PSU Banks, media, and FMCG sectors ended lower on Monday
Indian benchmark indices closed higher on Monday, recording their seventh gain in the past eight sessions. The rally was led by strong buying in IT stocks, after U.S. Federal Reserve Chair Jerome Powell’s dovish remarks raised expectations of a possible interest rate cut next month.
The Nifty 50 closed 98 points higher at 24,967.8, while the Sensex ended up 329 points at 81,635.90. Broader markets ended mixed, with the Nifty Midcap index gaining 0.16% while the Smallcap index ended 0.18% lower.
Retail investor sentiment surrounding the Nifty 50 remained ‘bullish’ at market close on Stocktwits.
Stock Moves
Most indices closed in the green, barring PSU Banks, media, and FMCG. The Nifty IT index closed 2.37% higher, led by gains in Infosys (+3.1%), Tata Consultancy Services (+2.9%), Wipro (+2.3%), and HCL Technologies (+2.6%).
Mazagon Dock Shipbuilders closed nearly 2% higher after the Ministry of Defence reportedly approved cost negotiations with Germany’s Thyssenkrupp Marine for six submarines. Nazara Tech ended 3.4% lower, extending losses to 20% in four sessions.
Yes Bank gained nearly 5% before ending 1.7% higher. The Reserve Bank of India approved Sumitomo Mitsui Banking Corporation’s proposal to acquire up to 24.99% stake in the Indian private lender.
Paper stocks saw strong gains on Monday, with JK Paper gaining 13%, Tamil Nadu Newsprint & Papers (TNPL) rising 10.3%, West Coast Paper climbing 11.6% higher, and Andhra Paper advancing 8%. The government imposed a Minimum Import Price of ₹67,220 per metric ton on Virgin Multi-layer Paper Board, effective through March 2026.
SEBI-registered analyst Front Wave Research stated that the MIP decision could boost margins and volumes over the next one to two quarters.
Rail Vikas Nigam shares have lost momentum over the past two months after a strong run through last year. Deepak Pal says the fall comes mainly from investors cashing in gains after the sharp one-year rally.
Asian Markets
Every major Asian market was up on Monday, led by the Shenzhen Component Index’s 2.26% gains. The Taiwan Weighted Index closed 2.16% higher.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<