Indian equity markets carried forward their upward momentum on Monday, with benchmark indices Sensex and Nifty extending gains for a second consecutive session, supported by optimism over the India-US trade deal and strong buying in public sector banks, consumer durables and realty stocks.
The positive undertone has spilled over into Tuesday’s pre-open session. As of 9:08 AM, the BSE Sensex was trading at 84,215.12, up 149.37 points or 0.18 per cent, while the NSE Nifty50 stood at 25,922.65, higher by 55.35 points or 0.21 per cent, indicating a firm start to the day.
The Sensex opened trading a little under 84,200, climbing more than 100 points, and the Nifty surpassed 25,900, rallying more than 30 points, as of 9:15 AM.
Benchmarks Extend Rally On Trade Optimism
On Monday, the Sensex jumped 485.35 points, or 0.58 per cent, to close at 84,065.75. During the session, the index surged 734.28 points, or 0.87 per cent, to hit an intra-day high of 84,314.68.
The Nifty appreciated 173.60 points, or 0.68 per cent, to settle at 25,867.30. The broader index had climbed as much as 228.55 points, or 0.88 per cent, to touch a high of 25,922.25 during the day.
The sustained gains reflected improved risk appetite, with investors reacting positively to developments on the India-US trade front and renewed foreign institutional participation.
Analysts observed that public sector banks continued to outperform, aided by stronger-than-expected quarterly performance. Vinod Nair, Head of Research at Geojit Investments Ltd, said that positive signals from the trade deal, along with the return of foreign institutional investors (FIIs), fuelled a risk-on sentiment in the market.
He added that an accumulation strategy was visible in consumer durables and real estate stocks following the recent correction, driven by expectations of a revival in demand.
