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Missed Reliance Industries’ Historic 12% One-Day Rally? Here’s What Technical Analysts Are Saying
Reliance Industries jumped after record quarterly profit, while easing crude and renewed foreign buying lifted broader market sentiment, analysts said.
On Friday, October 30, Indian benchmark indices Sensex and Nifty rallied in early trade, driven by buying in IT firms and earnings-driven demand in Tata Group's retail arm, Trent.
Trent shares jumped 6% after the retail arm reported a 25% year-on-year increase in consolidated net profit for the September quarter, supported by revenue growth and operating leverage.
Information technology stocks led market gains, with Tata Consultancy Services rising 1.53% in early trade alongside major gainers Tech Mahindra and Sun Pharma.
Enrich Money CEO Ponmudi R cautioned that crude oil remains a "key headwind" for domestic markets, with WTI trading around $102 a barrel amid geopolitical tensions.
Global sentiment remains cautious following U.S. market declines on Thursday, October 29, as disappointing tech earnings prompted investors to rotate away from artificial intelligence trades.