Banking on Tech: Sensex, Nifty Extend Rally to 5th Day as Financials and IT Lead Charge

Indian equity benchmarks extended their winning streak to five sessions on Monday, with the Sensex surging 855 points (1.09%) to 79,408 and the Nifty50 jumping 274 points (1.15%) to 24,125. The rally was fueled by banking giants like HDFC Bank and ICICI Bank, which soared on robust Q4 results, and a surprise 3% rally in IT stocks despite mixed earnings.

 

Key drivers:

 

Banking surge: Nifty Bank hit a record 55,461, driven by ICICI Bank’s 18% profit jump and HDFC Bank’s margin optimism.

 

IT resilience: Infosys gained 2.5% despite profit declines, as sector rotation offset tariff fears.

 

Broader momentum: Midcap and Smallcap indices rose over 2%, while foreign inflows and a stable rupee boosted sentiment.

 

Analysts see a “buy-on-dips” market as banking strength and tariff negotiations buoy confidence.

 

Source: Business Standard, CNBC-TV18, Moneycontrol