Stock Markets Rally for 6th Consecutive Day: Sensex Soars Over 1,000 Points
The Indian stock markets continued their impressive winning streak, rising for the sixth consecutive trading session on Monday. Both the benchmark indices, Sensex and Nifty, ended the day with significant gains, maintaining a bullish momentum.
Mumbai: The Indian stock markets continued their impressive winning streak, rising for the sixth consecutive trading session on Monday. Both the benchmark indices, Sensex and Nifty, ended the day with significant gains, maintaining a bullish momentum.
Sensex Jumps 1,078 Points, Nifty Surges 307 Points
The 30-share Sensex closed 1,078.87 points, or 1.40%, higher at 77,984.38. During intra-day trading, the index touched an impressive high of 78,107.23. Similarly, the Nifty index surged by 307.95 points, or 1.32%, to settle at 23,658.35, after reaching a peak of 23,708.75 earlier in the session.
Strong Sectoral Performance Drives Market Surge
Investor sentiment remained positive, with 24 out of 30 Sensex stocks ending in the green. Key performers included NTPC, Kotak Mahindra Bank, SBI, Tech Mahindra, and Power Grid Corporation, which saw gains of up to 4.63%. In contrast, stocks such as Nestle India, Bharti Airtel, Mahindra & Mahindra, Zomato, IndusInd Bank, and Titan experienced minor declines, with losses of up to 2.73%.
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The broader market also showed strength, with the Nifty Midcap100 and Smallcap100 indices both rising by more than 1%.
Banking Stocks Lead the Rally
Banking stocks, particularly public sector banks (PSUs), led the charge with the Nifty PSU Bank index surging 3.18%. Additionally, the Bank Nifty and Nifty Private Bank indices gained over 2%. Other sectors such as capital goods, oil and gas, power, realty, and telecom also contributed to the rally, with gains ranging between 1-2%.
Also Read: India Leads Global Stock Market Gains with Highest Market Cap Surge in Four Years
Notably, the Nifty Media index was the only sectoral index on the NSE that ended in negative territory, but all other sectoral indices closed on a positive note.
Foreign Institutional Investors (FII) Boost Market Sentiment
The positive market sentiment was reinforced by the strong inflow of capital from foreign institutional investors (FIIs). On Friday, FIIs recorded a net inflow of Rs 7,470 crore, signaling growing market confidence. FIIs also increased their long positions in index futures, with the Long-Short ratio improving to 31.8%, reflecting a shift towards optimism.
Rupee Strengthens Against the Dollar
The Indian rupee also showed strength in today’s session, closing 34 paise higher at 85.63 per US dollar compared to Friday’s close of 85.97. According to Vinit Bolinjkar, Head of Research at Ventura, the rupee’s performance is supported by favorable domestic factors and policies from the Reserve Bank of India (RBI).
Market Outlook: Can the Rally Continue?
With every sector closing positively and banking stocks at the forefront of the rally, market experts remain optimistic about the bullish momentum. However, investors are eagerly awaiting further cues to determine if this rally has more room to run.
