The Indian stock market staged a strong rebound on Monday, ending the day with robust gains despite ongoing geo-political tensions. The rally was largely fueled by a sharp uptick in select banking stocks and renewed optimism over a potential India-US trade deal.
The Sensex opened with a positive gap of about 120 points at 79,344 and continued its upward trajectory throughout the session. It touched a fresh yearly high of 80,322 before settling at 80,218, up by 1,006 points, or 1.27 per cent.
The Nifty 50 also posted solid gains, moving between 24,054 and 24,355 during the day, and closed at 24,329, up by 289 points, or 1.2 per cent.
“On the higher end, 24,360 remains a resistance level. The Nifty might consolidate around the current range unless it decisively breaches this mark,” said Rupak De of LKP Securities. He added that a break above 24,360 could potentially push the index towards 24,550, aligning with the 61.80 per cent Fibonacci retracement level of the previous decline from 26,277 to 21,743.
Banking heavyweights like ICICI Bank, HDFC Bank, Axis Bank, and SBI were among the major contributors to the rally, together adding nearly 340 points to the Sensex — accounting for about 75 per cent of the day’s total gains.
Among individual gainers, stocks such as Sun Pharma, Mahindra & Mahindra, Tata Steel, SBI, Axis Bank, Tata Motors, and Larsen & Toubro advanced by 2–3 per cent.
However, a few counters faced losses. HCL Technologies, UltraTech Cement, Hindustan Unilever, and Eternal declined, with HCL Technologies falling nearly 2 per cent.
In the broader markets, the BSE MidCap index climbed 1.4 per cent, while the SmallCap index edged higher by 0.4 per cent.
Sector-wise, most indices ended in the green, led by the BSE Oil and Gas index, which rose nearly 3 per cent. Banking, capital goods, auto, metal, and healthcare sectors also posted gains of over 1.5 per cent each.
Meanwhile, the rupee strengthened to 84.98 against the US dollar, appreciating by 0.25, supported by strong inflows into the capital markets, where key indices gained over 1.20 per cent, and the banking index rose by 1.41 per cent.
-IANS
