Markets closed sharply higher on Monday, with the benchmark Sensex gaining 485.35 points or 0.58 per cent to settle at 84,065.75, while the Nifty advanced 173.60 points or 0.68 per cent to end at 25,867.30, driven by optimism around an interim India-US trade framework and standout earnings from State Bank of India.
State Bank of India emerged as the top gainer on the Nifty50, surging 7.63 per cent to ₹1,147.80 after reporting better-than-expected third-quarter earnings and upgrading its full-year loan growth guidance.
Shriram Finance followed with a gain of 6.03 per cent to ₹1,063.00, while Grasim Industries advanced 3.11 per cent to ₹2,925.00. Titan Company rose 3.04 per cent to ₹4,267.00, and Dr Reddy’s Laboratories climbed 2.80 per cent to ₹1,276.00.
Market sentiment received a significant boost from reports that India and the United States have moved closer to a trade agreement that includes tariff reductions to 18 per cent. “This development helped remove a key overhang that had been weighing on markets and triggered fresh buying across sectors,” said Ajit Mishra, SVP Research at Religare Broking.
The broader market significantly outperformed the benchmarks, with the Nifty Midcap 100 index surging 1.58 per cent to 60,441.15 and the Nifty Smallcap 100 index jumping 2.64 per cent to 17,385.90. Market breadth remained heavily positive, with 3,062 stocks advancing against 1,308 declines on the BSE. Notably, 148 stocks hit 52-week highs while 100 touched 52-week lows.
All 12 main NSE sectors ended in the green, with Nifty Media leading gains at 4.4 per cent, while IT stocks closed nearly flat at 0.02 per cent. “More than five stocks gained for every stock that fell, so today’s advance was ‘healthy’ in terms of breadth,” said Akshay Chinchalkar, Head of Markets Strategy at The Wealth Company. The Nifty Bank index gained 548.80 points or 0.91 per cent to close at 60,669.35, while the Nifty Financial Services index advanced 346.95 points or 1.25 per cent to 28,154.05.
On the downside, Max Healthcare Institute led the losers, declining 2.82 per cent to ₹1,010.50. NTPC fell 1.05 per cent to ₹361.20, ITC dropped 0.95 per cent to ₹322.70, ONGC declined 0.84 per cent to ₹266.70, and ICICI Bank slipped 0.78 per cent to ₹1,395.10.
The rupee traded marginally weaker by 6 paise at 90.70 against the dollar, feeling mild pressure as gold and silver prices surged, increasing the overall import bill. “The evolving India-US trade dynamics are adding near-term strain on the currency,” said Jateen Trivedi, VP Research Analyst at LKP Securities, who expects the rupee to trade in a range of 90.25-91.25 in the near term.
“Today’s candle has formed a ‘spinning top’ candle with a slightly longer lower shadow, which, all else equal, is bullish,” said Chinchalkar. “If the market is able to hold this support area and go past 25940, then immediate upside objectives will be 26000 followed by the post-trade deal high of 26341.”
Looking ahead, technical analysts expect the positive momentum to continue. “The immediate resistance for Nifty is placed in the 25,970-26,000 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 26,200, followed by 26,400 in the short term,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, recommending a buy-on-dips approach with support at 25,780-25,750.
Published on February 9, 2026