Sensex jumps 1,400 points, Nifty crosses 24,300
What's the story
India's stock market opened on a high note today, extending its winning streak for the sixth consecutive session. The rally is attributed to festive cheer, falling crude oil prices, and positive global cues. The Sensex jumped by 1,385 points or 1.79%, to touch 78,686.73 in early trade while the Nifty 50 surged by 384 points or 1.6% to hit an early high of over 24,300.
Sector performance
Banking and financial services stocks lead the charge
The market witnessed broad-based buying with banking, financial services, auto, IT, and realty stocks leading the charge.
The Nifty Financial Services index was among the top sectoral performers, rising 2.31%, while Nifty Auto index advanced 2.22%.
Other indices such as Nifty Realty and Nifty IT also gained nearly 2% each.
Stock performance
Who were the biggest gainers today?
InterGlobe Aviation (IndiGo) led the Nifty 50 gainers with a 5.79% jump, followed by Maruti Suzuki, which advanced 4.35%.
Other notable gainers included Bajaj Finance (up by 4%), Asian Paints, UltraTech Cement and Mahindra & Mahindra.
The banking giants HDFC Bank, Axis Bank, ICICI Bank and SBI also contributed to the rally along with IT majors TCS, Infosys and Tech Mahindra, who were among other notable gainers today.
Market confidence
Broader indices join the rally
The broader market joined the rally with Nifty Midcap 100 rising 1.24% and Nifty Smallcap 100 gaining 1.31%.
The Nifty 500 advanced by a healthy margin of 1.48%, indicating widespread buying interest across different segments of the market.
This broad-based rally suggests that investors are feeling confident about their investments in midcap and small-cap stocks as well amid falling market volatility levels today.