Domestic benchmark indices surged higher on Monday, led by heavy buying in IT and automobile shares.
Investor sentiment was boosted by the surprise Q1 FY26 GDP growth of 7.8 per cent, in the face of global uncertainties.
Analysts also pointed out the helpful effect of the Shanghai Cooperation Organisation (SCO) joint statement against the Pahalgam terror attack and praised Prime Minister Narendra Modi for firmly articulating India's position on cross-border terrorism on the global platform.
The Sensex closed at 80,364.49 on a gain of 554.84 points or 0.70 per cent. The 30-share index had begun the day nearly flat at 79,828.99, only marginally higher than Friday's close of 79,809.65. Supported by wide-based buying, especially in IT and Auto shares, the index touched an intra-day high of 80,406.84.
The Nifty, meanwhile, closed at 24,625.05, up 198.20 points or 0.81 per cent.
India's Q1 GDP growth of over expectation has further instilled investor faith in the strength of the economy to withstand global pressures.
"Expectations of GST rationalisation at the upcoming council meeting continue to bolster sentiment, supporting discretionary consumption," analysts said, adding that such optimism is specifically favouring industries like Auto and Consumer Durables.
Among the gainers in Sensex were Mahindra and Mahindra, Tata Motors, Adani Ports, Trent, Eternal, Infosys, Asian Paints, Tech Mahindra, Axis Bank, PowerGrid, Bajaj FinServ, Bajaj Finance, BEL, Tata Steel, Ultratech Cement, NTPC, ICICI Bank, TCS, and HCL Tech. Conversely, Sun Pharma, ITC, and Hindustan Unilever closed as the best losers.
Major sectoral indices showed advances on high buying interest. Nifty Fin Service gained 175.80 points or 0.69 per cent, Nifty Bank went up by 346 points or 0.65 per cent, Nifty Auto gained 699 points or 2.80 per cent, and Nifty IT went up by 559.40 points or 1.59 per cent.
The larger market also moved north with Nifty Small Cap 100 rising 271.10 points or 1.57 per cent, Nifty Midcap 100 surging 1,098 points or 1.97 per cent, and Nifty 100 up by 228 points or 0.91 per cent.
Read also| Sensex Rises 335 Points, Nifty Crosses 24,500 Led by IT Stocks Rally
Read also| India’s Manufacturing PMI Reaches New Peak in August on Strong Production Growth
