Indian equity markets continued their upward trajectory on Monday, buoyed by robust buying in banking and IT stocks, alongside supportive global cues.
By 12:59 IST, the Sensex had climbed 483.50 points, or 0.60 percent, 81,691.16, while the broader Nifty rose 142.20 points, or 0.50 percent, to 25,037.45. The rally reflected investor optimism ahead of the ongoing Q2 earnings season and in anticipation of major IPOs.
Among the top performers were Max Healthcare, Shriram Finance, Apollo Hospitals Enterprise, Axis Bank, and Bajaj Finance, all gaining up to 5 percent intraday. Strong buying interest in both financial services and healthcare sectors underscored investor preference for companies with solid quarterly performance and resilient business models.
The Bank Nifty index extended its gains for a fifth consecutive session, buoyed by encouraging second-quarter results from major private lenders, particularly HDFC Bank and Kotak Mahindra Bank.
All twelve constituents of the Bank Nifty were trading in positive territory, with the index surging around 460 points, or 0.82 percent, reclaiming the 56,000 level.
Analysts highlighted that robust performance from public sector banks and non-banking financial companies, combined with largely in-line private bank results, provided strong support to market sentiment.
Technology stocks also contributed significantly to the positive momentum. All ten constituents of the Nifty IT index were trading higher, lifting the sectoral index by 1.6 percent.
Analysts pointed out that investor confidence in IT firms remains strong due to continued digital transformation initiatives and enterprise technology spending across global markets.
Global market trends offered further support to domestic equities.
Major Asian indices, including Japan’s Nikkei 225, traded higher, while U.S. futures indicated a positive start for Wall Street. Market participants suggested that firm global cues reinforced domestic investor confidence, encouraging risk-on trades in equities.
The rupee also strengthened slightly, appreciating by five paise to 88.74 against the U.S. dollar. Observers noted that the firming currency reflected improving risk sentiment, aided by anticipated inflows from upcoming IPOs. The currency’s stability added to investor confidence, particularly for foreign institutional investors monitoring the market for short-term opportunities.
From a technical perspective, market strategists observed that the Nifty was approaching the 24,970–25,050 range targeted last week, with technical indicators suggesting scope for further upside in the near term.
However, they cautioned that momentum might be limited beyond 25,200 in the immediate term, with key support levels near 24,835 and 24,700 providing potential downside buffers.
Overall, Monday’s trading session highlighted strong domestic investor sentiment, led by financials and IT shares, and supported by favorable global market trends and currency stability.
With the Q2 earnings season underway and several high-profile IPOs scheduled in the coming weeks, analysts expect market activity to remain robust, with sector-specific performance continuing to influence the broader indices.
Investors are likely to monitor quarterly results closely, balancing opportunities in outperforming sectors against potential volatility in underperforming ones.
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