Indian markets close higher as Reliance and Jio post strong quarterly profits
The Nifty 50 and Sensex rose modestly on Friday, driven by earnings gains from Reliance Industries, Jio Platforms and other major companies.
Indian equity benchmarks ended Friday on a positive note, with the Nifty 50 gaining 116 points (0.51%) to finish at 23,053 and the BSE Sensex also posting modest gains. Technical analyst Vatsal Bhuva of LKP Securities said the short-term outlook for the Nifty remains positive as long as the index stays above 22,800.
Reliance Industries reported a 41% year-on-year rise in consolidated net profit to Rs 25,548 crore for the September quarter, helped by strong performance in its oil-to-chemicals and digital services segments. Jio Platforms, in its first quarterly report after a recent listing, posted a 14% increase in net profit to Rs 8,389 crore, supported by subscriber growth, higher digital services revenue and a slight rise in average revenue per user.
Other notable earnings included NTPC Green Energy’s 56.2% profit jump to Rs 137.5 crore, CDSL’s 24% profit rise to Rs 173 crore, and Indian Oil Corporation’s record quarterly profit of Rs 21,630 crore after a loss in the prior quarter. Sun Pharmaceutical Industries, however, saw a 36% decline in net profit to Rs 1,989 crore, citing litigation charges and acquisition costs.
The market will continue to watch upcoming September-quarter results, sales data and corporate developments from companies such as Mahindra & Mahindra, Hero MotoCorp, Bank of Baroda, GAIL and others on Monday.