The Indian stock market staged a powerful comeback with benchmark indices ending the day in the green on Monday. The Sensex closed at 81,273.75, up 0.84%, while the Nifty ended at 24,876.95, higher by 1%. The Nifty Bank too settled at 55,734.90, posting gains of 0.71%.
The rally came on the back of two key developments. One, Prime Minister Narendra Modi’s Independence Day address, where he urged states to cooperate on proposed GST changes before Diwali. The other, S&P Global Ratings move to upgrade India’s sovereign credit rating to BBB from BBB-, the first such upgrade since 2007.
Key highlights of today’s trading session-
Auto stocks steal the spotlight
The day clearly belonged to auto stocks. The Nifty Auto index jumped over 4%, with every constituent finishing in positive territory.
Hero MotoCorp, Maruti Suzuki, and Ashok Leyland surged more than 7% each in the intraday.
TVS Motor, Bajaj Auto, and M&M also clocked gains of over 4%.
Gains spread beyond autos
It was not just the auto counters that carried the momentum. Buying was broad-based across indices:
FMCG and financial services rose around 2%. Consumer durables gained nearly 3%. Metals too added close to 1%.
The BSE MidCap index jumped over 500 points, while the SmallCap index gained nearly 500 points.
Top gainers of the day
Among individual stocks, Maruti Suzuki topped the charts with an 9% surge. Heavyweights such as Bajaj Finance, UltraTech Cement, Mahindra & Mahindra, and Bajaj Finserv followed closely, each climbing between 4–5%.
Few laggards in a bullish market
While the mood was largely upbeat, a handful of stocks ended in the red. L&T, Tech Mahindra, ITC, Eicher Motors, and Infosys slipped around 1% each.
What drove today’s rally?
The twin triggers such as the policy clarity on GST reforms and the much-awaited rating upgrade by S&P lifted investor confidence. The rating agency cited India’s robust economic growth, fiscal consolidation efforts, and improved policy credibility as reasons behind the upgrade.