Market Closing: Sensex Rallies 1,078 Points, Nifty At 23,658; PSB Outperforms
Indian benchmark equity indices BSE Sensex and Nifty50 climbed on Monday, amid mixed global market moves
Sensex Today: Indian benchmark equity indices continued their upward momentum for the sixth straight session, closing with gains of over 1% each on Monday. The BSE Sensex surged 1,078.87 points, or 1.40%, to settle at 77,984.38 after hitting an intra-day high of 78,107.23.
Similarly, the Nifty50 climbed 307.95 points, or 1.32%, to close at 23,658.35, after touching an intra-day high of 23,708.75 and a low of 23,433.50.
related stories
Banking stocks led the market gains, with 24 out of 30 Sensex stocks ending in the green. NTPC, Kotak Mahindra Bank, SBI, Tech Mahindra, and Power Grid Corp led the rally with gains of up to 4.63%. On the downside, Nestle India, Bharti Airtel, Mahindra & Mahindra, Zomato, IndusInd Bank, and Titan declined by up to 2.73%.
Broader markets also saw strong buying interest, as the Nifty Midcap100 and Smallcap100 indices advanced by over 1% each.
Among sectoral indices, banking stocks dominated, with PSU banks leading the rally. The Nifty PSU Bank index surged 3.18%, while Bank Nifty and the Nifty Private Bank index closed with gains of over 2% each.
Barring the Nifty Media index, all other NSE sectoral indices ended higher, posting gains of up to 2%.
Views By: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investment Services
“The uncanny ability of the market to surprise was evident last week when the Nifty surged by 4.6 per cent in a week. The fact that this happened when globally markets were jittery on fears of Trump’s reciprocal tariffs kicking in from April 2nd is important. So, what led to this sudden reversal of trend in the Indian market?
Improving macros of the Indian economy and fair valuations have turned FIIs from sellers to buyers. More importantly, this has triggered massive short covering leading to sharp spikes in prices. Even though the undertone of the market is bullish investors have to be careful. April 2nd- the reciprocal tariffs day- is looming large and the uncertainty surrounding that is huge. Investors can wait for clarity to emerge regarding the reciprocal tariffs before taking a call on further investment."
Global Cues
Wall Street closed higher on Friday, after US President Donald Trump indicated some ‘flexibility’ regarding tariffs, while reiterating the April 2 deadline for reciprocal tariffs.
The S&P 500 added 0.08 per cent to close at 5,667.56. The Nasdaq Composite gained 0.52 per cent and settled at 17,784.05, while the Dow Jones Industrial Average advanced 32.03 points, or 0.08 per cent, to close at 41,985.35.
Markets in the Asia-Pacific region were mostly lower on Monday amid the nearing deadling of levying tariffs by April 2 on US trade partners.
Australia’s S&P/ASX 200 was down 0.07 per cent.
South Korea’s Kospi was up 0.16 per cent, and the small-cap Kosdaq was higher by 0.52 per cent.
Japan’s Nikkei 225 climbed 0.04 per cent and the Topix was down 0.33 per cent.
Hong Kong’s Hang Seng index was up 0.23 per cent and the CSI 300 was higher by 0.23 per cent.
- Location :
- First Published: