Sensex, Nifty inch up higher; PSU bank stocks lead gains

MUMBAI: Indian benchmark indices began the week higher on Monday, led by gains in the PSU bank stocks. The BSE Sensex advanced 122 points or 0.15 per cent to 79,980 while the Nifty 50 inched up to 24,405, up 42 points or 0.17 per cent. The Nifty Bank rose 0.34 per cent to 55,194.

Broader market indices also saw buying activity, with the BSE SmallCap adding 0.16 per cent and the BSE MidCap climbing 0.19 per cent. Last week, the Nifty and Sensex fell by nearly one per cent each.

“Nifty can find support at the 24,300 zone, followed by the 24,200 zone. A breakdown below these levels could accelerate selling pressure towards the 24,000 zone. On the higher side, the 24,500 level can be an immediate resistance,” said Hardik Matalia from Choice Equity Broking.

On the sectoral front, Nifty PSU Bank gained 1.42 per cent and Nifty IT lost 0.46 per cent. The majority of other indices showed modest gains up to 0.25 per cent.

In the Nifty pack, Grasim, SBI, Adani Enterprises, and Trent were the top gainers. Titan Company emerged as the top loser, shedding 0.97 per cent, followed by Bajaj Finserv, ICICI Bank, Asian Paints and Apollo Hospitals.

Investors closely monitor developments in the US-India trade deal, quarterly earnings results, tariff rhetoric, and upcoming inflation data for cues.

"Geopolitical developments such as the outcome of the Trump-Putin talks in Alaska will be the most crucial factor influencing the market trend this week. A major positive development would occur if the talks lead to an end to the Russia-Ukraine war. The oversold market will stage a smart rebound," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments.