Mumbai– Indian equity markets extended their winning streak for a third consecutive session on Monday, lifted by strong buying in information technology and banking stocks.
The benchmark BSE Sensex climbed 582.95 points, or 0.72 per cent, to close at 81,790.12, while the NSE Nifty surged 183.4 points, or 0.74 per cent, to end above the key 25,000 mark at 25,077.
Analysts said Nifty’s breakout above the psychological and technical resistance level of 25,000 has turned the market structure decisively bullish. “Any dip toward the 25,000 zone is expected to act as a strong support level, with immediate resistance seen at 25,200 and 25,500,” they noted.
The Bank Nifty also delivered a robust performance, opening higher and sustaining its upward momentum throughout the day. The index crossed 56,100, hitting an intra-day high of 56,164. Experts placed the next resistance levels at 56,300–56,500 and support between 55,821–55,500.
Broader markets mirrored the uptrend, with the Nifty Midcap 100 gaining 0.89 per cent and the Nifty Smallcap 100 adding 0.28 per cent.
Among Sensex constituents, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance were top gainers, advancing up to 3 per cent. On the losing side, Trent, Tata Steel, Power Grid, and Titan closed lower.
Sectorally, IT stocks led the charge, with the Nifty IT index jumping 2.28 per cent. The Nifty Private Bank, Financial Services, and Healthcare indices also finished in positive territory, while Metal, FMCG, and Media shares slipped up to 1 per cent.
Market experts attributed the rally to upbeat sentiment in IT counters and strong institutional buying ahead of quarterly earnings. “The domestic equity market ended on a positive note, driven by gains in financial services and IT sectors ahead of the Q2 results,” they said. “The banking index outperformed, supported by strong quarterly updates from major banks and attractive valuations, while hospital stocks surged following the revision of CGHS rates,” analysts added. (Source: IANS)
