The Indian stock markets closed in the green on Monday, with Bank Nifty touching a fresh all-time high of 57,000.
Strong momentum in financial stocks and supportive macroeconomic cues lifted investor sentiment.
The Sensex rose 256.22 points or 0.31 per cent to end at 82,445.21. The Nifty gained 100.15 points or 0.40 per cent to close at 25,103.20.
Midcap and smallcap indices outperformed largecaps. The Nifty Midcap 100 index rose 664.65 points or 1.13 per cent to 59,674.95. The Nifty Smallcap 100 index surged 290.95 points or 1.57 per cent to 18,873.40.
Financial and auto stocks lead gains
Sectoral indices saw widespread gains. Auto, IT, PSU banks, financial services, pharma, metal and media closed in the green. Only the Nifty Realty index slipped into the red.
Kotak Mahindra Bank, Bajaj Finance, Axis Bank, Power Grid, IndusInd Bank, Maruti Suzuki, Bajaj Finserv, NTPC, TCS, and Tata Motors were among the top Sensex gainers.
Eternal (Zomato), ICICI Bank, Titan, M&M and Tata Steel ended in the red.
Financial stocks extended their rally. The RBI’s rate and CRR cuts strengthened investor confidence. The move is expected to improve liquidity, especially in midcap stocks, in the short to medium term.
Bank Nifty breaks out of key formation
Bank Nifty hit 57,049 during the session, breaking out of a month-long ascending triangle formation. The index showed strength and overcame earlier resistance levels with clarity.
“The breakout confirms a strong trend after multiple failed attempts,” said Om Mehra of Samco Securities.
Analysts noted the index trades above key moving averages. The daily Relative Strength Index (RSI) stands at 69, and the weekly RSI at 68.
Both reflect bullish momentum without being overbought. A recent RSI divergence also confirms the strength of the move.
Global cues also helped. Positive US jobs data and renewed hopes around US-China trade talks boosted global markets. FII inflows added to the domestic rally.
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