The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 jumped 314.65 points or 1.32% to settle at 24,221.90, while the BSE Sensex soared 992.74 points or 1.25% to 80,109.85.
The broader indices ended in positive territory, with gains led by Small-cap and Midcap stocks. Banks and Realty stocks surged over 2% among the other sectoral indices while Metal, IT and Auto stocks gained nearly 1%.
Sectoral Index
Bank Nifty index ended higher by 1072.10 points or 2.10% to settle at 52,207.50. The Nifty Midcap 100 zooms by 883.70 points, or 1.61%, ending the day’s trading at 55,900.55. In the broader markets, small-cap and mid-cap stocks finished in the green.
Top Movers for the day
Oil and Natural Gas Corporation, Bharat Electronics, Larsen and Toubro, Bharat Petroleum Corporation, and Shriram Finance were the top gainers on the NSE Nifty 50, while the laggards includes JSW Steel, Tech Mahindra, Infosys, Maruti Suzuki India, and Bajaj Auto.
The Indian Volatility Index (India VIX) closed down by 4.93 % at 15.30.
Experts on Today’s Market Performance
“Major state election results lifted market sentiment and increased the scope of stability in government spending in H2FY25 to meet the capex target. The rally was broad-based, while capex-linked sectors like infra, capital goods, and industrials outperformed in expectation of a surge in new order inflows,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that the prospects of H2 remain positive due to a good monsoon, festival, and marriage season, which could ease the impact of earnings downgrades that happened in Q2.
Commenting on the same Prashanth Tapse, Senior VP (Research), Mehta Equities said that The relief rally backed by robust short covering ahead of the monthly expiry this week continued for a second straight session as benchmark Sensex breached the psychological 80k mark on all-round buying support. The enthusiasm after the Maharashtra assembly election win by the BJP & its allies gave equity markets a major boost on expectations that infrastructure projects would get a fresh leg up going ahead.
Tapse also added that the sharp fall in the rupee could turn positive for domestic equity markets going ahead as any further appreciation in local currency could reverse the ongoing FII fund outflows. Technically speaking, Nifty and Sensex are still at oversold conditions with immediate upside hurdles seen at 24515 and then at psychological 25000 mark while support is placed at 23921 mark.
Bank Nifty
Commenting on the Bank Nifty today Tejas Shah, Technical Research, JM Financial & BlinkX said that The Bank Nifty was clearly an outperforming sector and it was also primarily responsible for taking Nifty higher in today’s trading session.
Shah also added that the technical structure of Bank Nifty is relatively stronger than nifty. It also closed above the crucial resistance zone of 51,450-500, which is a positive sign. On the downside, the support zone lies at 51,700-800 / 51,000-100 while the resistance is seen at 52,500-600 / 53,000.
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