Indian stock markets rallied sharply during Monday's trading session. The Sensex surged by 602 points at close to 80,005, while the Nifty rose 158 points and settled at 24,339. The indices had the best session of the month.
Banking stocks led the rally. Nifty Bank closed 471 points or 0.93 per cent up at 51,259.
ICICI Bank, Wipro, Tata Steel, JSW Steel, M&M, Sun Pharma, HUL, SBI, Tata Motors, Bajaj Finserv, Asian Paints, IndusInd Bank, NTPC, and HCL Tech saw their stocks rise in the Sensex group. Meanwhile, top losers included Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank, and Bharti Airtel.
Almost all indices on NSE closed with gains. PSU Bank, pharma, FMCG, realty, auto, IT, and media were big gainers.
Along with the large-cap, buying was also seen in mid-cap and small-cap. The Nifty Midcap 100 index was at 55,736, up 458 points or 0.83 per cent, and the Nifty Smallcap 100 index was at 18,062, up 214 points or 1.20 per cent.
Vaibhav Vidwani, a research analyst with Bonanza, believes: "It was followed by five-day of losing streak and this upsurge mainly driven through strong ICICI Bank, Bank of Baroda quarterly performances that encouraged investor sentiments in the marketplace. It is still exciting, though. There continues to be selling pressure through foreigners and more vulnerable corporate numbers that keep this pressure going a little further forward."
The Nifty remained volatile during the day before closing with a meaningful gain after several days. On the downside, it sustained above the previous day's low, which has been one of the hallmarks of strength in buying," says Rupak De, senior technical analyst with LKP Securities.
"This strength may remain intact as long as it stays above 24,000. Only a decisive break below 24,000 could panic the market. On the upside, resistance is seen at 24,500. A decisive break above that could rally the Nifty," De added.
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