Mumbai: Stock markets experienced an increase for the sixth consecutive session on Monday, with the benchmark Sensex rising by 388 points and the Nifty finishing above the 26,000 threshold due to a widespread rally and robust quarterly results from companies. The 30-share BSE Sensex increased by 388.17 points, or 0.46 percent, closing at 84,950.95. At its peak during the day, the BSE benchmark jumped by 425.31 points, or 0.50 percent, reaching an intraday high of 84,988.09. Meanwhile, the broader NSE Nifty gained 103.40 points, or 0.40 percent, to close at 26,013.45, with an intraday high of 26,024.20 after advancing by 114.15 points, or 0.44 percent. Traders noted that strong buying activity from domestic institutional investors propelled the rally.
“The market has sustained its positive trend, remaining close to the significant psychological level of 26,000, as investors look for a strong catalyst for further gains. A potential trade deal is a vital factor being closely observed. Presently, the risk-reward ratio is favorable, supported by unexpectedly strong Q2 earnings from Midcaps, which have bolstered confidence in growth recovery and suggest possible future earnings upgrades,” stated Vinod Nair, Head of Research at Geojit Investments Ltd. Among the Sensex constituents, notable gainers included Eternal, Maruti Suzuki India, Kotak Mahindra Bank, Mahindra & Mahindra, Tech Mahindra, Titan, HDFC Bank, PowerGrid, Bajaj Finserv, HCL Technologies, Bajaj Finance, and Larsen & Toubro.
Conversely, Tata Motors Passenger Vehicles, Asian Paints, UltraTech Cement, Bharat Electronics Ltd, Tata Steel, Adani Ports, Hindustan Unilever, ITC, Tata Consultancy Services, and Reliance Industries were among the few laggards. “Indian benchmark indices closed significantly higher on November 17th, with the Nifty reclaiming and securely staying above the 26,000 level. Anticipation of a major trade deal has contributed to the optimism, serving as a possible catalyst for the next phase of the rally.