- Benchmark indices end near day’s highs; Sensex at 80,604, Nifty at 24,585.
- DOMS Industries rallies 12% on strong Q1 growth and expansion plans.
- Tata Motors, L&T, Zydus, and Lupin among key gainers; air-conditioning stocks lag.
Indian equities kicked off the week with a solid rally, supported by strong buying in PSU banks, defence, and select auto stocks. The Sensex closed 746 points higher at 80,604, while the Nifty ended up 0.91% at 24,585.
DOMS Industries emerged as the day’s highlight, soaring 12% after reporting a 26% year-on-year jump in Q1 revenue to ₹562.3 crore and announcing updates on its 44-acre expansion project.
PSU Banks, Defence Lift Markets; DOMS Industries Soars on Strong Q1 Earnings
The rally in PSU banks was a major driver for the market’s momentum, with several state-run lenders gaining on expectations of improved credit demand and stable asset quality. Defence stocks also rebounded after a short losing streak, aided by renewed buying interest from institutional investors.
In the pharma sector, Zydus Lifesciences climbed over 2% after receiving US FDA approval for a blood pressure and angina medication, while Lupin advanced nearly 2% on the US launch of its glucagon injection for diabetes emergencies. These approvals are expected to enhance export revenue streams for both companies.
Midcap and smallcap indices posted gains of 0.9% and 0.4%, respectively, reflecting selective buying in growth-focused sectors. DEE Development gained 14% on strong earnings, while Bajaj Consumer Products rose 2% after reporting healthy results. NSDL, however, saw its first post-listing decline, slipping more than 2%.
The IPO of BlueStone Jewellery and Lifestyle Ltd received a mixed response on its opening day, with overall subscription at 39%. The Qualified Institutional Buyers segment led interest with 57% subscription, while retail investor participation stood at 38%. The company aims to leverage its contemporary jewellery brand positioning to capture a larger market share.
Strong sectoral performance in PSU banks, defence, and select manufacturing names set a positive tone for the week, though certain consumer durables and IPO listings reflected a more cautious investor sentiment.
“In investing, what is comfortable is rarely profitable.” – Robert Arnott
