Indian Markets Rally on IT-Led Buying
The Nifty 50 closed above 24,400 while the Sensex jumped over 400 points in Monday's session, powered by strong gains in IT and banking stocks. The benchmark indices reversed early weakness to close near session highs, with the Nifty 50 opening at 24,306.85 and trading in a range of 24,287.10 to 24,458.65 during the day.
The Sensex gained approximately 500 points intraday before settling with a 403-point advance. Market breadth turned positive as buying momentum accelerated through the afternoon session, lifting the Nifty 50 comfortably above the 24,000 mark.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 24,270.85 | +95.15 | +0.39% |
| Nifty Bank | 57,938.50 | -93.15 | -0.16% |
| Nifty Next 50 | 72,268.95 | -149.60 | -0.21% |
| Nifty Financial Services | 26,875.05 | +12.65 | +0.05% |
IT Stocks Power Broad-Based Rally
Information technology stocks led the advance as the sector outperformed broader indices. The rally was supported by banking heavyweights despite Nifty Bank closing marginally lower at 57,938.50, down 93.15 points. HDFC Bank and IndusInd Bank were among the notable gainers in the banking space, helping offset weakness elsewhere in the financial pack.
Auto and metal stocks contributed to the positive momentum. Mahindra & Mahindra closed at ₹3,204.70, while Bajaj Auto settled at ₹9,990.00. Hindalco Industries ended at ₹972.60 and Eicher Motors closed at ₹7,476.00 among the top performers. The Nifty Next 50, however, underperformed with a 149.60-point decline to 72,268.95.
GIFT NIFTY Tracks Cash Market Strength
GIFT NIFTY gained 114 points or 0.47% to close at 24,463.50, tracking the Indian cash market's upward trajectory. The offshore derivative opened at 24,350.00 and climbed to an intraday high of 24,512.00 before settling near session peaks. The contract touched a low of 24,307.50 in early trade before buyers emerged.
| GIFT NIFTY | Level |
|---|---|
| Open | 24,350.00 |
| High | 24,512.00 |
| Low | 24,307.50 |
| LTP | 24,463.50 |
| Change | +114.00 (+0.47%) |
The session saw a sharp reversal around midday, with GIFT NIFTY jumping from 24,307.50 to above 24,400 in volatile trade. The contract maintained gains through the afternoon, trading in a tight range between 24,450 and 24,500 as the Indian cash market held firm. Late-session consolidation saw GIFT NIFTY pull back slightly from the 24,512.00 peak but remained well above the opening level.
Technical Levels and Session Outlook
Market participants noted initial resistance at 23,968 with support pegged at 23,890 earlier in the session. The break above these levels triggered short covering and fresh buying interest. Trading volume for Nifty 50 stood at 259,567,240 shares as investors assessed monthly expiry dynamics.
GIFT NIFTY heads into Session II trading at 24,463.50, positioned above its opening level and tracking the Nifty 50's closing strength. The 200-point intraday range reflected volatile but ultimately bullish sentiment as IT-led gains offset weakness in the broader midcap space.