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Nifty Ends Higher, Reliance Falls 8.6%

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Benchmark indices ended the day higher as European markets traded in the green and banking stocks and finance stocks led by HDFC saw a solid surge.

The Nifty ended the day higher by 26 points at 11,669 points. Banking stocks were the clear winners after ICICI Bank shares surged more than 6 per cent, following a spectacular set of quarterly results. This pushed other banking stocks including the likes of Axis Bank, IndusInd Bank and State Bank of India higher.

Nifty Ends Higher, Reliance Falls 8.6%
 

In fact, the Bank Nifty saw a solid surge of almost 4 per cent in trade. Reliance Industries was clearly the weak spot in trade with the stock losing nearly 8.62 per cent, after a dip in its net profits for the quarter ending Sept 30, 2020. The company's gross refining margin was badly impacted with the same placed at $5.7 per barrel as compared to $9.4 a year earlier, the company said.

Other Nifty stocks that had a weakish session in trade were Eicher Motors, HCL Tech and Tata Consultancy Services. In fact, along with Banking stocks, IT stocks saw some weakness.

Shares in HDFC surged following a better than expected net profit at Rs 2,870.1 crore against expectations of around 2,300 crores.

Meanwhile, most European markets were trading with gains, led by the German DAX.

Read more about: nifty reliance
Story first published: Monday, November 2, 2020, 15:41 [IST]
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