Banking stocks lead rebound on bourses

Mumbai : Benchmark BSE Sensex rebounded by 341 points on Monday, snapping its five-day losing streak following buying in banking stocks and a sharp rally in global shares. The 30-share BSE Sensex climbed 341.04 points or 0.46 per cent to settle at 74,169.95 as 19 of its constituents ended in the green and 11 in the red. In intra-day trade, the benchmark jumped 547.44 points or 0.74 per cent to 74,376.35. The NSE Nifty rose by 111.55 points or 0.50 per cent to 22,508.75.

“Markets started the week on a positive note, gaining half a per cent as the consolidation phase continued. Strong global cues, along with buying interest in select heavyweights, particularly from the banking and financial sectors, led to a firm start, followed by a range-bound session,” Ajit Mishra, sr V-P (research), Religare Broking Ltd.

The BSE midcap gauge climbed 0.77 per cent, while smallcap index dipped 0.02 per cent.

“Despite a small hiccup, markets quickly gained ground to trade in positive territory as optimism across global markets aided recovery in local indices. However, with a lot of uncertainty surrounding the impact of US tariff policies on key economies, including India, investors would be watchful of the global events before taking any call,” said Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.

Among BSE sectoral indices, healthcare surged 1.12 per cent, commodities (0.92 per cent), metal (0.91 per cent), financial services (0.83 per cent), auto (0.80 per cent) and bankex (0.71 per cent).

“The market experienced a positive trading session, driven by strong performance in the healthcare and financial sectors. However, lower participation from domestic investors due to tariff-related uncertainties may cause the market to fluctuate within a range in the near term. Investors are closely monitoring the upcoming FED and BOJ meetings, with expectations leaning towards maintaining the current stance due to inflation risks associated with tariff uncertainties,” added Vinod Nair, head (research), Geojit Financial Services.

From the Sensex pack, Bajaj Finserv, Mahindra & Mahindra, Axis Bank, Bajaj Finance, Adani Ports, ICICI Bank, Zomato and UltraTech Cement were among the biggest gainers.