Sensex and Nifty Surge Amid Mixed Global Signals

The Indian stock market closed positively on Monday, with Sensex gaining 591.69 points and Nifty rising by 163.70 points. Key sectors such as IT and Banking showed strength, while global uncertainties and weak Chinese economic data maintained a cautious market outlook.

Monday marked a robust closing for the Indian stock market, with benchmark indices recording strong gains. The Sensex surged by 591.69 points, ending at 81,973.05, while the Nifty climbed 163.70 points to close at 25,127.95.

Amid the Nifty 50, shares of Wipro, Tech Mahindra, HDFC Life Insurance, L&T, and HDFC Bank led the upswing, standing out as top gainers. Conversely, ONGC, Maruti Suzuki, Tata Steel, Bajaj Finance, and UltraTech Cement experienced declines, slightly tempering overall gains. Sector-wise, the market's performance varied. The Media index fell by 1.31 per cent, but sectors like Realty, IT, and Banking posted gains of 1.24 per cent, 1.20 per cent, and 1.12 per cent, respectively. The Financial Services sector also recorded a solid 0.97 per cent rise, bolstering market strength.

The broader market saw modest gains, with the Nifty Midcap 100 edging up by 0.05 per cent and the Nifty Smallcap 100 rising by 0.24 per cent. On the derivatives front, the Nifty weekly options showed peak open interest at the 26,000 strike price for Calls and 25,000 for Puts, marking these as critical levels for traders.

Vinod Nair, Head of Research at Geojit Financial Services, commented that global markets are sending mixed signals, citing China's economic data as indicative of a potential global slowdown amidst geopolitical tensions. He noted India's market resilience, attributing it to priced-in Q2 earnings expectations and falling oil prices, with buying interest noted in IT and financial sectors after recent corrections.

Globally, the MSCI World Stock Index stayed flat amid uncertainties around China's economic measures. Additionally, Brent crude oil prices fell, with futures settling at USD 78.07 per barrel, contributing to a cautious global market stance.

Overall, the domestic market sentiment was positive, buoyed by sectoral gains and favorable derivatives positioning, despite the mixed global signals. (ANI)

(With inputs from agencies.)