Sensex, Nifty jump 1% as markets cheer assembly election trends; Maruti, HUL, Adani Ports, L&T, Asian Paints lead

The Indian benchmark indices opened higher on Monday, in sync with global peers, with the BSE Sensex and the NSE Nifty 50 rising nearly 1% in early trade, led by auto, realty, FMCG, and infrastructure stocks. The Sensex opened 344 points higher at 77,257, while the Nifty started the day at 24,063, up 66 points.

Extending opening gains, the 30-share Sensex rose as much as 854 points, or 1.1%, to 77,768, while the Nifty 50 advanced 255 points, or 1.08%, to 24,255, driven by sustained buying interest across frontline stocks.

Market participants appeared to react positively to early trends in the assembly election results across Assam, Kerala, Tamil Nadu, West Bengal, and the Union Territory of Puducherry.

Market breadth remained firmly positive, with broader indices keeping pace with the benchmarks. The Nifty Midcap 100 and Nifty Smallcap 100 were up around 0.8% each, indicating continued risk-on sentiment and participation beyond large-cap stocks.

Volatility indicators pointed to improving stability, with the India VIX declining 2.88% to 17.93.

Top gainers and losers

Leading the rally was Maruti Suzuki India , which surged 4.49%, while FMCG major Hindustan Unilever was second on the chart with a 3.62% rise. Among others, Adani Ports and Special Economic Zone gained 2.59%, Larsen & Toubro advanced 2.43%, while Asian Paints  and Mahindra & Mahindra rose 2% each.

Financial heavyweights such as HDFC Bank, ICICI Bank, and State Bank of India also traded in the green, providing additional support to the benchmark. Index heavyweight Reliance Industries was also up nearly 1%.

On the flip side, Kotak Mahindra Bank emerged as the top laggard, falling 2.35%. IT stocks remained under pressure, with Tata Consultancy Services declining nearly 1%, while peers such as Infosys and HCL Technologies traded largely flat. Among defensives, ITC Limited slipped modestly, while Bharti Airtel edged slightly lower.

Sectoral performance was largely positive, reflecting broad-based buying. The Nifty Auto index emerged as the top gainer, climbing 1.83%, supported by strong momentum in automobile stocks. Nifty Realty also saw notable traction, rising 1.45% to 805.05. The Nifty FMCG index, Nifty Pharma and the Nifty Healthcare Index also saw surge in buying momentum.

The Nifty IT index remained largely flat, down marginally by 0.07%, reflecting cautious sentiment in technology stocks. Similarly, Nifty Media was subdued, slipping 0.05%.

Election results to drive near-term sentiment, say analysts  

According to Devarsh Vakil, Head of Prime Research at HDFC Securities, results for assembly elections in Assam, Kerala, Tamil Nadu, West Bengal, and Puducherry due today are likely to drive near-term sentiment.

Hitesh Tailor, Research Analyst at Choice Equity Broking, said, “Despite the positive start, volatility may persist amid fluctuating crude oil prices and a cautious undertone in global markets following the US Federal Reserve’s recent policy stance. Traders are likely to stay selective, focusing on stock-specific action and sectoral momentum.”

Ponmudi R, CEO of Enrich Money, noted that sharp market surprises may be limited. “The Nifty is expected to trade within a 1–1.5% range on either side, depending on how results compare with expectations. State elections are likely to act more as a near-term sentiment catalyst rather than a driver of structural trend change,” he said. He added that the broader trajectory will continue to depend on global cues such as crude oil prices, currency movements, and institutional flows.

Oil prices remain a key overhang, with Brent crude hovering in the $100–103 range after previously sustaining above $110, amid supply-side disruptions. Developments around the Strait of Hormuz continue to add a risk premium, keeping energy markets volatile.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said, “Today’s market action may be influenced by the state election results, particularly West Bengal, but this will be a short-term sentiment impact. The real market trend will be guided by crude oil prices and developments in West Asia.”

He added that foreign institutional investor (FII) activity will remain crucial. “The ongoing momentum in the AI trade suggests FIIs may continue selling in India, which could keep largecaps under pressure and shift focus to the broader market. Any rally triggered by domestic political developments is likely to be used by FIIs to sell,” he said.

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