Stock Market Ends In Green, Sensex & Nifty Rise For 4th Day In A Row; Banking Stocks Lead The Rally

Mumbai: Indian stock markets ended higher for the fourth straight day on Monday. This gain was supported by a global market rally and strong investor mood after the Reserve Bank of India (RBI) cut interest rates by 50 basis points.

The BSE Sensex went up by 256 points to close at 82,445.21. During the day, it had jumped as much as 480 points. The NSE Nifty also added 100 points to end at 25,103.20.

Banking and Capital Market Stocks in Focus

The rally was led by banking stocks. Kotak Mahindra Bank, Axis Bank, Bajaj Finance, IndusInd Bank, and Bajaj Finserv were among the top gainers. Capital Market stocks saw strong buying and gained over 2.35 percent.

On the other hand, some stocks like ICICI Bank, Titan, Mahindra & Mahindra, and Adani Ports closed in the red. Profit booking was seen in select Defence and Realty stocks during the day.

Global Support Lifts Mood

Positive cues from global markets helped boost sentiment. US markets closed sharply higher on Friday. Asian markets like Japan's Nikkei, South Korea's Kospi, Hong Kong’s Hang Seng, and China’s SSE Composite also ended in the green.

However, European markets were trading slightly lower during the day. Brent crude also edged up to USD 66.67 per barrel.

Technical View: Market in Range, Support Holds

Markets opened with a gap-up but traded in a tight range throughout the day. On daily charts, a small candle was formed, showing indecision between bulls and bears.

Experts say that 25,000 on Nifty and 82,000 on Sensex are key support levels. As long as the market holds above these levels, the uptrend could continue. The next targets are 25,350-25,400 for Nifty and 82,800-83,000 for Sensex.

If these levels break, however, the trend may turn weak.

FII Buying Continues

Foreign Institutional Investors (FIIs) remained net buyers, purchasing equities worth ₹1,009.71 crore on Friday. This continued inflow is adding to the positive sentiment in the market.