Mumbai, June 9 (IANS) The Indian stock markets closed in the green on the first trading day of the week, as Bank Nifty hit a new all-time high of 57,000 on Monday, reflecting strong sentiment and momentum in the banking sector.
The Sensex ended 256.22 points or 0.31 per cent up at 82,445.21 and Nifty closed 100.15 points or 0.40 percent up at 25,103.20.
Midcap and smallcap stocks saw a rise compared to largecaps. The Nifty Midcap 100 index was up 664.65 points or 1.13 per cent at 59,674.95 and the Nifty Smallcap 100 index was up 290.95 points or 1.57 per cent at 18,873.40.
On a sectoral basis, auto, IT, PSU banks, financial services, pharma, metal and media indices closed in the green. Only the Nifty Realty index closed in the red.
Kotak Mahindra Bank, Bajaj Finance, Axis Bank, Power Grid, IndusInd Bank, Maruti Suzuki, Bajaj Finserv, NTPC, TCS and Tata Motors were the top gainers in the Sensex pack. while Eternal (Zomato), ICICI Bank, Titan, M&M and Tata Steel were the top losers.
Financial stocks extended their rally in the Indian markets, driven by the RBI’s supportive aggressive policy of rate and CRR cut.
“These actions have boosted investor confidence and are expected to enhance liquidity in the near to medium term, especially in midcaps. The positive US jobs data and renewed optimism over US-China trade talks lifted global sentiment. Domestically even large caps expressed renewed momentum led by FIIs inflows,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Nifty Bank clocked a fresh record high of 57,049, setting the milestone and confirming a decisive breakout from its month-long ascending triangle formation.
“This upward breach follows multiple failed attempts and finally clears the previous congestion zone with conviction,” said Om Mehra from Samco Securities.
According to analysts, the index remains firmly positioned above all key moving averages. The daily Relative Strength Index (RSI) stands at 69, while the weekly RSI is at 68, reflecting sustained strength without entering overbought territory. The recent bullish divergence on the RSI lends further credibility to the move.
–IANS
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