Mumbai, Oct 20 (NationPress) The Indian stock markets displayed continued upward momentum on Monday, with benchmark indices achieving their fourth consecutive day of gains, buoyed by increases in banking, IT, and oil and gas sectors.

The Sensex concluded the day at 84,363.37, up by 411.18 points or 0.49 percent, while the Nifty climbed 133.30 points or 0.52 percent, closing at 25,843.15.

“From a technical perspective, Nifty’s breakout above 25,660 has been maintained for the second straight session, establishing this zone as a solid support area,” analysts remarked.

“The forthcoming resistance zone is anticipated around 26,000–26,300, where some profit-taking may transpire. Provided the index remains above 25,750, bullish momentum is likely to persist,” they indicated.

“On the downside, 25,600 is the support zone, whereas a breach below 25,500 could initiate mild consolidation toward 25,200,” market analysts advised.

For Samvat 2081, both indices recorded single-digit gains, with the Sensex and Nifty rising just above 6 percent throughout the year.

On the BSE, Bajaj Finserv and Axis Bank were key gainers, while ICICI Bank, Mahindra & Mahindra, and Eternal lagged.

On the NSE, Cipla and Bajaj Finserv led the advances, while ICICI Bank, Mahindra & Mahindra, and JSW Steel closed lower.

The broader market also ended positively. The Nifty Midcap 100 index surged 0.75 percent, and the Nifty SmallCap 100 index gained 0.46 percent.

Among sectoral indices, Nifty PSU Bank was the standout performer with a notable increase of 2.87 percent, driven by strong buying activity in public sector banks.

Conversely, Nifty Auto was the sole major index that closed in the red, dipping 0.16 percent.

Analysts noted that investor sentiment remained optimistic, fueled by positive earnings reports and festive cheer, which continued to propel the market upward.

“The Indian market persisted in its positive trend, driven by better-than-anticipated Q2 results from major firms and festival optimism. Favorable global cues further enhanced investor sentiment, aided by easing trade tensions between the US and China, along with a rise in European markets led by defense stocks,” experts commented.

“Moreover, improved foreign institutional investor inflows in the cash market turned the domestic market into a net buyer in October,” they concluded.