The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 131.35 points or 0.55% to settle at 24,141.95, while the BSE Sensex jumped 443.46 points or 0.56% to 79,476.19. Bank Nifty index ended higher by 232.50 points or 0.44% to settle at 52,574.75.
The broader indices ended in mixed territory, with gain led by Mind-cap and Large-cap stocks. Media and IT stocks outperformed among the other sectoral indices while PSU Banks and Realty stocks shed.
Tech Mahindra, Wipro, Bajaj Finance, Grasim, UltraTech Cement were the top gainers on the NSE Nifty 50, while the laggards includes NTPC, Eicher Motors, Apollo Hospitals, State Bank Of India, and Dr Reddy’s Lab.
The Indian Volatility Index (India VIX) closed up by 0.21 % at 13.83.
“The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the FED in September. This optimism contributed to the strong performance of IT stocks,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that, We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair’s speech for further indication on interest rates.
Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that the markets began the week positively, gaining nearly half a percent, extending the ongoing uptrend. Starting flat, the Nifty gradually climbed and nearly reached Friday’s highs, closing at 24,123.35 levels. Sector-wise, there was a mixed trend with IT, financials, and metals showing decent gains, while energy and realty dipped about half a percent. The broader indices performed well, with both midcap and smallcap indices gaining approximately 1.5% each.
Mishra also added that the consistent buying interest on dips suggests bullish control, likely continuing the current tone. The renewed strength in midcap and smallcap segments adds further positivity. Traders should focus on selecting sectors/themes with rotational participation and consider adding positions during pauses or dips.
