Final Trade: Sensex up 500 points, Nifty stays above 23,700; financials and IT lead the charge
The BSE Sensex surged 499 points to close at 78,540, while the NSE Nifty advanced 166 points to settle at 23,753. Despite the recovery, the Nifty stayed below its crucial 200-day moving average (DMA).
The equity markets ended Monday's session on a positive note, snapping a five-day losing streak, fueled by upbeat global sentiment. The BSE Sensex surged 499 points to close at 78,540, while the NSE Nifty advanced 166 points to settle at 23,753.
Despite the recovery, the Nifty stayed below its crucial 200-day moving average (DMA).
Metal and financial stocks drive gains
Gains in metal and financial stocks led the rally, with the Nifty Financial Services index climbing 0.9 percent. The Nifty Metal index added one percent as sentiment turned positive after the Directorate General of Trade Remedies (DGTR) initiated a safeguard investigation into steel flat imports. Heavyweights Tata Steel and JSW Steel rose by 1.5 percent and 1.8 percent, respectively.
Midcap and bank indices shine
Broader markets mirrored the upbeat sentiment as the midcap index jumped 186 points to close at 57,093. The Nifty Bank index outperformed, gaining 558 points to end at 51,318, supported by HDFC Bank and IndusInd Bank, which added 1.7 percent and 1.75 percent, respectively.
IT, auto stocks lag
While the overall market mood was optimistic, sectors like IT and auto underperformed. Stocks such as Hero Moto, Maruti Suzuki, HCLTech, and TCS were among the top losers, capping broader gains.
Key movers of the day
ITC remained a top gainer, adding 2.07 percent ahead of its hotel demerger record date. Adani Wilmar snapped its six-day losing streak, surging over eight percent, while India Cements also gained eight percent on CCI’s approval of Ultratech's Rs 7,000 crore deal. Sterling & Wilson climbed five percent after securing a Rs 1,200 crore order.
On the other hand, Siemens and HCC faced selling pressure, with the latter falling six percent. The market breadth tilted toward declines, with the advance-decline ratio at 2:3.
Closing note
Markets displayed resilience after a prolonged losing streak, backed by positive global cues and sector-specific developments. However, caution prevailed as key indices closed below their intraday highs, highlighting persistent market volatility.
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