Closing Bell: Market Rebounds To End With Gains For 5th Straight Day; Sensex & Nifty Soar Led By Banks

The Indian stock market bounced back from its early losses to finish the session on a high note today. The market witnessed a surge in buying interest, leading to a substantial rise in key indices for the fifth consecutive session, marking its longest winning streak in two months.

At the closing bell, the benchmark Sensex soared by 487 points to settle at 74,339, while the Nifty climbed 168 points to reach 22,570. The Nifty Bank also posted significant gains, rising by 306 points to 48,495, while the Midcap Index surged by 237 points to 50,229.

The banking sector, except for Kotak Mahindra Bank, witnessed a broad-based rally, with all major banks closing in the green. Axis Bank stole the spotlight, recording a notable 6% surge fueled by robust performance in the fourth quarter.

Public sector banks (PSUs) also saw a flurry of buying activity, propelling the sectoral index up by 4%. State Bank of India (SBI) emerged as the top gainer among PSU banks. Meanwhile, Multi Commodity Exchange (MCX) experienced a substantial surge of 8% amid news of its plans to introduce new products.

Bharat Forage, buoyed by a positive brokerage note, ended the session 7% higher. Continuing their upward trajectory, stocks of the Birla Group extended gains, with Aditya Birla Capital (AB Cap) emerging as the top gainer, registering a remarkable 6% increase. Vodafone Idea witnessed a 6% rise following the listing of its Follow-on Public Offering (FPO).

However, not all stocks fared well during the session. Dalmia Bharat, Indian Hotels, and Oracle Financial Services Software (OFSS) slipped by 3% on the back of lower-than-expected fourth-quarter results. Similarly, Laurus Labs reported strong revenue figures but missed margin estimates, resulting in a 2% decline in its stock price.

On the brighter side, Nestle India closed with a gain of nearly 3%, driven by earnings that surpassed market expectations, reaffirming investor confidence in the company's growth prospects.

The overall market breadth favoured advances, with the advance-decline ratio standing at 1:1, underscoring the broad-based nature of today's rally.

Investors' optimism was fueled by positive global cues and renewed buying interest across sectors, propelling the market to recover from its early lows and end the session near the day's high.

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