Sensex climbs 776 points, Nifty ends just shy of 24,000 as IT, auto stocks lead broad-based rally

Indian benchmark indices staged a strong rebound on Monday, with the Sensex rallying 776.01 points, or 1.02%, to close at 76,835.78, while the Nifty 50 gained 228.50 points, or 0.96%, to settle at 23,995.95, narrowly missing the 24,000 mark.

The rally was broad-based, with buying seen across information technology, automobiles and consumer-facing stocks, helping investors look past lingering concerns over global trade tensions and corporate earnings.

IT, autos power market rebound

Technology stocks emerged as the biggest contributors to the day's gains, with Nifty IT jumping 2.13%, making it the top-performing sectoral index. Auto stocks also witnessed strong buying, with the Nifty Auto index rising 1.83%, followed by Nifty Consumer Durables (1.81%), Oil & Gas (1.61%) and Media (1.53%).

Banking shares also ended in the green, though gains were relatively modest. The Nifty Bank advanced 0.69%, while Nifty Financial Services gained 0.60%. The broader market outperformed the benchmarks, with the Nifty Midcap 100 climbing 1.17% and the Nifty Smallcap 100 rising 1.16%, reflecting healthy risk appetite across the market.

Infosys, Eternal among top gainers

Among the Nifty 50 constituents, Eternal led the gains with a 5.61% jump, followed by InterGlobe Aviation (IndiGo), which gained 5.12%. Infosys advanced 3.59%, extending gains after its recent earnings-led momentum, while Tata Motors rose 3.44% and Shriram Finance added 2.91%.

On the losing side, ONGC declined 4.17%, emerging as the top laggard after weakness in crude-linked stocks. Other notable losers included HDFC Life Insurance (-0.44%), HDFC Bank (-0.34%), NTPC Green Energy (-0.31%) and Axis Bank (-0.24%).

Market breadth remains positive

The sharp gains across both frontline and broader indices suggested investors were willing to add risk after recent bouts of volatility. Strength in large-cap technology stocks, coupled with continued participation from mid- and small-cap counters, helped lift overall market sentiment.

Sentiment also received support from easing crude oil prices, with Brent crude slipping below the $90-a-barrel mark as fears of supply disruptions in the Middle East eased. Lower crude prices are positive for India, a net oil importer, as they help contain inflationary pressures, improve the country's import bill and support corporate earnings, boosting investor appetite for equities.