The stock market wrapped up Monday on a positive note, with benchmark indices posting strong gains. The Sensex surged by 591.69 points to close at 81,973.05, while the Nifty climbed 163.70 points, finishing at 25,127.95.
Among the Nifty 50 stocks, Wipro, Tech Mahindra, HDFC Life Insurance, L&T, and HDFC Bank emerged as the top performers of the day. In contrast, ONGC, Maruti Suzuki, Tata Steel, Bajaj Finance, and UltraTech Cement saw declines, slightly tempering the overall market gains.
Sector-wise, performance was mixed. The Media index experienced a decline of 1.31%, marking it as the biggest loser, while sectors such as Realty, IT, and Banking posted gains of 1.24%, 1.20%, and 1.12%, respectively. Financial Services also saw an increase of 0.97%, contributing to the market’s upward momentum.
In the broader market, the Nifty Midcap 100 edged up by 0.05%, and the Nifty Smallcap 100 rose by 0.24%, showing modest improvements among mid- and small-cap stocks.
On the derivatives front, Nifty weekly options revealed the highest open interest at the 26,000 strike price for Calls and 25,000 for Puts, indicating key levels being watched by traders.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Global markets are showing mixed signals as China’s disinflation and weaker economic data suggest a potential further slowdown in global economic growth, already affected by rising geopolitical tensions. Furthermore, the positive impact of the Chinese stimulus package seems to be diminishing.”
He added, “Meanwhile, the Indian market is demonstrating resilience, with subdued Q2 earnings expectations seemingly priced in and oil prices declining. The IT and financial sectors are attracting buying interest after recent corrections.”
Globally, the MSCI World Stock Index remained flat amid uncertainties over China’s economic measures. Meanwhile, Brent crude oil prices dropped, with futures settling at USD 78.07 per barrel, injecting some caution into the global market outlook.
Despite the mixed global signals, the domestic market sentiment remained positive, bolstered by gains in key sectors and favorable trends in the derivatives market. (ANI)