Sensex and Nifty Close Higher on the Back of Financial, Pharma Stocks
The Indian stock market ended Monday on a positive note, supported by strong buying in financial, pharma, and select metal stocks. Both the Sensex and Nifty indices gained momentum after a mixed start, with significant gains observed in the latter part of the trading session.
Mumbai: The Indian stock market ended Monday on a positive note, supported by strong buying in financial, pharma, and select metal stocks. Both the Sensex and Nifty indices gained momentum after a mixed start, with significant gains observed in the latter part of the trading session.
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Market Performance and Key Index Movements
The Sensex opened on a cautious note, briefly dipping to 73,796, down 33 points in early trading. However, the market quickly picked up momentum, with the Sensex surging to a high of 74,376, 400 points above the intra-day low. The index consolidated for the remainder of the session and closed 341 points higher at 74,170.
Similarly, the Nifty index started weak, opening with a 44-point loss at 22,353. It soon reversed the trend and climbed to an intra-day high of 22,577. By the end of the session, the Nifty settled at 22,509, gaining 112 points or 0.5%.
Top Gainers on Sensex and Sectoral Performance
Among the top-performing stocks, Bajaj Finserv led the rally with a 3.8% surge, closing at Rs 1,875. Other key gainers included Adani Ports, Mahindra & Mahindra, Axis Bank, and Bajaj Finance, all of which recorded gains of around 2%. Additionally, stocks such as Zomato, ICICI Bank, Sun Pharma, UltraTech Cement, Tata Motors, and Tata Steel saw positive movements.
On the downside, ITC was the biggest loser, declining by 1%, while Nestle India, SBI, and Reliance Industries also ended in the negative.
In the broader market, the BSE MidCap index gained 0.8%, while the SmallCap index closed flat. Sector-wise, BSE Healthcare, financial services, auto, and metal indices saw a boost of around 1% each.
Global and Domestic Factors Influencing the Market
Sundar Kewat from Ashika Institutional Equity highlighted that profit-booking led to a slight decline of 100 points from the day’s high. He also pointed out that global sentiment improved following China’s strategic action plan announced on Sunday to stimulate domestic demand. Additionally, better-than-expected industrial production and accelerating retail sales growth in China contributed to a more optimistic outlook for global markets.
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Rupee Strengthens Against the Dollar
The Indian Rupee traded stronger, gaining 0.27 to close at 86.86 against the dollar. The rupee’s strength was attributed to a weaker dollar index and lower outflows in the secondary capital markets in recent days.
Jateen Trivedi from LKP Securities noted that the dollar’s weakness continues to support the rupee. Market participants are also closely watching key US economic data releases, including retail sales figures and the Federal Reserve’s policy statement expected later this week.
