Mumbai, February 23: Indian stock markets extended their upward momentum on Monday, supported by strong buying interest in public sector banks and healthcare stocks. Positive global cues further lifted investor sentiment after the US Supreme Court ruled against reciprocal tariffs announced by US President Donald Trump.
Nifty and Sensex End Higher for Second Straight Session
The benchmark Nifty 50 advanced 141.75 points, or 0.55 percent, to close at 25,713. Meanwhile, the BSE Sensex gained 479.95 points, or 0.58 percent, to settle at 83,294.66.Markets ended on a positive note for the second consecutive session, reflecting resilience in domestic equities despite lingering concerns over global trade developments.
Technical Outlook: Key Resistance and Support Levels
From a technical perspective, analysts indicated that the immediate resistance for the Nifty is placed at 25,800, followed by 25,900, where significant open interest is visible.On the downside, the 25,500 level continues to act as a crucial immediate support, providing a cushion against short term declines.
Adani Ports Leads Sensex Gainers; IT Stocks Lag
Among Sensex constituents, Adani Ports and Special Economic Zone emerged as the top gainer, rising 2.82 percent.Other major gainers included:
- Kotak Mahindra Bank
- UltraTech Cement
- Power Grid Corporation of India
- Axis Bank
- HDFC Bank
Broader Markets Mixed; PSU Banks and Healthcare Outperform
The broader market trend was mixed. The Nifty MidCap 100 slipped 0.43 percent, while the Nifty Smallcap 100 edged up 0.29 percent.Among sectoral indices, the Nifty PSU Bank index stood out, rising 1.36 percent. The Nifty MidSmall Healthcare index also advanced 1.03 percent.
In contrast, the Nifty IT index emerged as the worst performing sector, followed by the Nifty Chemicals index.
Global Cues Support Sentiment, Trade Risks Persist
Market sentiment received support from positive global cues after the US Supreme Court’s ruling on tariffs. However, concerns remain over the potential impact of trade tensions.Analysts indicated that tariff related uncertainties could weigh on Indian exporters, particularly in sectors such as textiles, pharmaceuticals, gems and jewellery, and machinery.
Despite these global overhangs, domestic equities continued to find support in banking and healthcare counters, helping benchmarks close higher for the second day in a row.
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