Benchmarks rise for sixth straight session; Nifty reclaims 26K peak

Nifty Midcap 100 strikes new highs

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Indian equities extended gains for the sixth consecutive session on Monday, as investors took comfort from better than expected September-quarter earnings, which largely met Street expectations with no major disappointments.

 

The Nifty closed above the 26,000 mark for the first time since October 29, ending at 26,014 — up 103 points, or 0.4 per cent. The Sensex gained 388 points, or 0.5 per cent, to close at 84,951. Both indices have risen around 2 per cent over the past six sessions.

 

Among broader indices, the Nifty Midcap 100 hit a new record, closing at 61,181, up 0.7 per cent. The Sensex now stands just 1 per cent below its all-time high, while the Nifty is 0.8 per cent away. The Nifty Smallcap 100 remains 7 per cent off its peak.

 

The combined market capitalisation of BSE-listed firms rose by ₹3.2 trillion to ₹477 trillion, just shy of a new record. Over the past six sessions, investors have added ₹11 trillion in market value. 

 

Both foreign portfolio investors and domestic institutional investors were net buyers, with the former injecting ₹442 crore and the latter ₹1,466 crore.

 

Equity sentiment has been buoyed by resilient earnings and optimism around a possible India-US trade pact, which could sharply reduce tariffs — from about 50 per cent to 15-16 per cent — on select goods. However, elevated valuations and intermittent profit booking continue to temper the rally.

 

“The potential India-US trade deal remains a crucial trigger that market participants are closely watching. The current risk-reward setup remains broadly favourable, supported by stronger-than-expected midcap results, which reinforce confidence in a growth revival and hint at future earnings upgrades. Overall, we expect the uptrend to continue, driven by improving earnings momentum, robust domestic macros, and steady policy support,” said Siddhartha Khemka, head of research (wealth management), Motilal Oswal Financial Services.

 

Market breadth was mixed, with 2,300 stocks declining and 2,011 advancing on the BSE. HDFC Bank, up 0.8 per cent, contributed most to the Sensex gains, followed by ICICI Bank, which rose 0.5 per cent.

 

“The market continues to hold its positive momentum near the key psychological level of 26,000, as investors await a firm trigger for the next leg of the rally. The proposed trade deal remains a critical factor that market participants are monitoring closely,” said Vinod Nair, head of research, Geojit Financial Services.