The Indian stock market staged a strong recovery on Monday, with Nifty reclaiming the psychologically important 25,000 mark, closing at 25,044.65 after gaining 58.25 points or 0.23%. The Sensex rose 107.25 points, or 0.13%, to close at 81,106.65, recovering nearly 600 points from its day's low. According to market reports, the recovery was driven by banking stocks benefiting from recent foreign portfolio purchases that coincide with a decline in crude oil prices. The Nifty PSU Bank index surged nearly 4% to emerge as the best-performing sectoral index, while Nifty Bank and Nifty Pharma were among the other major gainers, rising around 1.5% each. However, IT, metals and FMCG were the only sectoral indices to end lower.
Kalyan Jewellers delivered strong Q2FY27 results with net profit surging 63.9% to ₹427 crore compared to ₹261 crore in the previous year. The company's revenue increased 31.4% to ₹10,323 crore from ₹7,856 crore, while EBITDA grew 29.7% to ₹644 crore. Matrimony.com also reported robust performance with net profit jumping to ₹20.7 crore from ₹7.8 crore, and revenue rising 17.6% to ₹135 crore. However, MRF faced challenges with net profit declining 27.8% to ₹369 crore despite revenue growth of 17.6% to ₹8,524 crore.
IIFL Finance approved a significant ₹6,414 crore preferential fundraise led by Blackstone at ₹602 per share, with Blackstone-affiliated Ingot SG Pte infusing ₹5,000 crore. The fundraise involves multiple investors including Anchorage Capital Schemes (₹150 crore) and promoters Nirmal Jain and Venkataraman Rajamani. Bajaj Finance announced plans to issue warrants worth ₹5,800 crore to promoter Bajaj Finserv at ₹1,010 per warrant. Meanwhile, Tata Motors CV increased its shareholding in Iveco Group to 96.25% and will initiate a Dutch legal squeeze-out for remaining shares.
Bank of Baroda revised its MCLR rates with 1-month MCLR increasing to 8% from 7.95%, 3-month MCLR rising to 8.50% from 8.30%, and 6-month MCLR increasing to 8.70% from 8.50%. Gokaldas Exports disclosed that a client filed for bankruptcy with receivables of $4.11 million. Sula Vineyards received a GST demand of ₹1.7 crore, while GPT Infraprojects was declared the L1 bidder for a ₹104 crore North Eastern Railway order for Electronic Interlocking systems. Whirlpool of India implemented a price hike of nearly 5% from November 1.
