The Indian equity market started the week on a robust note with benchmark indices gaining all the lost ground from the previous session as well as surged by 0.5%. The rally was supported by the gains in the stocks of financials, power, and telecom sectors. By Monday close, Sensex had risen 454.11 points, or 0.59%, to 77,073.44, and the Nifty jumped 141.55 points, or 0.61%, to 23,344.75.

Some of the top gainers on the Nifty were Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, NTPC, and SBI. The biggest losers were Zomato, Adani Ports, TCS, M&M, and Maruti.

Global cues turning positive have buoyed the Indian benchmark indices to a strong opening with continuous growth that almost closed at day's high. It saw rallies across almost all sectors barring IT, FMCG, and auto.

Sectorial Update

All sectors, except for auto and FMCG, closed in the green, with banking, media, metal, capital goods, PSU, telecom, power, and PSU bank indices rising by 1-2%.

The BSE midcap index advanced by 0.66%, while the smallcap index soared by nearly 1%.

Ajit Mishra – SVP, Research, Religare Broking, said, “The markets began the week on a positive note, gaining over half a percent amid mixed signals. After a flat opening, strength in heavyweight stocks, particularly in the banking sector, propelled the index higher during the first half, followed by a range-bound movement for the rest of the session. Sectoral trends remained mixed, with banking and metal sectors posting notable gains, while auto and FMCG sectors saw marginal declines. Mirroring the benchmark, the broader indices also performed well, recording gains between 0.8 per cent and 1 per cent.”

“Markets appear to be consolidating following the recent decline, with the ongoing earnings season keeping participants engaged. Additionally, budget-related themes are attracting selective buying interest. While there has been limited alignment with global markets lately, developments following Trump’s inauguration will be closely monitored for potential cues. Amid this environment, we recommend exercising caution with aggressive positions and awaiting greater clarity,” Mishra added.