Indian equity indices closed higher on Monday, ending a three-day losing streak. The Sensex rose by 375 points, or 0.46%, to finish at 81,559, while the Nifty gained 84 points, or 0.34%, to close at 24,936.
Private banking stocks led the rally. The Nifty Bank index closed at 51,117, up 540 points, or 1.07%. Key gainers in the Sensex included HUL, ICICI, ITC, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, HDFC Bank, Nestle, and UltraTech Cement.
FMCG, financial services, and private banks were the major gainers, while IT, auto, metals, public sector enterprises, and energy sectors lagged. Midcap and smallcap stocks saw selling pressure, with the Nifty Midcap 100 index falling by 154 points, or 0.26%, to 58,347, and the Nifty Smallcap 100 index dropping 178 points, or 0.93%, to 19,097.
Market experts noted that despite a weak global start, the domestic market showed signs of recovery. They highlighted that current US job data indicates the anticipated 25 basis point rate cut may not be sufficient. Upcoming US inflation and jobless claims data will be crucial in determining the market’s future direction.
Indian markets opened lower. By 9:32 a.m., the Sensex was down 215 points, or 0.27%, at 80,968, and the Nifty was down 78 points, or 0.32%, at 24,773. Despite this negative start, the indices eventually recovered, driven by gains in select sectors and stocks.
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