The favorable outlook for the impending Union Budget, strong foreign institutional investor (FII) inflows, and better-than-expected IT sector results propelled the Indian benchmark indices higher on Monday.
On Monday, the Nifty increased by 84 points to 24,586, while the Sensex closed at 80,664, up 146 points.
Nifty Bank gained 177 points to settle at 52,455.
During the day, Nifty rose to a new all-time high as purchasing occurred in several sectors.
Top Nifty gainers included ONGC, SBI Life Insurance, Shriram Finance, SBI, and Bajaj Auto.
LTIMindtree, Asian Paints, Grasim, Tata Steel, and Tata Consumer were a some of the biggest losers.
The smallcap index increased by 0.2%, while the BSE midcap index gained 1%.
Market observers claim that the PSU index has seen a significant increase as a result of the preliminary data from PSU banks.
However, they pointed out that as Budget Day approaches next week, the level of optimism in the overall market is decreasing.
Rupak De of LKP Securities reports that the index opened higher and moved sideways throughout the day.
“On the higher end, 24,650 is where resistance is located, and above that, more upside looks possible,” the analyst stated.
In the wake of the IT quarterly results and FII buying, the indices began the day higher.
On July 11, the foreign institutional investors (FIIs) became net buyers by purchasing stocks valued at Rs 4,021 crore, while domestic institutional investors continued to sell, selling stocks valued at Rs 1,651 crore.
