Indian equities rally for fourth day as Nifty hits 23,811 and major firms report strong quarterly earnings
The Nifty 50 rose 1.58% to 23,811, extending a four-day winning streak, while several listed companies posted notable profit and revenue growth in the September quarter.
Indian equities extended their rally for a fourth consecutive session on Tuesday, with the Nifty 50 gaining 370 points, or 1.58%, to close at 23,811. Analysts said the index faces immediate resistance at the psychological 24,000 level, and a sustained breach could pave the way for further gains. > "A sustained move above this threshold could open the way for a further advance," said Ponmudi R, CEO of Enrich Money.
Investors are watching earnings and corporate updates from a range of companies, including the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), State Bank of India (SBI), Happiest Minds Technologies, Multi Commodity Exchange of India (MCX), Indian Energy Exchange (IEX) and Minda Corporation.
The NSE posted a 23% year-on-year rise in consolidated profit after tax to Rs 2,578 crore for the September quarter, driven by a 9% increase in transaction-charge revenue to Rs 3,035 crore. SBI reported a 14% year-on-year jump in standalone net profit to Rs 23,038 crore, with net interest income up 15% to Rs 49,143 crore.
Happiest Minds Technologies posted a 15.12% increase in consolidated net profit to Rs 62.19 crore, while revenue grew 12.5% to Rs 645.43 crore. MCX saw a 130% surge in consolidated net profit to Rs 454.57 crore and a 114% rise in revenue to Rs 799.66 crore.
Minda Corporation recorded a 68.2% year-on-year increase in consolidated net profit to Rs 143 crore, reflecting strong revenue growth. Other firms such as Aarti Drugs, Awfis Space Solutions, Clean Max Enviro Energy Solutions and Endurance Technologies also reported double-digit profit gains and revenue expansions.
Conversely, companies like Chambal Fertilisers, Neuland Laboratories and V-Mart Retail posted declines in profit or widened losses despite revenue growth.
The broad earnings backdrop is expected to keep market participants focused on corporate developments, sales data and any acquisition or fundraising announcements throughout the week.