MUMBAI– Indian equity markets extended their winning streak for a third straight session on Monday, powered by strong gains in information technology and banking shares.
The benchmark BSE Sensex surged 582.95 points, or 0.72 percent, to close at 81,790.12, while the NSE Nifty climbed 183.4 points, or 0.74 percent, to finish above the 25,000 mark at 25,077.
Market analysts said the Nifty’s breakout above the key psychological and technical level of 25,000 has turned the overall structure “decisively positive.” They added that any pullback toward the 25,000 zone is likely to find strong support, with immediate resistance expected around 25,200 and 25,500.
The Bank Nifty index also posted robust gains, opening higher and maintaining momentum through the day. It surged past 56,100 to hit an intraday high of 56,164, with analysts citing resistance levels at 56,300–56,500 and support near 55,500.
Broader indices joined the rally as well, with the Nifty Midcap 100 advancing 0.89 percent and the Nifty Smallcap 100 rising 0.28 percent.
Among Sensex constituents, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance led the gains, climbing up to 3 percent. On the downside, Trent, Tata Steel, Power Grid, and Titan ended the session in the red.
Sectorally, IT stocks were the standout performers, with the Nifty IT index gaining 2.28 percent. The Financial Services, Private Bank, and Healthcare indices also closed higher, while Metal, FMCG, and Media stocks slipped up to 1 percent.
Analysts attributed the upbeat mood to strong institutional buying and positive sentiment in the IT and banking sectors ahead of the upcoming Q2 earnings season.
“The domestic equity market ended the session on a positive note, led by strength in financial services and IT stocks,” experts said. “The banking index outperformed, supported by solid quarterly updates from major banks and attractive valuations, while hospital stocks gained following the revision of CGHS rates.” (Source: IANS)
