Benchmark indices rally over 1% led by auto and banking stocks
The Indian stock market ended higher on Monday, with benchmark indices snapping a three-day losing streak following strong buying in the final hours of trade.
The BSE Sensex surged 939 points, or 1.26 per cent, to close at 75,502.85, while the NSE Nifty gained 257.70 points, or 1.11 per cent, to settle at 23,408.80.
The rally was largely driven by gains in auto and banking stocks, which lifted the benchmark indices despite weakness in the broader market.
Among Sensex constituents, HDFC Bank, Mahindra & Mahindra, Eternal and Tata Steel were among the top gainers. On the other hand, Sun Pharma, Bharti Airtel, HCL Tech and TCS ended among the major losers.
Market sentiment improved towards the end of the session as investors increased buying in the auto and financial sectors, helping the benchmark indices recover from losses recorded over the past three trading sessions.
However, the broader markets underperformed compared to the headline indices. The Nifty Midcap 100 index declined 0.43 per cent, while the Nifty Smallcap 100 index fell 0.65 per cent.
Among sectoral indices on the National Stock Exchange, the Nifty Auto index emerged as the top performer, while Nifty Financial Services and Nifty Private Bank indices also ended in positive territory.
In contrast, the Nifty Realty index was the weakest performer among sectoral indices during the session.
They noted that geopolitical tensions in West Asia and elevated crude oil prices continued to keep investors cautious, leading to sectoral divergence and intraday volatility in the market.
From a technical perspective, analysts said Nifty has immediate support around the 23,200–23,100 zone, with a stronger base near 22,950. On the upside, 23,500 remains a key resistance level, and a sustained move above this level could extend the recovery towards 23,800 in the near term.
-IANS
