Final Trade: Markets gain monday momentum; Sensex rises 454 points, nifty closes at 23,337
Stocks rally at week’s opening.
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The Indian equity markets kicked off the week on a strong note, with the Sensex surging over 450 points and the Nifty50 comfortably crossing the 23,337 mark. Gains in banking and financial stocks, led by Kotak Mahindra Bank, propelled the indices upward despite mixed sentiment globally.
Kotak Mahindra Bank’s Q3 performance lifts sentiment
Kotak Mahindra Bank emerged as the top gainer, jumping over 8 per cent in early trade after reporting robust Q3 FY25 results. The bank showcased strong growth in loans and deposits, bolstering investor confidence. Other major banking stocks like SBI and ICICI Bank also contributed to the rally.
Zomato drags down tech stocks
On the flip side, Zomato shares slid over 4 per cent, pulling down the Nifty IT and broader tech indices. Weak earnings projections and higher expenses weighed on the stock, dampening enthusiasm within the sector.
Vodafone Idea rallies on potential AGR relief
Telecom stock Vodafone Idea surged 10 per cent, hitting the upper circuit after reports hinted at a government proposal to waive 50 per cent of interest and 100 per cent of penalties on adjusted gross revenue (AGR) dues. This development significantly alleviates concerns surrounding the company’s financial stability.
Sectoral performance: Financials shine, metals and IT lag
- Gainers: Nifty Bank, PSU Bank, Media, and Consumer Durables indices rose between 0.5 per cent and 1.5 per cent, driven by optimism in financials.
- Lagging sectors: IT and Metal indices faced headwinds, with stocks like HCL Tech, Adani Ports, and Tata Steel declining.
Global cues and investor outlook
While the Indian markets saw gains, investors remained cautious about U.S. policy changes under President-elect Donald Trump and were concerned over a potential slowdown in domestic corporate earnings.
Key levels to watch
The Nifty’s immediate resistance is seen at 23,500, while support is at 23,100. Analysts predict volatility as the week unfolds, with global and domestic macroeconomic factors dictating trends.
As trading continues, all eyes will be on the closing performance of key sectors and how global developments influence market dynamics.
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