Benchmark indices ended higher on Monday, lifted by a strong rally in IT stocks after US Federal Reserve Chair Jerome Powell signalled a possible rate cut in September.
The Sensex gained 329 points to close at 81,635.91, while the Nifty50 rose 97.65 points to settle at 24,967.75. Vinod Nair, Head of Research at Geojit Financial Services, said optimism was fuelled by expectations of lower US yields and a supportive domestic backdrop, including proposed GST rationalisation and a favourable monsoon outlook.
Among the top performers, Infosys jumped 3.04%, followed by TCS (2.93%), HCL Tech (2.55%), Tech Mahindra (1.32%) and Sun Pharma (0.86%). The biggest laggards were Bharat Electronics (-0.63%), Asian Paints (-0.39%), Bharti Airtel (-0.38%), ICICI Bank (-0.31%) and Kotak Mahindra Bank (-0.21%).
Sectorally, Nifty IT led the gains with a 2.37% surge, while Nifty Realty (0.75%) and Nifty Metal (0.65%) also supported the upside. Nifty Media was the worst hit, down 1.67%, along with PSU Bank (-0.25%) and FMCG (-0.10%).
Broader market performance was mixed, with Nifty Midcap100 edging up 0.12% while Nifty Smallcap100 slipped 0.04%. India VIX rose slightly by 0.25%. Overall, strong IT momentum and positive global cues helped offset weakness in select sectors, keeping the market sentiment upbeat.
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