The Indian equity markets kicked off the week on a positive note, as benchmark indices surged thanks to robust buying in the banking and IT sectors. By midday trading, the NIFTY50 index had crossed the significant 25,100 threshold, reflecting a rise of 0.67%. The SENSEX also demonstrated strength, hovering around the 82,000 mark with a gain of 0.75%. Notably, the Nifty Bank index outshone its counterparts, climbing over 1% and trading comfortably above 51,700.
Market volatility showed signs of easing, with the India VIX decreasing by 0.61%. After recently dipping below its 50-day exponential moving average (DEMA), the NIFTY50 managed to reclaim this level but still trades below its 20-DEMA. The midday session highlighted key contributors to this upward momentum, with HDFC Bank (+36 points), Infosys (+26 points), and ICICI Bank (+20.61 points) leading the charge. Conversely, Maruti (-6.58 points) and Bajaj Finance (-4.73 points) struggled to keep pace, pulling down their respective stocks.
Investors were keenly awaiting key earnings reports, including those from HCL Tech and Reliance Industries. Shares of Reliance Industries were up by 0.24%, although they retreated from the day’s highs. HCL Tech initially surged to a fresh 52-week high before settling back to trade flat.
The NIFTY50 showcased a positive market breadth on Monday, with 32 stocks advancing compared to 18 decliners. Overall, the market demonstrated resilience, with 1,268 stocks advancing against 1,065 that declined. However, the Nifty Midcap 100 and Nifty Smallcap 100 indices lagged behind the frontline indices, achieving modest gains of just 0.09% and 0.22%, respectively.
Among sectoral indices, most were trading in the green by midday. The Nifty Realty (+1.33%) and Nifty Bank (+1.06%) emerged as the standout performers. In contrast, the Nifty Media index faced challenges, plunging over 1%.
As the markets continue to navigate earnings season and respond to broader economic cues, the bullish sentiment offers a glimpse of optimism for investors looking to capitalize on market movements.
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