Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Sensex ends 1,400 points higher, Nifty above 25,800; ICICI Bank jumps 5%

Benchmark stock market indices ended the trading session on a strong note, driven by a strong rally in banking and financial services shares.
At the closing bell, the S&P BSE Sensex was up 1,381.99 points to 84,566.79, while the NSE Nifty50 gained 375.15 points to settle at 25,790.95.
Other broader market indices, including smallcap and midcap stocks, gained sharply during the trading session, even as volatility increased slightly.
Nifty Realty was the top gainer among sectoral indices, with strong support from high-weightage Nifty Bank and Nifty Financial Services. FMCG and auto stocks also gained sharply during the trading session.
The top five gainers on the Nifty50 were M&M, ICICI Bank, JSW Steel, L&T and Coal India. On the other hand, the top losers were Grasim, SBI, NTPC, IndusInd Bank and Hero MotoCorp.
Railway PSU stocks such as RVNL, IRFC, Ircon International, RITES jumped sharply during the trading session.
Meanwhile, shares of IIFL Finance jumped as much as 13% during intraday trade and settled over 7% higher after RBI lifted its 6-month ban on gold loan business.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The Indian market has joined the rally following the 50bps Fed rate cut and super accommodative monetary policy. It is expected to bring positivity to the economy and foreign inflows in the short to medium-term as the global economy continues to be robust.”
“Traction is on rate sensitive sectors like Auto & Finance. Conventional sectors like FMCG are also performing well in anticipation of good results led by the dual benefit of demand and reduction in input cost,” he added.
Meanwhile, Ajit Mishra – SVP, Research, Religare Broking Ltd, said, “Markets edged higher amid volatility, gaining nearly one and a half percent, largely tracking global trends.”
“The market continues to closely follow global cues, especially from the US, whose recent strength enabled Nifty to break through the 25,550 resistance level. Attention is now focused on the next milestone of 26,000. Sector-wise, we maintain our preference for banking, financials, auto, and realty, while advising a selective approach in other sectors. Additionally, the emphasis should remain on index heavyweights and large midcaps for long positions,” he added.

en_USEnglish