The Indian stock market maintained its bullish trend on Monday, buoyed by optimistic expectations surrounding the forthcoming Union Budget and a surge in foreign institutional investor (FII) inflows, complemented by encouraging quarterly results from the IT sector.
The benchmark Sensex concluded the day at 80,664, marking an increase of 146 points, while the Nifty reached a historic high of 24,586, gaining 84 points.
The Nifty Bank index also exhibited strong performance, closing at 52,455, up by 177 points.
Throughout the trading session, the Nifty achieved an all-time high as buying interest spanned across various sectors.
Among the prominent gainers on the Nifty were ONGC, SBI Life Insurance, Shriram Finance, SBI, and Bajaj Auto.
In contrast, stocks like LTIMindtree, Asian Paints, Grasim, Tata Steel, and Tata Consumer faced downward pressure, appearing among the day’s top losers.
The BSE midcap index rose by 1%, while the smallcap index recorded a modest gain of 0.2%.
Market analysts noted that positive preliminary results from public sector banks have ignited a robust rally within the PSU index.
However, as the Budget Day approaches next week, a cautious sentiment seems to be setting in among investors.
Rupak De from LKP Securities highlighted that the index began the day positively but exhibited sideways movement throughout most of the session.
“On the higher end, resistance is placed at 24,650, and a breach above this level could pave the way for further upside,” he indicated.
The market opened on a strong note, spurred by IT quarterly earnings and notable FII buying.
On 11 July, FIIs emerged as net buyers, acquiring equities worth Rs 4,021 crore, whereas domestic institutional investors continued their selling trend, offloading equities valued at Rs 1,651 crore.
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