Synopsis : Indian equity benchmarks opened strong on Monday, led by gains in IT and midcap stocks, while YES Bank jumped over 5% after RBI cleared SMBC’s 24.99% stake acquisition. Traders eye Nifty’s 25,000 level as a key market threshold.
Indian stock markets extended their positive momentum on Monday, buoyed by global cues and selective buying in large-cap and IT stocks. At 11 AM, the BSE Sensex traded at 81,569, up 262 points (0.32%), while the NSE Nifty50 added 79 points (0.32%) to hover at 24,949.
The rally followed remarks by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole summit, where he left the door open for possible rate cuts while acknowledging labor market weakness. Powell also reiterated concerns about inflation risks from President Donald Trump’s tariffs, keeping global investors on edge.
Top Gainers and Losers:
On the Sensex, Infosys, TCS, Tech Mahindra, HCL Tech, Bajaj Finance, NTPC, Trent, Ultratech Cement, Asian Paints, and Tata Steel advanced up to 2%. However, Bharti Airtel, ICICI Bank, Maruti Suzuki, Sun Pharma, HUL, ITC, and M&M slipped up to 1%.
In the broader markets, the Nifty MidCap and Nifty SmallCap indices gained 0.37% and 0.35%, respectively. Sectorally, Nifty IT surged 2.5%, followed by gains in Realty (0.8%) and Metals (0.5%).
YES Bank in Focus:
YES Bank shares jumped 5.4% to an intra-day high of ₹20.33 on the BSE after the RBI approved Sumitomo Mitsui Banking Corporation (SMBC) to acquire a 24.99% stake in the private lender. The move is expected to bolster YES Bank’s growth and capital structure.
Technical View:
According to Amol Athawale, VP - Technical Research, Kotak Securities, the 25,000 level on the Nifty50 will be crucial for traders. A break below could lead to a correction towards 24,730–24,700, while resistance stands at 25,200. A sustained breakout above this mark may push the index to 25,500.
IPO Tracker:
There are no mainboard IPOs today. In the SME space, NIS Management and Globtier Infotech opened for subscription. Ongoing issues include Classic Electrodes (India), Shivashrit Foods, and Anondita Medicare, while ARC Insulation & Insulators IPO closes today.
Disclaimer : This article is for informational purposes only and should not be construed as financial or investment advice. Readers are advised to consult a professional before making any trading or investment decisions.
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