Mumbai (Maharashtra) [India], October 6 (ANI): Indian stock markets ended strongly on Monday, driven by the strength in financial and banking sector stocks.
At the close of the trading session today, BSE Sensex was up 582.95 points or 0.72 per cent at 81,790.12, and the Nifty 50 at National Stock Exchange (NSE) was up 183.40 points or 0.74 percent at 25,077.65.
During the session, around 1,715 shares advanced, 2,370 shares declined, and 154 stocks remained unchanged.
Among the reasons that drove the positive sentiment in the financial sector was lenders posting strong quarterly loan growth.
On the sectoral front, Nifty IT and Nifty Private Bank indices led the gains. These sectors carry significant weightage in the Nifty index, making their outperformance particularly impactful in driving the broader market higher. On the flip side, Nifty Media and Nifty Metal were top losers.
The broader market also participated in the rally, with Nifty Midcap 100 and Nifty Smallcap 100 ending in the green. However, the Advance/Decline ratio tilted in favour of declining stocks, suggesting that the rally was largely driven by selective large-cap names rather than broad-based buying.
“The benchmark index Nifty 50 ended in the green for the third straight session, reinforcing its bullish undertone. Notably, it formed a sizeable bullish candle for the third consecutive day, reflecting sustained pullback,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Dr Praveen Dwarakanath, Vice President of Hedged.in, said, “The momentum indicators are sloping upwards and moving up from the oversold region, suggesting the momentum to continue towards the resistance.”
Tata Capital’s issue saw a major attraction from the investors as it was booked at around 38 per cent at the time of writing this report.
Tata Capital Ltd (TCL), a subsidiary of Tata Sons Pvt. Ltd. and the flagship financial services arm of the Tata Group, is the third-largest diversified NBFC in India with Total Gross Loans of ₹2.3 trillion as of June 25.
Through a suite of more than 25 lending products, TCL serves a broad customer base, with a focus on retail and SME customers, which together constitute 87.5 per cent of its Total Gross Loan Book as of June 25. The company operates on an omni-channel distribution model, blending physical presence with digital scale. (ANI)
