Mumbai, February 23: The Indian stock market opened with significant gains in Monday’s trading session. At 9:33 AM, the Sensex was up by 566 points or 0.68 percent, reaching 83,401, while the Nifty rose by 183 points to stand at 25,754.
The financial sector stocks were driving the market’s bullish trend in early trading. The Nifty PSU Bank and Nifty Financial Services indices emerged as top gainers. Additionally, sectors such as Nifty Auto, Nifty Metal, Nifty Services, Nifty Consumption, Nifty Realty, and Nifty FMCG also recorded gains. However, the Nifty IT and Nifty Media indices were in the red.
Among the gainers in the Sensex pack were Adani Ports, Axis Bank, Kotak Mahindra Bank, HDFC Bank, M&M, HUL, ICICI Bank, Power Grid, Titan, Bharti Airtel, Bajaj Finance, Maruti Suzuki, Tata Steel, UltraTech Cement, ITC, Asian Paints, and Sun Pharma. On the losing side were Infosys, Tech Mahindra, HCL Tech, TCS, NTPC, and Indigo.
Small-cap stocks also witnessed a robust rally, with the Nifty Smallcap 100 index rising by 138 points or 0.81 percent to 17,140. Meanwhile, the Nifty Midcap 100 index remained flat.
The market’s upswing is attributed to the recent decision by the U.S. Supreme Court to remove tariffs. Last Friday, the Supreme Court ruled 6-3 that former President Trump imposed extensive tariffs under the International Emergency Economic Powers Act of 1977 without Congressional approval, which was deemed unconstitutional. Only Congress has the authority to impose tariffs, not the President, leading to the cancellation of these tariffs.
Asian markets also showed strength, with Hong Kong, Jakarta, Bangkok, and Seoul in the green. The U.S. stock market also closed positively on Friday.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
