Top Gainers of October 18, 2024: Axis Bank and Wipro Lead the Surge

On October 18, 2024, the Indian stock market experienced a positive day, with the BSE Sensex and Nifty50 closing higher. While the BSE Sensex gained 0.27% to end at 81,224.75, the Nifty50 rose by 0.42% to close at 24,854.05. Several stocks outperformed the broader market, with Axis Bank and Wipro emerging as the top gainers of the day.

Here are the top five gainers from the Nifty50 index for October 18, 2024:

1. Axis Bank Ltd 

Axis Bank’s share price saw the highest gain on October 18, 2024, surging by 5.75%. The stock opened at ₹1,158 and reached a high of ₹1,203.85 during the day. The low point of the day was ₹1,156.05, but it ultimately closed strong at ₹1,196.95, up from the previous close of ₹1,131.85. The strong performance of Axis Bank can be attributed to robust quarterly earnings and positive market sentiment around banking stocks.

2. Wipro Ltd

Wipro’s share price recorded a significant rise of 3.59%, closing at ₹547.75. The stock opened at ₹532 and saw a high of ₹558.40 before dipping slightly to a low of ₹524.80. With a closing price higher than the previous close of ₹528.75, the positive momentum in Wipro shares was driven by their Q2 results optimism in the IT sector and strong earnings guidance.

3. Eicher Motors Ltd 

Eicher Motors’ share price also made its mark with a gain of 2.98%. The stock opened at ₹4,613.90 and touched an intraday high of ₹4,799.90. The day’s low was ₹4,612.05, and it closed at ₹4,761.75, a notable jump from the previous close of ₹4,623.85. Investors showed confidence in Eicher Motors due to strong vehicle sales figures and positive projections for the automobile industry.

4. ICICI Bank Ltd 

ICICI Bank’s share price posted a gain of 2.90% on October 18, 2024. The stock opened at ₹1,227.95 and hit a high of ₹1,268.90, with the day’s low being ₹1,225.25. The stock closed at ₹1,267, rising from its previous close of ₹1,231.25. ICICI Bank’s performance was boosted by favourable developments in the banking sector and expectations of strong financial results.

5. Shriram Finance Ltd 

Shriram Finance’s share price gained 2.80%, closing at ₹3,350. The stock opened at ₹3,187.75 and saw a high of ₹3,373.90 before touching a low of ₹3,145.75. It ended higher than its previous close of ₹3,258.60, benefiting from positive sentiment in the financial services sector.

Conclusion

The top gainers on October 18, 2024, were led by Axis Bank, Wipro, and Eicher Motors, which outperformed the broader market, contributing to the positive momentum in the stock market. Positive earnings reports, strong sector performances, and investor optimism were key factors driving the gains. These stocks showed resilience and are expected to continue gaining traction as the market remains upbeat.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.