MUMBAI: The Indian benchmark indices opened the week on a higher note on Monday, as IT and public sector bank stocks led the rally in the early trade.
Market sentiment was buoyed by a US court ruling, declaring that the US President Donald Trump's tariffs were mostly illegal but maintained them until mid-October, and better-than-anticipated June-quarter GDP data.
The Sensex rose by 335 points or 0.42 per cent to 80, 144, while the Nifty 50 gained 104.30 points or 0.43 per cent to 24, 531.
The broad-cap indices outperformed the benchmarks as the Nifty Midcap 100 advanced by 0.85 per cent, and the Nifty Smallcap 100 was up 0.70 per cent.
Among sectoral indices, the Nifty IT Index emerged as the top performer, rising 1.59 per cent. Nifty Consumer Durables, which gained 0.98 per cent. The Nifty Metal and PSU Bank indices advanced 0.78 and 0.79 per cent respectively. On the other hand, the Nifty FMCG Index was the lone laggard, slipping 0.24 per cent.
In the Nifty pack, top gainers included Tech Mahindra, TCS, Hero Motocorp, HCL Tech, and Trent. Meanwhile, the top laggards were Jio Financial, down 1.14 per cent, followed by Reliance, HUL, Maruti Suzuki and Tata Consumer Products.
"The Nifty 50 is trading below its 100-DEMA, showing a weak trend with risks of further downside if it moves below 24, 350. Key supports are at 24, 350 and 24, 150, while resistance lies at 24, 600–24, 800, " said Mandar Bhojane from Choice Broking.
Analysts are also keen on China, India, and Russia having united in response to Trump's tantrums, affecting global power equations and trade.
A US court ruling that Trump's tariffs are illegal is a major development, making the Supreme Court's final decision on the issue crucial, said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.