Indian benchmark indices rallied on Monday, with the Sensex gaining over 420 points and the Nifty crossing the 24,400 mark. Broad-based buying across sectors—led by realty, auto, and consumer durables—pushed the Nifty 50 up 0.66% to close at 24,430.35, while the Sensex rose 0.68% to 78,293.38. Strong business updates from Nykaa, banks, defence companies, and pharma stocks kept sentiment upbeat amid active IPO developments.
Key Market Movers
Nykaa Q1 Business Update
Nykaa expects a sharp acceleration in June-quarter growth, with consolidated revenue likely to expand by nearly 30%. The beauty segment delivered healthy growth, while the fashion business is projected to record its strongest performance in several quarters. The stock touched a fresh 52-week high.
HDFC Bank Extends Rally
HDFC Bank shares surged around 3.8% to Rs 831.25, extending their sharp recovery with strong trading volumes. Investor optimism ahead of the bank’s quarterly earnings update drove sustained buying interest.
Defence Stocks Surge
Defence stocks remained among the strongest performers, with the Nifty Defence index gaining around 1.5%. Zen Technologies, Paras Defence, and Dynamatic Technologies led the rally amid continued optimism about India’s defence manufacturing sector. Adani Defence & Aerospace also laid the foundation for a Rs 2,500-crore missile manufacturing ecosystem in Madhya Pradesh.
Solar Power Deal
PTC India signed a Power Purchase Agreement with NTPC Renewable Energy to procure 1,200 MW of solar power under a bilateral arrangement, strengthening both companies’ renewable energy portfolios.
Supriya Lifescience Tumbles
Supriya Lifescience shares plunged nearly 9% after the Customs Department initiated an investigation against the company’s General Manager (Sales & Marketing). Trading volumes jumped nearly 200% above the five-day average.
Other Notable Developments
Manufacturing stocks could benefit from a weaker rupee and stronger Chinese yuan, according to Ikigai Asset Manager. The rupee depreciated 18 paise to close at 95.40 against the US dollar. Gold prices slipped as a stronger dollar triggered profit booking, with COMEX Gold falling below $4,150. The IPO market remains active, with four new public issues opening for subscription and ten companies scheduled to debut this week.
Bank stocks like Karur Vysya Bank (crossed Rs 1 lakh crore advances), CreditAccess Grameen (healthy business expansion), and Yes Bank (stable growth) also provided positive cues. Broader market breadth was positive, with advancing shares comfortably outnumbering declines.
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