airtel achieved a new all-time high of ₹1,058.8 per share in the intraday session, ultimately closing the trade at ₹1,047.90 with a gain of 1.23%. This surge followed the addition of 3.52 lakh subscribers in October 2023, as per the monthly subscriber data released by TRAI. With this addition, Airtel’s wireless subscriber base reached 37.81 crore.

The Nifty 50 displayed a noteworthy uptick today, gaining 141.25 points or 0.66% to reach 21,658 points. Simultaneously, the Sensex concluded at 71,847.57, marking a 0.69% increase or 490 points. Commenting on today’s market performance, Vinod Nair, Head of Research at Geojit Financial Services, stated, “The market bounced back after the last two negative trading days, driven by strong monthly business updates from leading banks, emphasizing robust credit growth.”

He added, “The real estate sector recorded the highest gains in anticipation of robust demand in the residential category, supported by healthy housing loan disbursement data announced by banks. In contrast, the Asian market engaged in profit-booking as Fed minutes indicated that rates would be put on hold in the near term.”

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.