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The stock market closed on a positive note on Monday, with the benchmark indices registering strong gains.
The Sensex surged 591.69 points to end at 81,973.05, while the Nifty climbed 163.70 points, closing at 25,127.95. Among the Nifty 50 stocks, Wipro, Tech Mahindra, HDFC Life Insurance, L&T, and HDFC Bank led the rally, emerging as the top gainers for the day. On the flip side, ONGC, Maruti Suzuki, Tata Steel, Bajaj Finance, and UltraTech Cement saw declines, limiting the market's overall gains. Sector-wise, the market showed a mixed performance. The Media index was the biggest laggard, dipping 1.31 per cent, while sectors like Realty, IT, and Banking saw gains of 1.24 per cent, 1.20 per cent, and 1.12 per cent, respectively. The Financial Services sector also posted a solid 0.97 per cent increase, contributing to the market's overall strength. In the broader market, the Nifty Midcap 100 inched up by 0.05 per cent, and the Nifty Smallcap 100 rose 0.24 per cent, reflecting modest gains across mid- and small-cap stocks. On the derivatives front, the Nifty weekly options showed the highest open interest at the 26,000 strike price for Calls and 25,000 for Puts, indicating key levels for 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 surrounding China's economic stimulus measures. Meanwhile, Brent crude oil prices experienced a notable drop, with futures settling at USD 78.07 per barrel, adding a layer of caution to the global market outlook. The overall sentiment in the domestic market remained positive, driven by gains in key sectors and favorable positioning in derivatives, despite mixed signals from global markets. (ANI)
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