On Monday, the Indian stock market showcased impressive gains, marking a significant rally. The NSE Nifty 50 surged by 307.95 points, or 1.32%, concluding at 23,658.35, while the BSE Sensex climbed 1,078.87 points, or 1.4%, to settle at 77,984.38. This uptick represents the longest winning streak for both indices since September 2024, with the markets nearing a two-month peak.
Market Performance Highlights
During the trading session, the Nifty experienced a peak increase of 1.53%, reaching 23,708.75, while the Sensex soared by 1.56% to touch 78,107.23, reflecting levels unseen since February 7. According to Hrishikesh Yedve, a research analyst at Asit C. Mehta Investment Intermediates Ltd, the Nifty’s successful breach of the 100-day simple moving average along with the formation of a bullish candle on daily charts indicates a strong upward momentum.
Key Contributors to the Gains
Several major players in the market contributed to this upward trend:
- HDFC Bank Ltd.
- Reliance Industries Ltd.
- Kotak Mahindra Bank Ltd.
- ICICI Bank Ltd.
- State Bank of India
Conversely, stocks like Titan Co., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., Trent Ltd., and IndusInd Bank Ltd. were the main laggards that weighed on the index.
Sector Performance Overview
The overall market sentiment was positive, with eleven out of twelve sectors on the National Stock Exchange (NSE) experiencing gains. The Nifty Defence and PSU Bank sectors were the standout performers, with the Nifty Defence marking its seventh consecutive day of gains—the longest streak since December.
On the BSE, all 21 sectors advanced, particularly driven by the Auto, Utilities, and Power sectors.
Broader Market Trends
The broader market also reflected positive trends, with the BSE MidCap index gaining 1.4% and the SmallCap index rising by 1.32%. The market breadth indicated a clear preference for buyers, as 2,497 stocks advanced compared to 1,637 that declined, while 164 remained unchanged.
This robust market performance signifies growing investor confidence, paving the way for potential future gains. As analysts continue to monitor these trends closely, it will be interesting to see how the market evolves in the coming days.
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