Market extends gains to fifth consecutive session; Nifty Bank touches record high

The stock market extended its gains to the fifth consecutive session on Monday amid mixed global cues on across-the-board buying.

Sensex closed the day at 79,408.50, up 855 points, or 1.09%, while the Nifty 50 ended at 24,125.55, up 274 points, or 1.15%.

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BSE Midcap and Smallcap indices jumped 2.20% and 1.67%, respectively.

Notably, the Sensex has jumped 5,561 points, or 7.5% in these five sessions of gains, while the Nifty 50 has gained 1,726 points, or 7.7%. Investors have become richer by about ₹32 lakh crore in these five sessions.

On Nifty50, as many as 39 stocks ended higher in the index including Tech Mahindra (5.14%), Trent (4.32%) and IndusInd Bank (4.06%). The laggards were Adani Ports and Special Economic Zone (1.27%), HDFC Life Insurance Company (1.12%) and ITC (1.01%).

Among the sectors, Auto, IT, Realty and Oil and Gas jumped over 2% each.

Nifty Bank ended with a solid gain of 1.87% at 55,304.50. The index also hit an all-time high of 55,461.65 during the session. Nifty Financial Services index hit its fresh high of 26,527.70 before ending 1.39% higher at 26,435.10.

Nifty PSU Bank, Private Bank also jumped over 2% each.

On BSE, around 115 stocks hit their 52-week highs in intraday trade. Some of the key ones were HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv and Bharti Airtel.

The crisis-ridden Gensol Engineering shares fell another 5% in today’s trading session, continuing on its failing streak.

Adani Ports shares declined as much as 4% today, which was the most in two weeks while ITC shares fell over a percent in todays trading session.

Just Dial shares rallied 13% after the company reported a 61% jump in net profit to Rs 584 crore.

On the global landscape, the continued weakness in the US Dollar Index, which slipped below the 98 mark, is further reinforcing positive sentiment in the Indian market.

The market is also optimistic over US Vice President JD Vance’s four-day visit to India on hopes of a bilateral trade deal between the two countries.