The Indian stock market closed on a strong note on Monday, supported by buying interest in financial, pharmaceutical, and select metal stocks.
Both benchmark indices—Sensex and Nifty—ended in positive territory despite a cautious start. The Sensex opened slightly lower, slipping to 73,796, down 33 points in early trade. However, it soon gained momentum, climbing to an intraday high of 74,376, nearly 400 points above the day’s low. After trading in a range-bound manner for the rest of the session, the Sensex settled 341 points higher at 74,170.
Similarly, the Nifty index began on a weak note, opening with a 44-point loss at 22,353. It quickly recovered, touching an intraday high of 22,577 before ending the day at 22,509—up 112 points or 0.5 per cent.
Among the top gainers on the Sensex, Bajaj Finserv surged 3.8 per cent to Rs 1,875. Adani Ports, Mahindra & Mahindra, Axis Bank, and Bajaj Finance also posted strong gains of around 2 per cent each. Other notable gainers included Zomato, ICICI Bank, Sun Pharma, UltraTech Cement, Tata Motors, and Tata Steel.
On the downside, ITC fell by 1 per cent, while Nestle India, SBI, and Reliance Industries also ended lower.
In the broader market, the BSE MidCap index advanced by 0.8 per cent, while the SmallCap index closed flat. Sector-wise, the BSE Healthcare, Financial Services, Auto, and Metal indices each gained around 1 per cent during the session.
Commenting on the day’s movement, Sundar Kewat of Ashika Institutional Equity said, “As the session progressed, profit booking led to a 100-point decline from the day’s high, reflecting investors’ cautious stance.”
He also noted that global sentiment received a boost after China unveiled a strategic action plan on Sunday to stimulate domestic demand. “Additionally, better-than-expected industrial production data and accelerating retail sales growth in China further supported optimism,” Kewat added.
Meanwhile, the rupee traded firm, appreciating by 0.27 per cent to 86.86 against the US dollar. The currency was supported by a weaker dollar index and reduced outflows from the secondary capital markets in recent sessions.
“The dollar’s weakness continues to support the rupee, while market participants are closely monitoring key US economic data releases, including retail sales, the Federal Reserve’s policy meeting, and its statement later this week,” said Jateen Trivedi of LKP Securities.
-IANS
