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The Indian equity markets opened the week with strong gains on Monday, led by a rally in Adani Group stocks and strength in select auto and banking shares.
The Sensex began the day about 160 points higher at 80,662 and rose to an intra-day high of 81,049.
Though it surrendered some gains later in the session, the index still ended 295 points up at 80,797.
The Nifty touched a high of 24,526 during the day and closed with a gain of 114 points, or 0.5 per cent, at 24,461.
“Markets started the week on a firm footing, lifted by steady foreign inflows and optimism around an impending India-US trade deal,” said Vikram Kasat of PL Capital.
Strength in Asian currencies and easing global trade tensions supported sentiment, even as some global markets remained muted due to holidays, Kasat added.
The Adani Group grabbed investor attention. Shares jumped up to 11 per cent after reports of the company’s top executives meeting US officials to settle a bribery case.
Adani Ports led Sensex gainers, soaring 6.3 per cent. Other top performers included Mahindra and Mahindra, ITC, Power Grid Corporation and Tata Motors.
Banking Stocks Mixed; Broader Markets Outperform
In contrast, Kotak Mahindra Bank fell 4.5 per cent, making it the top Sensex loser. SBI and Axis Bank also closed lower.
The broader market outperformed benchmark indices. The BSE MidCap index rose 1.5 per cent, while the SmallCap index added 1.2 per cent.
Oil and gas stocks witnessed strong buying. The BSE Oil and Gas index gained 2 per cent, led by oil marketing companies.
Consumer durables, energy, and FMCG sectors posted gains of over 1 per cent each.
However, the BSE Bankex slipped nearly 1 per cent, hurt by weakness in select banks.
Rupee Strengthens; Gold Prices Surge
“The upbeat start to the week reflects investor optimism, driven by corporate developments and select sectoral momentum,” market experts noted.
The rupee gained 13 paise to settle at 84.32, supported by sustained FII inflows.
“Going ahead, the rupee is expected to trade in a range of 84.00 to 84.75, with global risk sentiment and commodity trends guiding intraday volatility,” said Jateen Trivedi of LKP Securities.
Gold prices jumped sharply as expectations of a US Federal Reserve rate cut this week boosted buying interest.
Also Read: Indian Markets Open Strong With Adani Ports, Tata Motors In The Green
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