Market Opens on a Positive Note
Indian equity benchmarks opened higher on Monday, extending the previous week's gains. The BSE Sensex surged over 260 points in early trade, while the NSE Nifty climbed above the 23,900 mark, driven by buying in IT and banking stocks.
Key Indices Performance
The 30-share BSE Sensex was trading at 78,456.32, up 260.12 points or 0.33 percent. The broader NSE Nifty advanced 78.45 points to 23,912.60, gaining 0.33 percent. Market breadth remained positive with 1,456 stocks advancing against 1,098 declining on the BSE.
Top Gainers and Losers
Among the Sensex constituents, HCL Technologies emerged as the top gainer, rising over 2 percent. Other major gainers included Tech Mahindra, Infosys, Wipro, and Tata Consultancy Services. Banking stocks also contributed to the rally, with HDFC Bank, ICICI Bank, and Kotak Mahindra Bank trading in the green.
On the losing side, Power Grid Corporation, NTPC, and Bharti Airtel were among the top laggards, shedding up to 0.5 percent.
Sectoral Update
Sectorally, the Nifty IT index surged over 1 percent, followed by the Nifty Bank and Nifty Financial Services indices. The Nifty Metal and Nifty Realty indices also traded higher. However, the Nifty Media and Nifty Pharma indices witnessed mild profit booking.
Global Cues
Asian markets traded mixed, with Japan's Nikkei 225 gaining 0.2 percent, while China's Shanghai Composite slipped 0.1 percent. US markets ended on a positive note on Friday, providing a supportive backdrop for Indian equities.
Expert View
Market analysts attributed the positive start to continued buying by domestic institutional investors and expectations of a steady economic growth. The IT sector gained on hopes of a revival in demand from key markets like the US and Europe.
"The market is likely to remain range-bound with a positive bias, supported by strong domestic fundamentals. Investors are advised to adopt a stock-specific approach," said a market expert.
