Why the stock market rose today? Sensex settles 855 pts higher, Nifty above 24,100; 5 key factors behind today's rally
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India's benchmark indices extended their winning streak to five sessions on Monday, supported by a weaker U.S. dollar and strong earnings from heavyweight lenders ICICI Bank and HDFC Bank, both of which hit record highs, boosting investor sentiment across the banking sector. The benchmark BSE Sensex gained 855.30 points or 1.09% to close at 79,408.50, while the broader Nifty 50 index closed at 24,125.55, higher by 273.90 points or 1.15%. Key factors behind today's rally: 1) Banking stocks lead the charge Banking stocks were at the forefront of Monday’s rally, with the Nifty Bank index surging past the 55,000 mark for the first time ever, ending 1.9% higher, powered by robust quarterly earnings from private sector majors. HDFC Bank jumped nearly 2% to a fresh 52-week high of Rs 1,950.70, while ICICI Bank climbed about 1% to a new all-time high of Rs 1,436.00. The strong results reinforced investor confidence, prompting brokerages t...