Benchmark stock indices Sensex and Nifty were off to a firm start on Monday, as concerns over the US government shutdown eased, and as investors awaited outcome of the US Fed policy review later this week. Wall Street indices settled 1-2 per cent higher on Friday and Asian market were all up earlier today.

The BSE Sensex gained 476.47 points or 0.65 per cent to 74,305.38. IndusInd Bank led the index gainers, rising 5 per cent after the Reserve Bank of India (RBI) said the financial health of the private lender was stable and being monitored closely. Mahindra & Mahindra (M&M), Bajaj Finserv Ltd, Adani Ports, Bajaj Finance Ltd and Sun Pharma were some of the other gainers. Nifty stood at 22,526.80, up 129.60 points or 0.58 per cent.

The near-term market trend is likely to be stable with a positive bias, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He said the FPI outflows are halting and there is optimism over the Q3 GDP growth of 6.2 per cent, January IIP growth of 5 per cent and a decline in February CPI inflation to 3.61 per cent.

He insisted the positive macro backdrop can support the market in the short-term, if not sustain a rally. “The trade war fears are looming large on global trade and global growth. The uncertainty surrounding the reciprocal tariffs kicking in from April 2nd will certainly weigh on markets. India dubbed the ‘tariff King’ and ‘tariff abuser’ is unlikely to be spared by Trump. This will keep the market jittery, particularly the export oriented sectors will be anxious about the tariff announcements,” he said.

Shrikant Chouhan, Head Equity Research at Kotak Securities said Nifty and Sensex are finding support at 22,300 and 73,300 levels, respectively.

“Profit booking has been witnessed between 22,600/74,700 and 22,650/74,900. We believe that the current market texture is non-directional, and traders may be awaiting a breakout in either direction. For the bulls, the key breakout zone is at 226,50/74,900 for Nifty/Sensex. Conversely, if the market falls below 22300/73300, selling pressure is likely to accelerate,” Chouhan said.

KEL International Ltd soared 5.44 per cent to Rs 709 after the company won fresh orders worth Rs 1,267 crore across its various business segments. G R Infraprojects rose 1.83 per cent to Rs 975.90 after the company emerged as selected bidder from National Highways Authority of India for a project worth Rs 4,262.78 crore. Welspun Corp edged higher after the company announced receipt of new orders valued at Rs 2,400 crore for supply of coated pipes for Natural Gas Pipeline Projects in US.

Adani Power gained 0.77 per cent to Rs 515.90. Cantor Fitzgerald has initiated coverage on the stock with an ‘overweight’ rating, saying thermal power is still king and that India will continue to meaningfully rely on thermal power as the economy grows and matures.

In the case of IndusInd Bank, the stock rose 5.19 per cent to hit a high of Rs 707 on BSE. Despite this, the scrip is still down 27 per cent year-to-date against a 6 per cent drop for the BSE Sensex during the same period.

“Basis the disclosures available in public domain, the bank has already engaged an external audit team to comprehensively review their current systems, and to assess and account for the actual impact expeditiously. The Board and the management have been directed by Reserve Bank to have the remedial action completed fully during the current quarter viz., Q4FY25, after making required disclosures to all stakeholders,” RBI said in a statement on IndusInd Bank.

In the case of Nifty Bank, as long as the index remains below 49,000, a downward move toward the 47,800–47,500 zone remains likely. On the weekly timeframe, Nifty Bank faced resistance near 48,600 and is trading below its short-term (20-day) and medium-term (50-day) Exponential Moving Averages (EMA), reinforcing selling pressure at higher levels, Sumeet Bagadia, Executive Director at Choice Broking said.

“For the ongoing expiry, put options have the highest concentration near 48,000 and 47,500, marking these as key support levels. Conversely, call options at 48,500 and 49,000 indicate strong resistance, suggesting a trading range of 47,500–49,000 for the upcoming sessions,” he said.