Reliance and HDFC Bank Power Sensex Rally as Markets Hit Festive Highs

Indian equity markets kicked off the Diwali week on a strong note, with Reliance Industries and HDFC Bank leading a broad-based rally. The benchmark Sensex surged past 84,000 while the Nifty inched closer to the 25,850 mark, driven by strong corporate earnings and festive optimism.

HDFC Bank hit a record high after reporting solid quarterly performance and steady credit growth, signaling continued strength in the financial sector. Reliance Industries also gained sharply, supported by robust performance across its retail, digital, and energy verticals. The twin heavyweights accounted for a large share of the market’s total gains.

Broader indices mirrored the upbeat tone as buying momentum spread to banking, IT, and infrastructure stocks. Market participants attribute the rally to a combination of strong second-quarter results, resilient domestic demand, and improving global cues ahead of the festive season.

Analysts expect the momentum to sustain in the short term as investors remain optimistic about corporate profitability and consumer spending trends. However, they also caution that valuation pressures could emerge if earnings fail to keep pace with expectations in the coming quarters.

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