Sensex jumps 500 points, Nifty above 25,000; Wipro, HDFC Bank gain

Benchmark stock market indices opened on a strong note on Monday as stocks such as Wipro and HDFC Bank registered decent gains.

The S&P BSE Sensex was up 409.75 points to 81,791.11 at 10:20 am, while the NSE Nifty50 rose 126.45 points to trade at 25,090.70.

Most of the other broader market indices also gained during early trade, backed by positive investor sentiments.

The top five gainers on the Nifty50 were Coal India, L&T, Wipro, Shriram Finance and HDFC Bank.

On the other hand, the top losers were Maruti, Ultratech Cement, Cipla, Bajaj Finance and Bajaj Finserv.

Among other individual stocks, DMart shares dipped 9% after it received multiple downgrades from brokerage firms after reporting Q2 earnings.

Investors are likely to keep a close eye on inflation data due later in the day and Q2 results of Reliance Industries Limited (RIL) and HCLTech.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “IT and banking stocks are likely to remain resilient on the back of expected good Q2 numbers. However, there is only limited scope for the market to move up sharply from here.”

“FY25 earnings expectations have been downgraded by most analysts. The uncertainty surrounding the US presidential elections next month also is likely to weigh on markets along with the geopolitical tensions in the Middle East,” he added.