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By Gaurav Garg, Research Analyst at Lemonn Markets Desk

The benchmark indices commenced SAMVAT 2081 on a positive note, with the special Diwali muhurat trading session on Friday yielding broad-based gains. Mid and small-cap stocks also participated in the rally.

Auto stocks stole the show, driven by robust October sales updates. The shares of Mahindra & Mahindra (M&M), Tata Motors, Bajaj Auto, Hyundai Motor, and Maruti Suzuki India rose upto 3%, leading the gains. M&M reportedly recorded 54,504 SUV sales in October, marking a 25% year-over-year (YoY) increase.

All major sectors showed gains, with Realty, Consumer Durables, and Energy leading the pack. Performances of the Finance and IT sectors lagged.

Strong festive sales updates from automakers alleviated concerns over the slowdown in festive demand, following a disappointing Q2 earnings season. The market focus remains on upcoming earnings announcements.

Investors will closely watch the US election outcome next week, which could influence market sentiment.

National, October 24, 2024 (NASDAQ: MMYT) — MakeMyTrip Limited, India’s leading travel service provider, today announced its unaudited financial and operating results for its fiscal second quarter ended September 30, 2024 as attached herewith and available at  and on our website .

Business & Financial Highlights | Q2 FY25
 

Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said,

“We are pleased to have achieved sustained growth in a seasonally slow quarter. Our unwavering focus on innovation, powered by advanced technology to deliver a differentiated customer experience, has been a key driver of this progress. We continue to be positive about the long-term outlook of India’s travel and tourism market and stay committed to further accelerating efforts to expand our supply partnerships and deepen engagement with our customers.”