The benchmark equity indices ended Monday’s trading session in positive territory. The NSE Nifty 50 rose 133.65 points or 0.58% to settle at 23,336.85, while the BSE Sensex jumped 402.92 points or 0.53% to end the day at 77,022.25.
The broader indices closed the counter higher on Monday, the Nifty Midcap 100 closed the session 0.79% higher at 55,041.70.
Sectoral Index
Outperforming other indices, the Bank Nifty index climbed 797.90 points or 1.64% to close at 49,338.50. In the broader markets, small-cap and mid-cap stocks inched higher. However, the volatility index India VIX surged 4.5% to 16.46.
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Kotak Mahindra Bank (9%), Wipro (6.58%), Bajaj Finance (3.42%), Bajaj Finserv (3.35%), and NTPC (2.7%) were the five top gainers in the Nifty 50. Meanwhile, SBI Life Insurance, Trent, Shriram Finance, HDFC Life Insurance, and Adani Ports were the major losers in the Nifty 50.
“A robust initial set of earnings from the banking and financial sectors triggered a broad-based rally, driven by the likelihood of improved earnings in the near future,” said Vinod Nair, Head of Research at Geojit Financial Services.
Analysts also pointed out that the optimism of Asian and European markets before Trump took office further impacted Indian equity markets positively. “While it was just a sentimental impact, the undertone continues to be of uncertainty marked with extreme volatility,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Key levels to watch
“We are of the view that 23,170/76,600 will act as a key support zone for day traders. If it sustains above this level, it could bounce back to 23,450-23,500/77,300-77,500. However, if it falls below 23,170/76,600, the uptrend would be vulnerable. Below this level, traders may prefer to exit their long positions,” said Shrikant Chouhan,
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