Sensex rises 291 points, Nifty tops 24,100: 5 key drivers behind the market rally

The equity benchmark indices BSE Sensex and NSE Nifty ended higher on Monday (June 22), with all major indices closing in the green after a range-bound trading session.

The Sensex rose 291 points to 77,094, while the Nifty gained 90 points to close at 24,102. Nifty Bank advanced 250 points to 57,936, and the Midcap Index added 212 points to end at 62,729.

1. Heavyweight stocks supported benchmarks

HDFC Bank, ICICI Bank, Reliance Industries and Infosys were among the biggest contributors to the Nifty's gains, helping the benchmark index remain above the 24,100 mark by the close.

2. IT and pharma sectors led the rally

Nifty IT and Nifty Pharma emerged as the top-performing sectoral indices during the session. Cipla led gains on the Nifty, rising 5% after a positive brokerage note.

3. Stock-specific triggers boosted sentiment

Kirloskar Oil hit the 20% upper circuit after an AI data centre-related win and a target price increase from JM Financial. RVNL gained over 1% after securing a ₹2,977 crore order from NMDC. Power Mech rose 3% after winning a ₹1,009 crore order from JSW Thermal Energy, while Voltas added 1% after crossing one million air-conditioner sales in FY27.

4. Fertiliser and defence stocks attracted buying

Fertiliser stocks gained on hopes of improved supply, with FACT rising 3%. Defence shares Bharat Dynamics and BEL also moved higher following a report of UAE interest in BrahMos and Akashteer systems.

5. Crude oil decline aided OMCs; breadth remained strong

IOC, HPCL and BPCL rose nearly 1% after Brent crude slipped below $80 per barrel. Market breadth remained firmly positive, with the NSE advance-decline ratio at 2:1. Among sectoral indices, FMCG was the only major laggard.

From the Sensex basket, Cipla Ltd, Dr Reddy's Laboratories Ltd, Reliance Industries Ltd, Bajaj Auto Ltd, Tech Mahindra Ltd and Infosys Ltd were the major gainers. Asian Paints Ltd, Titan Company Ltd, Power Grid Corporation of India Ltd, Shriram Finance Ltd, ITC Ltd and Coal India Ltd were the biggest laggards.