The domestic share market today has finally rebounded. The broad market index Nifty 50 has gone up by 0.47% as of 11.14 a.m. and is currently around 19824.45, again claiming its 19800 level back. [Source: NSE]
The sectoral indices are all green except the realty sector, which dropped during the first hour of the market and then returned to the green. The media and auto sectors are a bit flat today; however, they are still in the green.
This rebound in the markets today has been primarily a result of the stabilized oil prices, even though the Middle East conflict is on the rise. The global market also added some positive sentiment as it resurged, which the domestic market is following today.
“Analysts expect corporate results, festive demand, and Middle East geopolitical dynamics to shape domestic equities in the near future.” [Source: The Hindu]
Stock Market Sectors in the Green Today
NSE PSU Bank Sector Stocks Today
PSU banks have been pivotal players today in pushing the market upward. The sectoral index Nifty PSU Bank has gained around 0.85% until now. Three stocks in this sector which are performing well today include –
- Punjab & Sind Bank gained close to 2% as of 11.30 a.m. in the share market today following its announcement of upgrading its core banking system.
- Central Bank has gained 1.87% as its investors are waiting for the semi-annual and quarterly results to be published this Friday.
- The next public sector bank, which has gained significantly today, is the Canara Bank. This stock has gained 1.79% until now, following the same reason as above. The corporate results of this bank are due next week on the 26th of October, for which the investors seem positive.
NSE Financial Services Sector Stocks Today
Today, banks and financial services seem to be driving the stock market. The next sector, which moved up, is the financial services sector. The broad market index following this, Nifty Financial Services 25/50, is up by 0.70% as of 11.35 a.m.
- HDFC Life surged by 2.21% following the release of analysts’ conference call regarding the financial results for the quarter and half of this financial year.
- SBI Life Insurance is following with a rise of 1.93% until 11.40 a.m. today, mainly driven by the overall positive market sentiment, especially in this financial services sector.
- After releasing the quarterly and half-yearly results, the HDFC AMC has also gained 1.74% until now. The asset management company of HDFC has witnessed a significant rise in their PAT for the quarter on a YoY basis. The profits have increased from 363.85 crores to 436.52 crores. The half-yearly results are impressive, so the stock price is shooting up.
NSE Pharma Sector Stocks Today
Pharma is the sector gaining the most after the banking and financial rallies. The Nifty Pharma has gained 0.79% until 11.50 a.m. today.
- Glenmark has been the prime force behind this surge. The stock has gained 1.55% until now, following its announcement of approval from ANDA for its Apremilast Tablets.
- Dr Reddy has also surged by 1.32% following the announcement of the date for the earnings call. It is to be held on 27th of this month.
Stock Market Sectors in the Red Today
NSE Media Sector Stocks Today
As of 11.57 a.m., the media sector is in red, but the fall is insignificant. The Nifty Media index lost only 0.03%, which can be considered negligible. Sun TV, which dipped by 0.82%, primarily pulls the sector down.
Conclusion
Today, the entire market is driven primarily by the corporate results. While many are waiting for their favorite companies’ results, others are rejoicing in the positive results posted by their top companies.
The global market is also positive, and the oil price is still unaffected by the ongoing turmoil in the Middle East, the festive demands and corporate results have been pulling the domestic market upward today.
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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.