The Dalal Street’s bullish momentum, which started last week, carried forward to Monday (March 24), with top benchmark indices gaining more than 1%. It was led by continued foreign fund inflows and aggressive buying in oil, banking, and gas stocks.
Sensex Approaches 78,000, Nifty Crosses 23,600
The BSE 30-share Sensex jumped by 1,078.87 points, or 1.4%, closing just short of the 78,000 level at 77,984.38. The broader Nifty 50 index, in turn, rose by 307.95 points, or 1.32%, to close at 23,658.35.
Top Gainers and Losers
National Thermal Power Corporation (NTPC), Kotak Mahindra Bank, State Bank of India (SBI), Tech Mahindra, and PowerGrid Corporation of India were the top gainers in both the indices that made a significant contribution to the rise.
Though some stocks were hit by selling pressure. In the Sensex group, Titan, IndusInd Bank, Zomato, Mahindra & Mahindra, and Bharti Airtel were the largest laggards. Likewise, in the Nifty group, IndusInd Bank, Titan, Trent, Mahindra & Mahindra, and Bharti Airtel closed in the red.
Strong Foreign Inflows Fuel Rally
The sustained bull run is also due to strong foreign institutional investor (FII) buying, coupled with domestic buying in focus sectors. Bank and energy shares led the pack, which raised investor confidence.
With markets trending strongly, experts anticipate further advances in the near term, if global cues continue to be supportive. Investors now await upcoming economic data and company earnings for further guidance.
