State-run lenders seized control of Dalal Street on Monday. The NSE Nifty added 58 points to settle at 25,045, touching a fresh nine-month high as institutional desks rotated capital aggressively into state lenders. Meanwhile, the BSE Sensex rose 107 points to close at 81,106. Gains were hard-fought. Selling across technology and metal counters checked top-line momentum throughout the session, but sustained buying in banking heavyweights kept the headline indices afloat.
PSU lenders led the charge. The Nifty PSU Bank index jumped 3%, outperforming every sectoral gauge as Bank of India, Bank of Baroda, Punjab National Bank, and Union Bank of India rallied between 4% and 5%. Large-cap private lenders supplied the balance of the muscle—State Bank of India, ICICI Bank, and HDFC Bank generated the bulk of index points. By the closing bell, the Nifty Bank index stood 891 points higher at 59,741, while the Nifty Midcap index climbed 334 points to 61,023.
| Index / Asset | Closing Level | Change / Net Move | Key Catalyst |
|---|---|---|---|
| BSE Sensex | 81,106 | +107 pts (+0.13%) | Banking heavyweights cushion tech selloff |
| NSE Nifty 50 | 25,045 | +58 pts (+0.23%) | Hits 9-month high on state-run bank buying |
| Nifty Bank | 59,741 | +891 pts (+1.51%) | Massive surge across PSU and private lenders |
| Nifty PSU Bank | — | +3.00% | Bank of Baroda, PNB lead 4-5% rallies |
| Nifty Midcap | 61,023 | +334 pts (+0.55%) | Fresh appetite for industrial and defence names |
Buyers pushed capital deeper into sovereign order books. Bharat Dynamics Ltd and Cochin Shipyard each gained 4% amid heavy mid-session ticket flow. Data Patterns leaped 9% after management reiterated its FY27 revenue targets despite delivering a weak second quarter. In healthcare, Divi's Laboratories jumped 4% to mark a lifetime high on the heels of strong quarterly earnings. Reliance Industries settled flat, yet traders noted its intraday recovery off session troughs, holding comfortably above its 200-day moving average.
Yet the underlying market told a far gloomier story. Declining shares handily beat gainers on the National Stock Exchange, leaving the advance-decline ratio pinned at 3:4. IT counters took the brunt of the selling. Tata Steel and Infosys finished near the bottom of the Nifty table, accompanied by HCL Technologies, UltraTech Cement, ITC, and Bajaj Finance. Outside the benchmarks, Jubilant FoodWorks shed 5% despite issuing a steady long-term outlook, while Bosch slumped 3% on cautious management commentary.
Traders are now tracking support zones for market bellwether HDFC Bank, which has staged a sharp rebound from ₹680 to ₹794. Ashish Kyal, CMT and Author at Waves Strategy Advisors, cautioned that follow-through remains pivotal before declaring an absolute floor. "Many investors and traders have been stuck in the stock around ₹820 levels when it started moving down," Kyal stated, pointing to key technical pivots. "Given the recent rise from ₹680 back towards ₹794, there is a possibility we might have bottomed out. My suggestion would be to hold on. We need to see the dip from here. It has to be a higher low. Then we can expect the stock to move towards the level of around ₹920 on the upside. Support for the stock is going to be ₹720, which is near the 20-day moving average." All eyes now pivot to whether the Nifty can establish durable acceptance above 25,000.