Sensex jumps over 100 pts, Nifty above 24,400; PSU banks rally
ADVERTISEMENT At 9:20 am, the BSE Sensex was up 110 points, or 0.14%, at 79,968, while the Nifty50 gained 46 points, or 0.19%, to trade at 24,409.\
From the Sensex pack, SBI, NTPC, Trent, HDFC Bank, and Tata Motors opened with gains, while Asian Paints, ICICI Bank, Bajaj Finserv, Axis Bank, and HUL traded lower.
SBI emerged as the top Sensex gainer, rising 1.5% in early trade after the country's largest lender posted a 12% year-on-year (YoY) increase in standalone net profit for the June quarter (Q1FY26). Following the results, several brokerage firms raised their target price for the stock to as high as Rs 955.
Among individual stocks, Voltas fell 8% after the air conditioning manufacturer missed first-quarter profit estimates by a wide margin, as early monsoons dampened demand for residential cooling products.
On the sectoral front, the Nifty Consumer Durables index declined 1.6%, dragged down by PG Electroplast, which hit a 10% lower circuit in early trade. Meanwhile, the Nifty PSU Bank index surged 1.5%, led by SBI, Indian Bank, and Bank of India.
ADVERTISEMENT Last week, the Nifty and Sensex each fell nearly 1%, marking their longest weekly losing streak in five years, as U.S. tariff concerns and muted earnings dampened sentiment.U.S. President Donald Trump has imposed a 50% tariff on Indian goods, with half already in effect and an additional 25%—a punitive measure for India's purchase of Russian oil—set to take effect on August 28.
Investors are now eyeing the August 15 meeting between Trump and Russian President Vladimir Putin in Alaska, where they are expected to discuss a potential resolution to the war in Ukraine.
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