NEW DELHI: The Nifty Bank index emerged as the star performer on Monday, scaling a record high of 55,461, buoyed by impressive quarterly results from ICICI Bank, HDFC Bank, and Yes Bank. Shares of HDFC Bank jumped nearly 2 per cent to hit an all-time high of ₹1,950.70 on the NSE. Similarly, ICICI Bank, the country's second-largest private sector lender, jumped around 2 per cent to hit all-time high of ₹1,436.
On Monday closure, the BSE Sensex surged 855.30 points (1.09%) to close at 79,408.50, while the Nifty50 gained 273.90 points (1.15%) to settle at 24,125.55. Broader markets also shone, with the Nifty Midcap100 and Nifty Smallcap100 rising 2.50% and 2.21%, respectively.
Over the past five sessions, the Sensex has rallied 5,500 points and the Nifty has climbed 1,700 points, marking a 7% recovery from the recent sell-off triggered by US tariff concerns. Investors’ during the five day rally have made a whopping Rs 32 lakh crore.
Among other sectoral indices, the Nifty IT surged 2.5%, led by strong moves in Tech Mahindra and HCL Tech. Nifty Auto advanced over 2%, while Metal, Oil & Gas, PSU Bank, and Realty indices each posted gains exceeding 2%.
"The bulls took over, which led the Nifty to cross 24k in the third attempt over the last 3 months and fuelled Bank Nifty to touch a new high. The possibility of a bilateral trade agreement with the US is adding optimism in the market,” Vinod Nair, Head of Research, Geojit Investments.
Market optimism was further lifted by the potential India-US trade deal, with US Vice President JD Vance beginning a four-day visit to India today. The government is keen to avert steep US tariffs, the implementation of which has already been deferred by three months.
Nair added that a better results from bank stocks owing to improved asset quality and credit growth attracted investors. A contrarian bet on IT due to its attractive valuation with an expectation of improvement in spending in the latter half of FY26 is keeping the counter busy.
FIIs also made a grand comeback in the Indian market with their net purchase reported at Rs 16,640 crore in the last four trading sessions.