Stock market indices continued to rise, with Dalal Street seeing a nearly 0.5% increase, driven by gains in PSU banking and auto sectors. The S&P BSE Sensex surged by 388.17 points to close at 84,950.95, while the NSE Nifty50 climbed 103.40 points to reach 26,013.45.
Vinod Nair, the Head of Research at Geojit Investments Limited, highlighted the market’s positive momentum near the key level of 26,000. Investors are optimistic about potential trade deals as a significant catalyst for further upward movement. The risk-reward ratio remains favorable, supported by strong Q2 earnings from Midcaps, boosting confidence in growth prospects.
Leading the gainers were Eternal, up 1.94%, followed by Maruti Suzuki (+1.34%), Kotak Mahindra Bank (+1.26%), Mahindra & Mahindra (+1.11%), and Tech Mahindra (+1.06%). These stocks helped offset weaknesses in other areas.
Tata Motors Passenger Vehicles saw the largest decline at 4.83%. Other decliners included Ultratech Cement (-0.70%), Asian Paints (-0.67%), Bharat Electronics (-0.57%), and Tata Steel (-0.43%).
At the close, the Nifty Midcap 100 index rose by 0.73%, while the Nifty Smallcap 100 increased by 0.52%. The India VIX, a volatility indicator, fell by 1.25%. All sectoral indices closed in positive territory.
Sectoral indices such as Nifty Auto (+0.85%), Nifty Financial Services 25/50 (+0.44%), Nifty FMCG (+0.21%), Nifty IT (+0.20%), Nifty Media (+0.40%), Nifty Metal (+0.01%), and others showed gains.
According to Rupak De, a Senior Technical Analyst at LKP Securities, the market is displaying an upward trend with a potential move towards 26,200/26,350. Support is seen at 25,800.
(Note: The opinions expressed by experts/brokerages in this article are personal and not endorsed by the India Today Group. It is advisable to seek advice from a financial advisor before making investment decisions.)