Business

Indian Stock Market Rallies Ahead Of Union Budget

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.

Also Read: SBI Increases MCLR, Impacting Loan Rates Effective 15 July

Mankrit Kaur

Recent Posts

Pope Francis Funeral: President Murmu & PM Modi Pay Final Tributes

Pope Francis, the first Latin American pontiff, was laid to rest in a humble ceremony…

1 hour ago

Man Arrested For Raping Six-Year-Old Girl In Bihar’s Vaishali District

The Bihar police have taken swift action in arresting a man accused of raping a…

2 hours ago

PM Modi Distributes Over 51,000 Appointment Letters In 15th Rozgar Mela

PM Modi distributed 51,236 appointment letters to newly-recruited candidates in central government departments and organisations…

4 hours ago

Indian Embassy In Berlin Holds Memorial For Pahalgam Terror Victims

The Indian Embassy in Berlin organised a solemn memorial service to honour the victims of…

5 hours ago

Joe Jonas Reflects On Disconnecting From Technology And Reliving Childhood

Pop star Joe Jonas recently performed his latest single, Heart by Heart, to a phone-free…

6 hours ago

Chennai Super Kings’ Struggles Continue As Sunrisers Hyderabad Secure Crucial Win

CSK captain Mahendra Singh Dhoni has openly acknowledged the team's ongoing struggles in the 2025…

6 hours ago