Extending its winning streak for the fifth consecutive session, the Indian stock market closed sharply higher on Monday, driven by strong gains in banking, IT, and auto stocks.
The Sensex jumped 855.30 points, or 1.09%, to settle at 79,408.50, while the Nifty surged 273.90 points, or 1.15%, to end at 24,125.55.
Among the 30 Sensex stocks, top gainers included Tech Mahindra, IndusInd Bank, Power Grid, Bajaj Finserv, and Mahindra & Mahindra, with some rising as much as 4.91%.
Over the last five sessions, the Sensex has gained 5,562 points or 7.5%, while the Nifty has advanced by 1,726 points or 7.7%.
Broader markets outperformed the benchmarks, with the Nifty Midcap100 rising 2.50% and the Nifty Smallcap100 gaining 2.21%.
Banking stocks were in strong demand as the Bank Nifty hit a new intraday high of 55,461.65 before closing at 55,304.50, up 1.87%. Key gainers included AU Small Finance Bank, IDFC First Bank, IndusInd Bank, and Federal Bank, which rose between 3.72% and 7.32%.
Both the Nifty Private Bank and PSU Bank indices ended with gains of over 2%.
Sectoral indices on the NSE also saw broad-based gains. Nifty IT, Auto, Realty, and Oil & Gas indices rose over 2% each, while Nifty FMCG was the only index to close slightly lower.
Meanwhile, the Indian rupee extended its uptrend for the fifth straight day, supported by a weakening US dollar, strong equity markets, steady foreign inflows, and falling crude oil prices.
“This positive trend was fuelled by a weakening US dollar against major global currencies. Furthermore, robust performance in domestic equity markets, consistent inflows from foreign investment, and a decline in crude oil prices provided additional tailwinds for the rupee’s appreciation,” said Dilip Parmar, Senior Research Analyst at HDFC Securities.
— IANS
