Diwali cheer on Dalal Street: Sensex surges 660 points, Nifty nears 25,900 mark
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Indian stock markets kicked off Diwali celebrations with a bright start as benchmark indices jumped over 0.5% during Monday’s early trading session.
The Sensex opened 661 points (0.8%) higher at 84,614, while the Nifty gained 191 points (0.74%) to reach 25,901 during initial trades.
Market experts suggested investors consider new long positions only if the Nifty maintains momentum above the 26,000 threshold. They emphasized that while the broader market shows cautiously bullish trends, vigilance regarding technical indicators and global cues remains essential.
Banking heavyweights and select blue-chip stocks led the charge, with Kotak Mahindra Bank, Axis Bank, HDFC Bank, and Bajaj Finance among the top Sensex performers – rallying up to 3%.
Meanwhile, ICICI Bank emerged as the primary laggard, declining 2.2% as investors locked profits following the lender’s Q2 earnings report. Ultratech Cement and Mahindra & Mahindra also traded lower during early sessions.
Broader markets mirrored the upbeat sentiment, with the Nifty MidCap index advancing 0.66% and the Nifty SmallCap index rising 0.19%.
The Bank Nifty index climbed 0.7% to notch fresh historic peaks during the trading day.
Sectoral indices maintained uniform strength, led by Nifty IT, Private Bank, and Pharma indices – each gaining approximately 0.7%.
Foreign Institutional Investors continued their buying spree for the second straight day, acquiring equities worth ₹309 crore on October 17. Domestic Institutional Investors reinforced their support with robust purchases exceeding ₹1,526 crore on the same day.
The festive atmosphere on Dalal Street reflected surging investor confidence as markets commenced the Diwali week on an optimistic note.
Given current market volatility and mixed signals, experts suggest maintaining a cautious “buy-on-dips” strategy, particularly for leveraged positions.
“Traders should consider partial profit booking during upward moves and implement disciplined stop-loss mechanisms to mitigate risks effectively,” analysts advised.
(With inputs from IANS)
