Daijiworld Media Network - Mumbai
Mumbai, Oct 6: Indian stock markets closed higher for the third consecutive session on Monday, buoyed by robust gains in IT and banking shares, with benchmark indices breaching key technical levels and signaling sustained bullish momentum.
The BSE Sensex surged 582.95 points (0.72%) to 81,790.12, while the NSE Nifty climbed 183.4 points (0.74%) to close at 25,077, crossing the critical 25,000 mark for the first time and turning the near-term structure “decisively positive,” according to analysts.
Technical experts noted that any pullback toward 25,000 is now expected to act as strong support, while the next upside targets are seen around 25,200 and 25,500. The Bank Nifty index, meanwhile, continued its sharp upward trajectory, touching an intraday high of 56,164. Support for the index is now placed around 55,500–55,821, with resistance seen at 56,300–56,500.
The broader market participated in the rally as well, with the Nifty Midcap 100 up 0.89% and the Nifty Smallcap 100 edging higher by 0.28%, reflecting broad-based investor optimism.
Among key movers in the Sensex pack, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance led the gains, each rising up to 3%. On the flip side, Trent, Tata Steel, Power Grid, and Titan ended the session in the red.
Sectorally, IT stocks outperformed, with the Nifty IT index jumping 2.28%, driven by strong institutional buying and improved sentiment ahead of Q2 earnings. Financials also provided solid support, with Nifty Private Bank, Financial Services, and Healthcare indices all closing in positive territory.
However, Metal, FMCG, and Media stocks remained under pressure, declining up to 1%, as profit booking and valuation concerns weighed on sentiment in those sectors.
Market experts attributed the ongoing rally to positive earnings expectations, strong buying interest from institutions, and bullish sentiment in IT and banking counters. They also highlighted upbeat quarterly updates from large private banks and momentum in hospital stocks following a revision in CGHS reimbursement rates, as key drivers of Monday’s gains.
With Q2 results around the corner and key indices breaking past resistance levels, analysts believe the market may continue its upward trajectory, barring any major global headwinds.