Key Highlights:
- Eternal surged 10 percent after posting Rs 25 crore Q1 net profit.
- Sensex and Nifty continued their upward momentum from Monday.
- Strong DII buying offset FII selling pressure.
Mumbai: Benchmark indices opened on a positive note on Tuesday, driven by a rally in blue-chip banking counters and a strong surge in food delivery major Eternal. Positive cues from Asian markets further strengthened investor sentiment in early trade.
The BSE Sensex rose 337.83 points to 82,538.17, while the NSE Nifty gained 91.3 points to touch 25,182. This builds on Monday’s gains, where the Sensex had climbed over 442 points and the Nifty had added 122.30 points.
Eternal Hits Upper Circuit After Q1 Results
Leading the rally was Eternal, which soared 10% to its upper circuit limit of Rs 298.30 after posting a consolidated net profit of Rs 25 crore for the June quarter. The company, which owns popular brands Zomato and Blinkit, saw continued growth in its quick commerce and going-out segments despite pressure on margins.
Banking Stocks Lift Sentiment
ICICI Bank, HDFC Bank, Axis Bank, and Bharat Electronics were among the major gainers, helping propel the benchmark indices upward. Other Sensex constituents like Trent, Tata Steel, Titan, and TCS also contributed to the rally. However, some counters like Bajaj Finance, Kotak Mahindra Bank, and Mahindra & Mahindra underperformed.
Global & Institutional Cues Support Rally
Asian markets largely traded in the green, with Japan’s Nikkei, China’s SSE Composite, and Hong Kong’s Hang Seng showing strength. South Korea’s Kospi was the lone regional laggard. In the US, markets ended mostly higher on Monday, adding to the global optimism.
Despite Foreign Institutional Investors (FIIs) offloading equities worth Rs 1,681.23 crore on Monday, Domestic Institutional Investors (DIIs) stepped in strongly, purchasing stocks worth Rs 3,578.43 crore, according to exchange data.
Meanwhile, Brent crude prices dipped 0.85% to USD 68.62 a barrel, providing relief on the inflation front.
(With PTI Inputs)
