Benchmark indices extended their winning streak for the sixth consecutive session on Monday, with the Sensex breaching the psychological 78,000 mark intraday as banking and financial stocks led broad-based buying. The 30-share BSE Sensex closed at 77,984.38, up 1,078.87 points or 1.40 per cent, while the NSE Nifty settled at 23,658.35, gaining 307.95 points or 1.32 per cent.
“Short covering ahead of the monthly F&O expiry later this week fuelled the rally as Sensex breached the psychological 78,000 mark intra-day on across-the-board buying,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. “Renewed optimism by foreign investors after a sharp fall in local currency coupled with strong US and European market cues further bolstered the sentiment.”
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Sensex surges past 78,000 mark as banking stocks lead rally
Market breadth remained positive for the fifth consecutive session, with 2,496 stocks advancing against 1,640 declines on the BSE
Top gainers
NTPC Ltd led the advances, surging 4.61 per cent to ₹367.35, supported by strong institutional buying.
Kotak Mahindra Bank gained 4.51 per cent, closing at ₹2,178.35, amid positive sentiment around the banking sector.
State Bank of India (SBI) climbed 3.77 per cent to ₹781.40, benefiting from improved credit growth outlook.
Tech Mahindra added 3.54 per cent, ending at ₹1,460.00, as investors bet on IT stocks post strong global cues.
Power Grid Corporation rose 3.14 per cent to ₹291.90, extending its recent momentum in the utilities segment.
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The rupee peaked at 85.50 before closing at 85.6350 against the U.S. dollar, marking a 0.4% gain for the day.
Top losers
Titan Company Ltd was the biggest laggard, falling 2.68 per cent to ₹3,078.95 due to profit booking.
IndusInd Bank dropped 2.42 per cent to ₹669.15, witnessing selling pressure post a recent rally.
Zomato Ltd declined 2.13 per cent to ₹222.70, tracking weakness in the broader new-age tech stocks.
Mahindra & Mahindra (M&M) slipped 0.83 per cent to ₹2,776.00, facing mild selling pressure.
Bharti Airtel edged 0.46 per cent lower to ₹1,718.30, amid sectoral underperformance.
Banking and financial stocks continued to drive the market rally, with Nifty Bank surging 2.05 per cent, while Nifty Financial Services gained 1.98 per cent. Investors remained optimistic ahead of key macroeconomic data and global market trends.
