Sensex Gains 1,500 Points, Nifty Reclaims 23,500

The BSE Sensex jumped more than 1,500 points in Monday trade. The Nifty50 crossed back above 23,500. The rally was broad-based, with every sectoral index in the green.

Volume was heavy across cash and derivatives markets. The advance-decline ratio on the National Stock Exchange stood at roughly 3:1.

No single trigger dominated the session. The move looked like a continuation of the previous week's recovery. The Nifty had held 23,000 in early March before bouncing.

The Sensex closed near its session high. The Nifty settled at 23,565. The rally brought the Nifty within 2% of its December peak.

Traders cited the absence of fresh selling pressure rather than any new catalyst. "The market was oversold after February's correction," one dealer said. "We are just seeing short covering and some institutional buying."

Foreign portfolio investors were net buyers of Indian equities on Monday, provisional exchange data showed. That snapped a four-day selling streak.

The rally came without a major move in crude oil or the dollar index. The rupee was flat against the dollar.

Stock-specific gains were widespread. Reliance Industries rose 3.5%, while HDFC Bank added 2.8%. Infosys gained 2.2%. Twenty-four of the 30 Sensex components ended higher.

The Nifty Bank index climbed 2.1%, helped by ICICI Bank and Kotak Mahindra. The Nifty IT index rose 1.8%.

Options data suggested the 23,500 strike on the Nifty saw heavy put writing, reinforcing the level as support. The 24,000 call remained the next resistance.

The market capitalisation of all BSE-listed companies rose by roughly ₹6.5 lakh crore.

The week ahead includes monthly derivatives expiry on Thursday. Traders will watch for any rollover data that could signal institutional positioning.

India VIX, the volatility gauge, fell 4% to 14.2, indicating lower expected near-term swings.