Staff Reporter
The Domestic stock market rebounded on Monday, breaking its recent losing streak as value buying in banking heavyweights lifted benchmark indices. The BSE Sensex surged 442.61 points, or 0.54%, to close at 82,200.34, while the NSE Nifty50 gained 122.30 points, or 0.49%, to settle at 25,090.70.
Opening strong at 81,918.53, the Sensex remained volatile through the session, briefly dipping to an intraday low of 81,518.66 before staging a recovery. The bounce was primarily driven by renewed interest in banking and manufacturing stocks.
Sectoral & Stock Highlights
Banking stocks led the rally, with the Bank Nifty jumping 430 points or 1.62%. Nifty Auto also posted gains, climbing 160 points or 0.67%. On the flip side, IT and FMCG indices ended in the red, dragged down by stocks like HCL Tech, TCS, ITC, and Hindustan Unilever.
Among Sensex constituents, notable gainers included Zomato, ICICI Bank, Adani Ports, HDFC Bank, Mahindra & Mahindra, BEL, Kotak Bank, Tata Motors, Bajaj Finserv, L&T, and Power Grid. Meanwhile, Reliance, HCL Tech, TCS, and ITC closed with losses.
On the Nifty50, 28 stocks advanced, 21 declined, and one remained unchanged, reflecting a mixed but broadly positive market sentiment.
Mid & Small Caps Outperform
Broader markets outshined the benchmarks with strong gains. The Nifty Midcap 100 surged 363.85 points, Nifty Next 50 rose by 278 points, and the Nifty 100 closed 121 points higher, indicating a widespread recovery across sectors and market capitalizations.
Macro & Global Cues in Focus
Investor sentiment was buoyed by expectations of increased infrastructure spending, particularly in the manufacturing sector, as the government considers measures to stimulate growth. However, ongoing uncertainty around US-India trade negotiations capped gains, keeping market participants cautious.
The rupee weakened by 0.18% to 86.25 against the dollar, with attention turning to U.S. Federal Reserve Chair Jerome Powell’s upcoming speech, which could influence global currency movements and market volatility.
Traders are also eyeing the release of key macroeconomic data, including Manufacturing and Services PMI, for further direction.