Sensex rallies following election results; auto, pharma, and realty stocks lead gains

The positive momentum extended to midcap and smallcap stocks as well

The positive momentum extended to midcap and smallcap stocks as well
The positive momentum extended to midcap and smallcap stocks as well

Sensex surges 584 points, Nifty rises by 217 points

Indian equity benchmarks closed sharply higher on Monday, buoyed by election results that bolstered PSU stocks and fueled market optimism.

The Sensex surged by 584 points, or 0.72%, finishing at 81,634, while the Nifty rose by 217 points, or 0.88%, to settle at 25,013.

The overall market trend was positive, with 3,020 shares closing in the green on the Bombay Stock Exchange (BSE), compared to 924 shares in the red, and 101 shares remaining unchanged. As a result of the market’s strong performance, the total market capitalization of all listed companies on the BSE increased by approximately Rs.7 lakh crore, rising from Rs.452 lakh crore to Rs 459 lakh crore.

Key gainers in the Sensex included Mahindra & Mahindra, Reliance, HDFC Bank, L&T, State Bank of India, NTPC, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Asian Paints, HCL Tech, Infosys, and ICICI Bank. Conversely, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Tata Motors, Wipro, Hindustan Unilever, and ITC faced losses.

The positive momentum extended to midcap and smallcap stocks as well. The Nifty midcap 100 index climbed to 58,535, up 1,235 points or 2.16%, while the Nifty smallcap 100 index rose by 374 points or 2.05%, reaching 18,617.

Rupak De, Senior Technical Analyst at LKP Securities, noted, “The Nifty formed a bullish pattern on the daily timeframe, indicating rising optimism. Additionally, the index has moved above a critical moving average on the hourly time frame. The RSI has made a bullish crossover in the shorter timeframe, further supporting the positive outlook.”

De added that in the near term, the index may target the 25,350–25,400 range, with support set at 24,850. A break below this level could signal potential weakness in the market.

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