Equity benchmarks opened firmly on Monday as buying interest in heavyweight banking stocks lifted market sentiment. The BSE Sensex rose over 300 points, while the NSE Nifty 50 hovered near the 25,800 level in early trade, supported by positive global cues and steady domestic flows.
The rally was led by State Bank of India (SBI), which advanced sharply after reporting strong quarterly earnings and outlining a healthy growth outlook. The stock’s rise spilled over to the broader PSU banking space, with several public sector lenders posting solid gains. Other frontline financial stocks also traded higher, reflecting renewed confidence in the sector.
Outside banking, select infrastructure and metal stocks moved up on expectations of steady demand and supportive macro conditions, adding to the upward momentum in the indices.
On the flip side, IT stocks remained under pressure, as investors stayed cautious amid concerns over global demand and booked profits after recent gains. The auto sector also saw selling, with most major auto names trading lower as valuations prompted profit-taking. In addition, select pharma stocks slipped, contributing to the mixed tone in the broader market.
Overall market breadth was balanced, with advances in financials offset by weakness in IT, auto and pharma counters. The India VIX declined, indicating easing volatility, while the rupee traded marginally stronger against the US dollar.
Market participants said sentiment remains positive in the near term, but the Nifty’s move towards the 26,000 level will be closely watched, with global cues and ongoing corporate earnings likely to guide further direction.
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