Sensex today extends gains to 4th straight session, rises over 250 points; Nifty above 25,100; financials shine

Mint

a day ago

Stock market today: Bulls maintained their dominance on Dalal Street during Monday's trade, June 9, lifting the front-line indices by over 0.3%, as RBI's bumper monetary policy measures, coupled with better-than-expected U.S. jobs data and signs of progress in U.S.-India trade talks, brought fresh cheer to markets that had been trading in a narrow range.
There was broad-based buying in today's session, with mid-cap financial stocks leading the rally. Meanwhile, stronger-than-expected U.S. jobs data boosted optimism in the IT sector, while expectations grew that RBI's 50 basis point cut in the repo rate could translate into higher sales of entry-level automobiles, which had remained subdued in recent months, causing auto stocks to spike sharply.
Additionally, ongoing progress in trade negotiations between the U.S. and China has supported the rally in metal counters. QSR stocks have also attracted investor interest amid expectations of a surge in demand, as tax cuts and repo rate reductions are expected to boost spending in urban India.
Eventually, the Nifty 50 settled above the 25,000 mark at 25,103 for the second straight session by gaining 0.40%, while the Sensex settled at 82,445, 256 points, or 0.3%, higher than the previous close.
The broader market continued to dominate the front-line indices, with the Nifty Midcap 100 index and the Nifty Smallcap 100 index gaining 1.10% and 1.60%, respectively.