Sensex, Nifty extend rally for sixth straight session; financials lead gains

The Indian equity market closed higher on Monday, with Sensex and Nifty rising for the sixth straight session led by financial stocks as investors cheered fresh support measures from the Reserve Bank of India for exporters hit by recent tariff disruptions. Sensex ended 388 pts higher at 84,950 and Nifty added 103 pts to 26,013. 

Top Sensex gainers were Eternal 1.94%, Maruti Suzuki (1.34%), Kotak Mahindra Bank (1.26%), Mahindra & Mahindra (1.11%) and Tech Mahindra (1%). 

Financial stocks led the gains on Indian market with Bank Nifty closing at its record high. 

The Bank Nifty hit another record high of 59,000, gaining 483 pts on Monday. Later, the index closed at record high of 58,962, rising 445 pts against the previous close of Rs 58,517. The BSE banking index too surged 507 pts to close at 66,156 today.

Midcaps and smallcaps shares ended in the green in the current session. On BSE, the midcap index rose 313 pts to 47,500 and the small-cap index climbed 312 pts to 53,443. 

Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates said, "Technically, on the daily chart, Nifty has formed a bullish candle, indicating underlying strength. In the near term, support for the Nifty is placed around 25,710, aligning with the bullish gap zone. On the upside, the 26,100 and 26,280 will act as key resistance points. Therefore, traders are advised to remain cautious at higher levels mentioned above."

Ajit Mishra – SVP, Research, Religare Broking said, "A decisive breakout above 26,100 could open the doors for a move toward the 26,300–26,500 zone. On the downside, support is placed at 25,900 and 25,700, and dips toward these levels are likely to attract buying interest. We continue to favor sectors such as banking, auto, and metal, which have shown consistent strength, while selectively identifying opportunities in other pockets."