Mumbai— Indian equity markets extended their winning streak for a fifth straight session on Monday, driven by strong gains in banking, IT, and auto stocks.
The BSE Sensex surged 855.30 points, or 1.09%, to end the day at 79,408.50, while the NSE Nifty climbed 273.90 points, or 1.15%, to close at 24,125.55.
Top gainers on the Sensex included Tech Mahindra, IndusInd Bank, Power Grid Corporation, Bajaj Finserv, and Mahindra & Mahindra, with some stocks rising as much as 4.9%.
In just five trading sessions, the Sensex has gained 5,562 points (7.5%), while the Nifty has added 1,726 points (7.7%).
Broader markets outperformed the benchmarks, with the Nifty Midcap100 and Smallcap100 indices jumping 2.5% and 2.2%, respectively.
Banking stocks were the standout performers, as the Bank Nifty hit an intraday high of 55,461.65 before settling at 55,304.50, up 1.87%. AU Small Finance Bank, IDFC First Bank, IndusInd Bank, and Federal Bank posted gains ranging from 3.7% to 7.3%.
The Nifty Private Bank and PSU Bank indices also rose over 2% each, while sectoral indices for IT, Auto, Realty, and Oil & Gas posted gains of more than 2%.
Nifty FMCG was the only sector to end slightly in the red.
Meanwhile, the Indian rupee appreciated for a fifth consecutive session, buoyed by a weakening U.S. dollar, strong equity performance, steady foreign inflows, and falling crude oil prices.
“The rupee gained on the back of a weaker dollar globally, upbeat domestic equities, and lower oil prices, all of which helped build positive momentum,” said Dilip Parmar, Senior Research Analyst at HDFC Securities. (Source: IANS)
