Indian stock markets witnessed a strong rally on Monday afternoon as benchmark indices moved sharply higher on the back of strong buying in banking and auto stocks. BSE Sensex jumped over 900 points to trade near 75,490, while NIFTY 50 gained around 262 points, crossing the 23,400 level.
The rally was mainly driven by buying interest in key sectors such as banking, auto and cement, which supported the broader market momentum.
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Banking and Auto Stocks Lead the Rally
Sector-wise, strong gains were seen in the NIFTY Auto index, which rose around 1.9%, while the NIFTY Private Bank index gained about 1.2%, boosting the overall market sentiment.
However, some sectors remained under pressure. The NIFTY Oil & Gas index declined nearly 1.3%, and the NIFTY Pharma index slipped around 1.7%, limiting broader gains.
Volatility Eases, Broader Markets Mixed
Market volatility eased during the session as the India VIX dropped around 4.37% to 21.66, indicating improved investor confidence.
Despite the rally in benchmark indices, market breadth remained weak. Around 1,305 stocks advanced, while 2,693 stocks declined, showing that gains were largely driven by select large-cap stocks. Meanwhile, midcap stocks traded slightly higher, while smallcap stocks continued to remain under pressure.
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