Mumbai — Indian equity markets extended their winning streak on Monday, closing higher for the sixth consecutive session amid broad-based buying and positive investor sentiment. The benchmark Sensex climbed 388.17 points, or 0.46 percent, to settle at 84,950.95, while the Nifty 50 crossed the key psychological level of 26,000, closing at 26,013.45, up 103.40 points, or 0.40 percent.
The 30-share Sensex opened at 84,700.50 — a gap-up from its previous close of 84,562.78 — and remained in the green throughout the day. The index hit an intraday high of 84,988.09 and a low of 84,581.08.
Analysts credited the sustained momentum to strong corporate earnings and optimism around a potential trade deal that could further fuel market gains. “The risk-reward ratio remains favourable, supported by stronger-than-expected Q2 earnings from midcap companies, which have bolstered confidence in the economic recovery and point to possible future earnings upgrades,” analysts said.
Among the major gainers in the Sensex basket were Maruti Suzuki, Kotak Mahindra Bank, Mahindra & Mahindra, Tech Mahindra, Titan, HDFC Bank, PowerGrid, HCL Tech, L&T, and NTPC. On the downside, Tata Motors, Asian Paints, Ultratech Cement, and Tata Steel declined.
Sectoral indices also posted gains across the board. Nifty Financial Services added 154 points or 0.56 percent, Nifty Bank rose 445 points or 0.76 percent, Nifty Auto was up 232 points or 0.85 percent, and Nifty FMCG and Nifty IT gained 0.21 percent and 0.2 percent, respectively.
Broader markets mirrored the benchmark indices’ performance. The Nifty Smallcap 100 index climbed 95 points or 0.52 percent, the Nifty Midcap 100 surged 441 points or 0.73 percent, and the Nifty 100 advanced 111 points or 0.42 percent.
Investors are now watching for signals from global markets and policy developments, as the index holds firm near record levels and eyes further gains. (Source: IANS)
