Sensex Jumps Over 1,000 Points As Indian Markets Stage Strong Recovery

The Indian stock market witnessed a strong recovery on Monday amid ongoing geopolitical tensions following the Pahalgam terror attack.

The rally is attributed to robust performance by selected banking stocks and the hopes of a new India-US trade deal.

The BSE-Sensex opened at 79,344, up 120 points. As the day progressed, the index continued to gain and settled at a fresh high of the year at 80,322 before closing at 80,218, up 1,006 points, or 1.27 per cent.

The NSE-Nifty also witnessed significant positive movement, crossing 24,350 to settle at 24,329 up by 289 points, or 1.2 per cent.

The banking stocks led by big banks such as ICICI Bank, HDFC Bank, Axis Bank, and SBI witnessed strong performance, collectively adding up to 340 points to the Sensex.

Sun Pharma, Mahindra and Mahindra, Tata Steel, SBI, Axis Bank, Larsen and Toubro, and Tata Motors all show an increase of 2-3 per cent in their stock prices, leading the invisible gainers.

On the other hand, stocks of HCL Technologies, UltraTech Cement, Hindustan Unilever, and Eternal witnessed a loss with HCL Technologies stock falling nearly 2%.

In the broader market, the BSE MidCap surged by 1.4 per cent, while the SmallCap closed with a gain of 0.4 per cent.

On the sectoral front, the indices witnessed a positive moment, with the BSE Oil and Gas index gaining nearly 3 per cent.

Other sectors such as banking, capital goods, auto, metal, and healthcare also closed on a strong note, with each index rising by over 1.5 per cent.

Rupee supported by a surge in capital markets traded strongly at 84.98, up by 0.25 per cent.

Also Read: Sensex, Nifty Open Higher On Strong Buying In PSU Banks & Financials