Mumbai (Maharashtra) [India], December 2 : After a sluggish start to the trading session, the stock market ended on a positive note on Monday, with both benchmark indices making significant gains.
The Sensex climbed 445.29 points, or 0.56 per cent, to close at 80,248.08, while the Nifty 50 advanced 142.90 points, or 0.59 per cent, to settle at 24,274.00. The day saw robust buying activity, with 31 of the 50 Nifty-listed stocks recording advances, while 18 ended in the red.
Among the top gainers were Ultratech Cement, Apollo Hospitals, Grasim Industries, Shri Ram Finance, and JSW Steel, which showed impressive performances across sectors. These stocks buoyed market sentiment and contributed significantly to the indices' gains.
On the other hand, a few stocks faced selling pressure. HDFC Life, NTPC, Cipla, SBI Life, and Hindustan Unilever were the top losers, reflecting mixed investor sentiments in specific sectors.
The recovery from a weak opening highlights growing investor confidence, supported by gains in construction, healthcare, and financial stocks. Analysts attributed the uptick to favorable global cues and resilient domestic market fundamentals, which collectively reinforced market optimism as the session progressed.
Vinod Nair, Head of Research, Geojit Financial Services, said, "Despite a slump in the Q2 growth rate, the market maintained a positive bias as the core sector output in October shows signs of recovery. Slowing earnings growth is already factored in the market and mid & small-caps are rebounding."
He added, "However, investors stay marginally cautious ahead of RBI policy this week due to the risk of a cut in GDP forecast. The current inflation dynamics are not favourable for a rate cut in the short-term and the RBI is likely to turn more realistic on its growth projection for FY25."
VLA Ambala, Co-Founder, Stock Market Today, said, "Economic policy is the final output of geopolitical strategy, and a policy war between the world's most powerful economic countries is dividing the global landscape, with India as the center. As the world's largest consumer market, India has immense potential for manufacturing growth. However, this will require a lot of investment and management."
She added, "India is at a critical juncture where every decision could have significant impacts. For instance, India recently chose not to sign the 15-nation Regional Comprehensive Economic Partnership (RCEP) agreements. While the move aims to bolster self-reliance, it adds pressure to the current market situation. Meanwhile, BRICS, a vital trade bloc where India holds a strong position, faces challenges from the U.S., which is opposing efforts to foster trade within the BRICS system."
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor