FINAL TRADE: Sensex surges nearly 900 points, Nifty near 24,450 as bank, metal, auto stocks drive gains

Indian equity indices rebounded significantly on Monday, with the Sensex soaring nearly 900 points and the Nifty approaching 24,450. This rally came after five consecutive days of declines, showcasing a resilient market response despite persistent foreign selling and underwhelming corporate quarterly earnings.

Strong Performance from Key Sectors

The surge was largely fueled by robust performances from the banking sector, particularly ICICI Bank, which reported earnings that exceeded profit expectations for the September quarter. Strong loan demand bolstered the bank's results, instilling confidence in investors and contributing to the overall market uptrend. Additionally, stocks from the metal and auto sectors also played a crucial role in driving the gains, reflecting broader economic optimism.

Market Sentiment and Future Outlook

Despite the current positivity, analysts remain cautious due to ongoing foreign institutional investor (FII) selling and the overall earnings landscape, which has been lackluster. Investors will be keeping a close watch on upcoming corporate earnings reports and global market trends. The market's ability to sustain this momentum will depend on various factors, including geopolitical developments and domestic economic indicators.

Overall, the strong gains in key sectors signal a possible turning point for the Indian equity market, raising hopes for a sustained recovery in the coming weeks.