The Indian equity benchmark indices started the week on a positive note on Monday, driven by strong buying in banking, financial, and select auto stocks. Around 9:29 am, the BSE Sensex rose 268.66 points, or 0.35%, to trade at 78,032.57, while the NSE Nifty 50 advanced 81.20 points, or 0.33%, positioning itself above the 24,350 mark at 24,352.05.
Bharat Electronics Limited (BEL) emerged as the top gainer on the Sensex, jumping over 2% following the Defence Acquisition Council’s (DAC) recent administrative approval for defense procurement proposals worth nearly ₹52,000 crore. Other major gainers included major financial institutions like HDFC Bank, Axis Bank, and ICICI Bank, alongside Bharti Airtel and Maruti Suzuki. Conversely, Kotak Mahindra Bank led the laggards with a nearly 3% decline, while Bajaj Finserv, Power Grid, ITC, and Reliance Industries traded in the red.
Market experts indicate that the near-term momentum is supported by the revival of the monsoon and a return of Foreign Institutional Investors (FIIs) as buyers. Investors are now shifting their focus toward the upcoming Q1 earnings season beginning this week, with financials and automobiles expected to outperform due to strong credit and sales growth.
Separately, bank branches in Kolkata and Aizawl are closed today, July 6, in accordance with the Reserve Bank of India (RBI) holiday calendar. The closure in Aizawl marks MHIP Day, honoring Mizoram’s largest women’s welfare organization, while branches in Kolkata are closed to observe the birth anniversary of Jana Sangh founder Dr. Syama Prasad Mookerjee. Regular banking operations continue across the rest of the country, and online services—including UPI, mobile banking, and ATMs—remain fully functional in all regions.