Sensex ends 485 points higher, Nifty above 25,800; SBI jumps 8%
The S&P BSE Sensex added 485.35 points to end at 84,065.75, while the NSE Nifty50 gained 173.50 points to close at 25,867.30.
Benchmark stock market indices closed higher on Monday as FII buying and India-US trade deal developments boosted investor sentiment.
The S&P BSE Sensex added 485.35 points to end at 84,065.75, while the NSE Nifty50 gained 173.50 points to close at 25,867.30.
Vinod Nair, Head of Research, Geojit Investments Limited, said that positive signals from the trade deal, coupled with the return of FIIs, fuelled a risk-on sentiment in the market.
"Investors are closely watching upcoming results, with PSU banks delivering stronger-than-anticipated performance, helping the PSU bank index outperform," he added.
After the closing bell, State Bank of India Ltd led the Sensex gainers with a sharp rise of 7.46%. Titan Company Ltd followed, gaining 2.78%, while Tata Steel Ltd moved up 2.56%. UltraTech Cement Ltd rose 2.52%, and Eternal Ltd also ended higher, up 1.91%.
Power Grid Corporation of India Ltd saw the biggest fall, slipping 1.11%. ITC Ltd declined 1.07%, NTPC Ltd was down 0.89%, ICICI Bank Ltd fell 0.68%, and Infosys Ltd eased 0.65%.
"Meanwhile, an accumulation strategy was observed in consumer durables and real estate stocks following the recent correction, driven by expectations of a demand revival. The recovery was broad-based, with sectors such as cement, capital goods, textiles, and consumer discretionary attracting investor interest, supported by union budget proposals and favourable trade deals," said Nair.
The broader market did better than the main indices. The Nifty Midcap index rose 1.58%, while the small-cap index gained 2.64%.
All sectors ended in the green, with media, consumer durables, realty, PSU banks, pharma, healthcare and metals rising between 1% and 3%. PSU bank stocks moved up after strong results, while consumer durables and realty stocks saw buying on hopes of a pickup in demand.
"The index formed a high wave candle with a higher high and a higher low and a bullish gap below its base (25703- 25780) signaling continuation of the positive momentum. Bias remains positive and a follow through strength above Monday’s high 25922 will open further upside towards 26,100 and 26,300 levels in the coming sessions," said Bajaj Broking Market.
"Any near-term correction from current levels is likely to offer a buy-on-dips opportunity with immediate support placed at 25,500-25,400 levels being the confluence of the last week’s breakout area and the 20-day EMA. Volatility is likely to stay at an elevated level on account of volatile global cues. Strong support is seen in the 25,000–25,200 range, aligned with the 52-week EMA and the 80% retracement of the ongoing up-move," it added.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Benchmark stock market indices closed higher on Monday as FII buying and India-US trade deal developments boosted investor sentiment.
The S&P BSE Sensex added 485.35 points to end at 84,065.75, while the NSE Nifty50 gained 173.50 points to close at 25,867.30.
Vinod Nair, Head of Research, Geojit Investments Limited, said that positive signals from the trade deal, coupled with the return of FIIs, fuelled a risk-on sentiment in the market.
"Investors are closely watching upcoming results, with PSU banks delivering stronger-than-anticipated performance, helping the PSU bank index outperform," he added.
After the closing bell, State Bank of India Ltd led the Sensex gainers with a sharp rise of 7.46%. Titan Company Ltd followed, gaining 2.78%, while Tata Steel Ltd moved up 2.56%. UltraTech Cement Ltd rose 2.52%, and Eternal Ltd also ended higher, up 1.91%.
Power Grid Corporation of India Ltd saw the biggest fall, slipping 1.11%. ITC Ltd declined 1.07%, NTPC Ltd was down 0.89%, ICICI Bank Ltd fell 0.68%, and Infosys Ltd eased 0.65%.
"Meanwhile, an accumulation strategy was observed in consumer durables and real estate stocks following the recent correction, driven by expectations of a demand revival. The recovery was broad-based, with sectors such as cement, capital goods, textiles, and consumer discretionary attracting investor interest, supported by union budget proposals and favourable trade deals," said Nair.
The broader market did better than the main indices. The Nifty Midcap index rose 1.58%, while the small-cap index gained 2.64%.
All sectors ended in the green, with media, consumer durables, realty, PSU banks, pharma, healthcare and metals rising between 1% and 3%. PSU bank stocks moved up after strong results, while consumer durables and realty stocks saw buying on hopes of a pickup in demand.
"The index formed a high wave candle with a higher high and a higher low and a bullish gap below its base (25703- 25780) signaling continuation of the positive momentum. Bias remains positive and a follow through strength above Monday’s high 25922 will open further upside towards 26,100 and 26,300 levels in the coming sessions," said Bajaj Broking Market.
"Any near-term correction from current levels is likely to offer a buy-on-dips opportunity with immediate support placed at 25,500-25,400 levels being the confluence of the last week’s breakout area and the 20-day EMA. Volatility is likely to stay at an elevated level on account of volatile global cues. Strong support is seen in the 25,000–25,200 range, aligned with the 52-week EMA and the 80% retracement of the ongoing up-move," it added.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)