Indian stock markets continued their upward trajectory for the fourth consecutive session on Monday, with the benchmark Sensex surging 521 points to settle at a more-than-two-month high. The rally was fueled by robust buying in blue-chip banking and oil shares, alongside a decline in global crude oil prices, according to market analysts.
Sensex and Nifty Close at Over Two-Month Highs
The 30-share BSE Sensex jumped 521.16 points, or 0.67%, to close at 78,285.07, its highest closing level since April 22. During intraday trading, the index surged 634.15 points, or 0.81%, to touch 78,398.06. Similarly, the broader 50-share NSE Nifty climbed 159.50 points, or 0.66%, to end at 24,430.35, the highest closing since April 21.
Over the four-day winning streak, the Sensex has gained a total of 1,806.4 points, or 2.36%, while the Nifty has added 564.6 points, also a 2.36% rise. Analysts attributed the optimism to fresh foreign fund inflows, with foreign institutional investors (FIIs) buying equities worth Rs 1,355.33 crore on Friday, as per exchange data.
Top Gainers and Laggards
Among the Sensex constituents, HDFC Bank emerged as the top gainer, rising 3.59%. Other major winners included Mahindra & Mahindra, Bharat Electronics, Reliance Industries, ICICI Bank, and Maruti. On the flip side, Kotak Mahindra Bank, Tata Consultancy Services, Bajaj Finserv, and Power Grid were among the laggards.
Broader markets also advanced, with the BSE MidCap Select index climbing 0.71% and the SmallCap Select index rising 0.47%. Sectorally, the Realty index led the gains with a 1.82% jump, followed by MidSmall Private Banks Quality Tilt (1.40%), Private Banks index (1.50%), Top 10 Banks (1.24%), Capital Goods (1.19%), and Auto (1.14%). IT, Utilities, PSU Bank, Focused IT, and Services indices ended in the red.
Crude Oil Prices and Global Cues
Brent crude, the global oil benchmark, declined 0.82% to USD 71.53 per barrel, providing support to the market. Vinod Nair, Head of Research at Geojit Investments Ltd, said, “Indian equities traded with a positive bias despite mixed global cues, supported by stable crude prices. Continued softness in crude would support inflation, the current account balance, OMC profitability, and overall macro stability.”
Globally, Asian markets presented a mixed picture: Hong Kong’s Hang Seng settled higher, while South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite index ended lower. European markets traded on a mixed note. US markets were closed on Friday due to Independence Day celebrations.
Market Outlook and Analyst Views
Ankur Punj, MD & Business Head at Equirus Wealth, commented, “Markets maintained their upward bias despite mixed global cues, driven by buying in select banking, auto, capital goods and realty shares. The calmness in the West Asia region and hopes for a relatively steady corporate earnings season kept investor mood optimistic, although overall sentiment remains cautious.”
He added that profit-booking in crowded AI-led trades impacted global markets, but India could perform well led by large caps due to improvement in FIIs inflow trends. On Friday, the Sensex had climbed 261.79 points, or 0.34%, to settle at 77,763.91, while the Nifty rose 95.15 points, or 0.39%, to 24,270.85.
