The domestic stock market continued its upward momentum for the second consecutive session on Monday, with investors showing renewed enthusiasm following the U.S. Supreme Court’s ruling declaring President Donald Trump’s tariffs illegal.
Markets Surge
During intraday trading, the BSE Sensex jumped nearly 670 points, eventually closing with a gain of 480 points at 83,294.66. Similarly, the NSE Nifty rose 142 points to 25,713.
Top Movers
Among Sensex constituents, Adani Ports recorded the highest gains, climbing nearly 3%. Other major gainers included Kotak Mahindra Bank, UltraTech Cement, Axis Bank, Hindustan Unilever, HDFC Bank, Power Grid, SBI, Bharti Airtel, Titan, and Mahindra & Mahindra.
On the other hand, Infosys witnessed the sharpest decline, while Tech Mahindra, Trent, HCL Tech, Bajaj Finserv, TCS, ITC, BEL, Tata Steel, Eterna, and IndiGo also closed lower. In the broader market, Nifty Midcap fell 0.43%, whereas NSE Smallcap ended with a 0.29% gain.
Investor Activity
Strong buying was observed in shares of Adani Ports, HDFC Bank, Morpen Laboratories, Blue Jet Healthcare, Aegis Wopak Terminals, Tourism Finance Corporation of India, and Jindal Poly Films. Conversely, Hindalco Industries, Wipro, and Infosys faced selling pressure, along with IDFC First Bank, UPL, AU Small Finance Bank, Hindustan Aeronautics Limited, Godfrey Phillips India, 63 Moon Technologies, 2E2 Networks, and M&B Engineering.
IT Sector Weakness
The recent surge of AI-related developments has led to significant declines in IT stocks, a trend that continued on Monday. Global brokerage Jefferies has warned that IT shares may face further correction, with potential declines of up to 65% from current levels. Consequently, Infosys, Tata Consultancy Services, HCL Tech, Mphasis, LTI Mindtree, and Hexaware have been downgraded.
As the market gears up for Tuesday, investors are closely watching these sectors for further momentum, with banking and industrial stocks showing strong buying interest.
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