Sensex Jumps 855 Points, Nifty Tops 24,100 as Banking and IT Stocks Lead Market Rally
The Indian stock market extended its winning streak for the fifth consecutive session on Monday, with both the Sensex and Nifty posting strong gains, driven by robust buying interest across banking, IT, and auto sectors. The Sensex surged by 855.30 points, or 1.09 per cent, closing at a record high of 79,408.50, while the Nifty 50 index soared 273.90 points, or 1.15 per cent, to settle at 24,125.55. This bullish momentum was backed by strong investor confidence and broad-based gains across sectors, reflecting an optimistic outlook for the Indian economy.
Among the top performers in the Sensex pack were Tech Mahindra, IndusInd Bank, Power Grid Corporation, Bajaj Finserv, and Mahindra & Mahindra, with some of these heavyweight stocks climbing as much as 4.91 per cent during the trading session. The rally was not confined to large-cap stocks alone. Broader markets outperformed the benchmark indices, highlighting widespread investor participation. The Nifty Midcap100 index gained 2.50 per cent, while the Nifty Smallcap100 index rose 2.21 per cent, indicating strong momentum in mid and small-cap segments.
Banking stocks led the market rally, as the Bank Nifty index touched an all-time high of 55,461.65 during the intraday session before closing slightly lower at 55,304.50, marking a robust gain of 1.87 per cent for the day. Within the banking segment, AU Small Finance Bank, IDFC First Bank, IndusInd Bank, and Federal Bank stood out as major gainers, posting impressive gains ranging from 3.72 per cent to 7.32 per cent. Both the Nifty Private Bank and Nifty PSU Bank indices ended the day with gains exceeding 2 per cent each, reflecting strong buying interest across the banking spectrum.
Apart from banking, other major sectoral indices also contributed to the market’s rally. The Nifty IT, Auto, Realty, and Oil & Gas indices all recorded gains of more than 2 per cent, underscoring the breadth of the market rally. The only sector to close marginally in the red was the Nifty FMCG index, indicating some profit booking in consumer staples after recent gains.
The Indian rupee also mirrored the equity market’s strength, rising for the fifth straight day. Its appreciation was primarily driven by a weakening US dollar against major global currencies, coupled with continued foreign portfolio inflows, strong domestic equity performance, and a softening of global crude oil prices. According to Dilip Parmar, senior research analyst at HDFC Securities, these favorable macroeconomic indicators added further tailwinds to the rupee’s upward momentum.
Over the last five trading sessions, the Sensex has rallied by an impressive 7.5 per cent or 5,562 points, while the Nifty has jumped 7.7 per cent or 1,726 points, showcasing the strength of the current bullish trend in Indian equities. The sustained rally, driven by a combination of sectoral strength, supportive global cues, and domestic macroeconomic resilience, has positioned the Indian stock market on a strong footing for further gains.
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