Mumbai woke up to another bullish Monday as the Sensex and Nifty charged ahead in early trade, continuing the strong November streak, thanks to a solid corporate earnings season.
By morning, the BSE Sensex had climbed over 280 points while the Nifty notched up a fresh gain of close to 70 points, putting Indian equities in the green even as global peers looked a bit under the weather.
In the morning, Sensex hit a high of 84,844.69 while the Nifty saw a 25,979.80 high.
The corporate world delivered, with strong second-quarter results. Analysts say the current rally is driven by earnings performances in banking, consumer, and auto stocks. Among the Sensex, Kotak Mahindra Bank, State Bank of India, Titan, Bajaj Finance, Axis Bank, Larsen & Toubro, and NTPC saw green.
The Nifty Bank index soared to an unprecedented record high of 58,942.60 on Monda. The index advanced 0.7 per cebt and set the tone for a dynamic start to the week, supported by a surge in banking shares—particularly Canara Bank, IDFC First Bank, AU Small Finance Bank, and Kotak Mahindra Bank.
Not everyone is sharing the love, though. However, profit-taking and bleak sector sentiment pushed titans like Tata Motors Passenger Vehicles, UltraTech Cement, TCS, Infosys, PowerGrid, and Trent down to the red.
Foreign investors continued to play spoilsport, offloading nearly Rs 5,000 crore in five straight days. But domestic institutional investors picked up the slack with net buys topping Rs 8,400 crore, keeping the rally on track.
