MUMBAI— After a string of losses, the Indian stock market rebounded sharply on Monday, driven by strong buying in banking heavyweights. The benchmark Sensex surged 442.61 points, or 0.54 percent, to close at 82,200.34.
The 30-share index opened in the green at 81,918.53, up from the previous close of 81,757.73, and experienced a volatile session with an intraday low of 81,518.66 before staging a strong recovery.
The Nifty50 also closed higher, gaining 122.30 points, or 0.49 percent, to end the session at 25,090.70.
Analysts attributed the rebound to positive quarterly earnings from major banks, which helped lift investor sentiment after several days of market consolidation.
“The market remains highly responsive to earnings, underscoring investors’ focus on company performance as a key driver of valuations,” analysts noted.
Manufacturing stocks also saw gains amid reports that the government is considering expanding infrastructure spending to support economic growth.
In the Sensex basket, notable gainers included Zomato, ICICI Bank, Adani Ports, HDFC Bank, Mahindra & Mahindra, Bharat Electronics (BEL), Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, Larsen & Toubro (L&T), and Power Grid. On the downside, Reliance Industries, HCL Technologies, Hindustan Unilever, TCS, and ITC ended the day in the red.
On the Nifty50, 28 stocks advanced, 21 declined, and one remained unchanged.
Among sectoral indices, Bank Nifty led the gains, soaring 430 points or 1.62 percent, while Nifty Auto rose 160 points or 0.67 percent. In contrast, Nifty IT and Nifty FMCG closed lower.
Broader market indices also witnessed a strong rally. The Nifty 100 rose 121 points, Nifty Midcap 100 surged 363.85 points, and Nifty Next 50 ended 278 points higher.
“Persistent uncertainty surrounding ongoing trade negotiations between the U.S. and India tempered overall gains, as investors remain watchful of any developments from these high-stakes discussions,” said analysts at Ashika Institutional Equities.
Meanwhile, the Indian rupee weakened by 0.18 percent to trade at 86.25 against the U.S. dollar, ahead of a key speech by Federal Reserve Chair Jerome Powell later this week, which is expected to influence dollar index volatility.
Market participants will also be closely monitoring upcoming economic indicators, including the Manufacturing and Services Purchasing Managers’ Index (PMI), said Jateen Trivedi, Analyst at LKP Securities. (Source: IANS)
