Indian equity markets extended their early gains in midday trading on Monday, with both benchmark indices reaching new intraday highs. The BSE Sensex surged 630.92 points or 0.78 per cent to 82,012.28, while the NSE Nifty 50 climbed 176.25 points or 0.71 per cent to 25,140.50 as of 12:47 pm.
The market rally was broad-based, with 2,064 stocks advancing against 1,856 declines on the BSE. The Nifty Bank index outperformed the broader market, rising 560.30 points or 1.09 per cent to 51,732.60. Similarly, the Nifty Financial Services index gained 235.35 points or 1.00 per cent to 23,847.90.
IT stocks led the gainers, with Wipro surging 3.98 per cent and Tech Mahindra rising 2.85 per cent. HDFC Bank, a heavyweight in the financial sector, added 1.95 per cent to its value. Other top gainers included ITC and HDFC Life, up 1.75 per cent and 1.73 per cent respectively.
On the flip side, auto major Maruti was the top loser, shedding 1.52 per cent. Other laggards included ONGC (-1.47 per cent), UltraTech Cement (-1.30 per cent), Tata Steel (-1.08 per cent), and Cipla (-1.05 per cent).
The midcap segment showed mixed performance, with the Nifty Midcap Select index down 24.05 points or 0.19 per cent at 12,956.20. However, the Nifty Next 50 index gained 140.20 points or 0.19 per cent to reach 75,518.65.
Market breadth remained positive, with 220 stocks hitting their 52-week highs compared to 23 touching 52-week lows. Additionally, 354 stocks hit the upper circuit while 193 touched the lower circuit.
Investors are now awaiting key macroeconomic data, including consumer inflation and industrial production figures, expected later today. The market is also keeping a close watch on major earnings announcements from Reliance Industries and Infosys, as well as the upcoming IPO of Hyundai Motor India scheduled to open on October 15.
As the trading session progresses, market participants remain cautiously optimistic, buoyed by strong domestic tax collections and expectations of potential rate cuts by the Reserve Bank of India in the near future.
