Sensex, Nifty climb in early trade on buying in IT, bank stocks

Equity indices rise on IT and bank stocks, sharp Brent crude cut; HCL Tech reports strong Q2 earnings.

Equity benchmark indices rallied in early trade on Tuesday (October 15, 2024) amid buying in IT and bank stocks along with a sharp cut in Brent crude oil prices.

The BSE Sensex climbed 327.39 points to 82,300.44 in early trade. The NSE Nifty went up by 84.1 points to 25,212.05.

From the 30 Sensex firms, Asian Paints, Bharti Airtel, Infosys, Mahindra & Mahindra, Titan, Bajaj Finance, HCL Technologies and ICICI Bank were among the major gainers.

IT services major HCL Technologies (HCLTech) on Monday (October 14, 2024) reported a 10.51% increase in consolidated net profit to ₹4,235 crore in the July-September quarter of FY25, as the company raised the lower band of its growth guidance on the back of better-than-expected performance.

From the blue-chip pack, Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance and NTPC were the laggards.

Reliance Industries Ltd, India’s most valuable company, on Monday (October 14, 2024) reported a 5% fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance.

“The sharp cut in Brent crude by 3% is a macro positive for India, but CPI inflation for September coming worse-than- expected at 5.49% is a concern...,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.