Monday kicks off with a bullish lift
Indian equities began the week on an upbeat note, with the headline indices rising as the market opened. The Nifty 50 started at 22,532.40 and the BSE Sensex at 72,340.95, translating to gains of roughly 0.5 % and 0.6 % respectively.
Banking stocks power the rally
Financial shares supplied the bulk of the upward thrust. The Nifty PSU Bank index surged over 2 %, putting state‑run lenders at the forefront of the day's move. HDFC Bank, Punjab National Bank and Bank of Baroda all posted solid upticks, buoyed by company‑specific developments and quarterly updates.
Decline in crude eases cost pressures
Global oil markets added further support, with Brent hovering around $101 per barrel and WTI near $90. Lower crude prices reduce India’s import bill, temper inflationary pressures and improve cost structures for a broad set of corporates.
Softening US rate‑cut expectations lift sentiment
Weaker‑than‑anticipated US employment data trimmed expectations of a more aggressive Federal Reserve tightening cycle. This shift brightened risk appetite worldwide, helping Indian benchmarks rebound after eight consecutive weeks of decline.
Top gainers and laggards
On the stock‑specific front, Bajaj Finance shone, reporting an 11 % YoY increase in new loan bookings for the September quarter. Other notable advancers included Shriram Finance, ITC, NTPC and Coal India. In contrast, shares of Apollo Hospitals, Infosys, Max Healthcare, Cipla and HCL Technologies faced selling pressure.
RBI policy meeting in focus
Domestic investors are also eyeing the Reserve Bank of India’s Monetary Policy Committee, which convened on Monday. The central bank is slated to announce its next policy decision on October 7, and any commentary on interest rates could steer market direction for the rest of the week.
Overall, the mix of softer crude, receding US rate‑hike worries and strong buying in financials supplied a much‑needed lift to the Indian market after a recent slump.
