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The stock market is witnessing a strong rally on Friday July 26th with the BSE Sensex rising 684 points to reach 80,724.12 while the Nifty 50 has climbed to 24,650 gaining 243.90 points or 1.00%. The Nifty Bank index has also recovered adding over 500 points from the day's low to reach 50,913.30 as of writing.
The market's positive momentum comes amid ongoing Q1 FY24-25 results with 456 out of 4,424 companies reporting so far. Overall, companies have shown a 13.13% year-on-year growth in revenue and a 4.99% increase in net profit. Today a total of 59 listed companies will declare their Q1 results 2024. These companies include Power Grid Corporation, Interlobar Aviation or IndiGo, Cipla, IndusInd Bank, Shriram Finance, SBI Card, Bandhan Bank, KEC International, Sanofi India, etc.
Looking at the stocks steering the rally today, Divislab leads the gainers surging 4.13% to reach Rs 4,735.00. The pharmaceutical company opened at Rs 4,570.95 and has hit a high of Rs 4,749.80 so far for the day. Investors seem optimistic about Divislab's performance in the ongoing earnings season.
SBI Life Insurance followed closely rising 3.91% to Rs 1,761.75. The insurance giant started the day at Rs 1,686.25 and touched a high of Rs 1,777.70 indicating strong buying interest.
Apollo Hospitals Enterprise has gained 3.63% reaching Rs 6,617.60. The healthcare provider opened at Rs 6,433.00 and saw its stock price climb to Rs 6,625.00 during trading hours.
Shriram Finance has advanced 3.25% to Rs 2,766.00. The non-banking financial company started at Rs 2,705.80 and hit a high of Rs 2,774.90 showcasing investor confidence in the financial sector.
Tata Steel has strengthened by 3.12% trading at Rs 162.30. The steel major opened at Rs 158.75 and reached a high of Rs 162.86 reflecting positive sentiment in the metal sector.
HDFC Life Insurance Company has climbed 3.10% to Rs 704.35. Opening at Rs 683.15 the insurer's stock touched a high of Rs 709.80 during the session.
LTI Mindtree has risen by 3.08% to Rs 5,770.25. The IT services company started the day at Rs 5,599.85 and hit a high of Rs 5,778.15, indicating renewed interest in the technology sector.
Adani Ports and Special Economic Zone has gained 3.07% trading at Rs 1,532.65. The port operator opened at Rs 1,495.90 and reached a high of Rs 1,533.00 during the day.
Adani Enterprises has advanced 3.04% to Rs 3,063.80. The Adani Group flagship company started at Rs 2,995.00 and touched a high of Rs 3,065.15 showing recovery in Adani stocks.
Coal India rounds out the top gainers so far, rising 3.00% to Rs 508.80. The state-owned coal mining company opened at Rs 498.25 and hit a high of Rs 510.90 benefiting from increased energy demand.
