Indian equity markets ended Monday on a positive note, driven by strong performances from heavyweights like Adani Ports, L&T, SBI, HDFC Bank, and ICICI Bank.
The Sensex closed at 80,109, gaining 992 points or 1.25%. The Nifty ended at 24,221, up 314 points or 1.32%. Over the past two sessions, the Sensex has added nearly 3,000 points, signaling renewed investor confidence.
Banking stocks spearheaded the rally, with Nifty Bank closing at 52,207, up 1,072 points or 2.10%. Midcap and smallcap indices also witnessed strong buying interest. The Nifty Smallcap 100 index rose 360 points or 2.03% to close at 18,115, while the Nifty Midcap 100 index advanced 883 points or 1.61%, finishing at 55,900.
Sectoral indices closed in the green, with auto, PSU banks, realty, energy, infra, and PSE sectors contributing the most to the gains.
Adani Ports Among Top Gainers
Among Sensex constituents, L&T, SBI, Adani Ports, HDFC Bank, ICICI Bank, and Reliance emerged as top gainers. Meanwhile, JSW Steel, Tech Mahindra, Infosys, and Asian Paints posted losses.
Market experts attribute the rally to the results of major state elections, which boosted sentiment and hinted at stable government spending in H2FY25. Capex-linked sectors like infra, capital goods, and industrials outperformed on expectations of new order inflows.
Domestic Institutional Investors (DIIs) supported the market with net purchases worth ₹1,722.15 crore, offsetting Foreign Institutional Investors (FIIs), who sold equities worth ₹1,278.37 crore. Experts believe favorable factors such as a good monsoon and festive demand will sustain market momentum in H2.
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