Indian Equities Rebound on Global Market Recovery and Positive HDFC Bank Earnings

Mumbai: Indian equity benchmark indices rebounded on Tuesday, October 17, 2023, after three consecutive days of decline, driven by a global market recovery and positive quarterly earnings from HDFC Bank.

The BSE Sensex, a 30-share index, gained 261.16 points (0.39%) to close at 66,428.09. During the day, it reached a high of 66,559.82, up 392.89 points (0.59%). The Nifty index also rose by 79.75 points (0.40%) to 19,811.50.

Key gainers on the Sensex included Power Grid, Kotak Mahindra Bank, Tech Mahindra, Bajaj Finserv, ITC, Bharti Airtel, Nestle, NTPC, Bajaj Finance, Reliance Industries, Infosys, and HDFC Bank. HDFC Bank’s stock rose nearly 1% following its announcement of a consolidated net profit of Rs 16,811 crore for the September quarter, marking its first earnings report after merging with parent company HDFC.

However, Tata Motors, Larsen & Toubro, IndusInd Bank, Tata Consultancy Services, JSW Steel, and Mahindra & Mahindra experienced declines.

In global markets, Seoul, Tokyo, Shanghai, and Hong Kong closed in positive territory, while European markets traded in the green. US markets also ended with gains on the previous day.

Brent crude, the global oil benchmark, rose by 0.48% to reach USD 90.08 per barrel. Foreign Institutional Investors (FIIs) sold equities worth Rs 593.66 crore on Monday.

On the preceding day, the BSE benchmark had declined by 115.81 points (0.17%) to close at 66,166.93, while the Nifty slipped by 19.30 points (0.10%) to 19,731.75.