These 5 stocks command almost 70% of the Nifty 50 gains today

Indian stocks recovered strongly in today’s trading session, bouncing back from a two-day decline. The Nifty 50 reflected a considerable increase, rising by 141.25 points, or 0.66% to hit 21,658 points. This surge was largely driven by the financial sector, with HDFC Bank leading the charge with a commendable gain of 1.07%, rising to 1,690 per share in today’s trading. This powerhouse contributed a significant 30.86 points to the index's overall rally. Additionally, shares underwent a notable surge of 4.34%, hitting 7,705 each, following the announcement of the company's Q3FY24 update. In the reported quarter, the company's assets under management (AUM) surpassed the 3 lakh crore mark for the first time, hitting 3,11,000 crore. Infosys shares in the IT sector, too, saw a significant spike in today's session, rising by 1.52% to 1,512 each. This rally was propelled by the upgrade decision of global brokerage firm J.P. Morgan, changing its stock rating from neutral to overweight, and increasing its target price from 1,400 to 1,800, signaling a 19% upside potential. Axis Bank also experienced a strong surge in its shares, recording a substantial 2.26% increase to reach 1,123 each. This intraday surge represented the stock's biggest leap since December 01, 2023, indicating positive momentum in the banking sector. Adding to the market rally, telecom giant Bharti Airtel saw its shares reach an all-time high of 1,058.8 each in the intraday session, ending the trade at 1,047.90 with a 1.23% gain. This increase came after the company added 3.52 lakh subscribers in October 2023, according to the monthly subscriber data published by TRAI today. With these new additions, Airtel's wireless subscriber base climbed to 37.81 crore. Collectively, the upward movement in these five stocks contributed a significant 100 points, making up 70.79% of the Nifty 50's 141.25 point rally today. Vinod Nair, Head of Research at Geojit Financial Services, commented on today's market performance saying it bounced back after two consecutive negative trading days, fuelled by strong monthly business updates from leading banks, highlighting robust credit growth. He added that the highest gain was seen in the real estate sector in anticipation of strong residential demand, supported by robust housing loan disbursement data announced by banks.
On the technical front, Rupak De, a Senior Technical Analyst at LKP Securities, said that the Nifty’s swift recovery after two bearish days indicates continued market dominance by the bulls.