The Indian stock market staged a strong rebound on Monday, ending the day with robust gains despite ongoing geo-political tensions. The rally was largely fueled by a sharp uptick in select banking stocks and renewed optimism over a potential India-US trade deal.
The Sensex opened with a positive gap of about 120 points at 79,344 and continued its upward trajectory throughout the session. It touched a fresh yearly high of 80,322 before settling at 80,218, up by 1,006 points, or 1.27 per cent.
The Nifty 50 also posted solid gains, moving between 24,054 and 24,355 during the day, and closed at 24,329, up by 289 points, or 1.2 per cent.
“On the higher end, 24,360 remains a resistance level. The Nifty might consolidate around the current range unless it decisively breaches this mark,” said Rupak De of LKP Securities. He added that a break above 24,360 could potentially push the index towards 24,550, aligning with the 61.80 per cent Fibonacci retracement level of the previous decline from 26,277 to 21,743.
Banking heavyweights like ICICI Bank, HDFC Bank, Axis Bank, and SBI were among the major contributors to the rally, together adding nearly 340 points to the Sensex — accounting for about 75 per cent of the day’s total gains.
