Sensex Jumps 650 Pts To 83,277; Nifty Climbs 211 Pts To 25,682, Banking Stocks Power Late Rally To End 2-Day Losing Streak

Mumbai: Indian stock markets recovered strongly on Monday after two days of losses. A sharp rise in banking stocks helped lift investor mood in the second half of the session.

The 30-share Sensex rose 650.39 points, or 0.79 percent, to close at 83,277.15. The broader Nifty gained 211.65 points, or 0.83 percent, ending at 25,682.75. The rally came mainly in the final hours of trading.

Banking Stocks Lead the Rally

Buying in banking and financial stocks pushed the market higher.

Among the top gainers in the Sensex pack were HDFC Bank, Axis Bank, Power Grid Corporation of India, NTPC, ITC, and Asian Paints. Some of these stocks rose as much as 4.5 percent.

However, not all stocks ended higher. Tech Mahindra, Maruti Suzuki, Bajaj Finance, Mahindra & Mahindra, and Trent slipped up to 1.3 percent.

Pressure on Capital Market Stocks

Shares of capital market companies came under pressure after the Reserve Bank of India revised rules related to capital market exposure.

Stocks such as BSE, Angel One, and Multi Commodity Exchange of India fell up to 10 percent during the day.

Broader Market and Sector Trends

In the broader market, the Nifty MidCap index rose 0.48 percent, while the Nifty SmallCap index edged up 0.11 percent.

Sector-wise, realty, PSU banks, private banks and pharma stocks saw strong buying. On the other hand, auto and metal stocks remained weak.

Experts said the overall trend remains positive as long as Nifty holds the 25,500–25,400 support range. Immediate resistance is seen around 25,700–25,800.

Rupee Movement

The rupee traded mostly flat near 90.62 against the US dollar. Despite a weak opening, recovery in the stock market helped stabilise the currency.