Indian equity markets ended Monday’s session on a firm footing, with benchmark indices sustaining upward momentum amid a visible shift in sectoral leadership. The Nifty 50 managed to hold above the psychologically important 24,100 level, while the BSE Sensex added nearly 360 points, reflecting a continuation of positive sentiment seen in recent sessions.

The broader undertone of the market remained constructive, supported by buying interest in domestic-facing and rate-sensitive sectors. This comes at a time when investors appear to be recalibrating sector exposure, moving away from globally sensitive segments toward areas linked more closely to India’s internal growth cycle. Market participants tracked sectoral cues and macro expectations closely, with domestic demand themes gaining prominence.

A key feature of the session was the resilience in broader markets. Midcap and smallcap indices advanced around 0.5%, signalling that participation extended beyond large-cap names. This breadth is often seen as an indicator of improving risk appetite among investors, particularly retail and high-net-worth segments. The sustained participation in these segments suggests that the current upmove is not narrowly concentrated, even though sectoral divergence persists.

Among index constituents, gains were led by stocks such as Adani Ports and Special Economic Zone, Adani Enterprises, Eicher Motors, Hindustan Unilever, and Shriram Finance. The presence of both cyclical and consumption-oriented names among the gainers highlights a dual trend revival in domestic demand plays alongside continued interest in select large-cap defensives.

On the flip side, laggards included Bharti Airtel, Kotak Mahindra Bank, Dr Reddys Laboratories, Oil and Natural Gas Corporation, and Tata Consultancy Services. The decline in IT heavyweights, particularly, capped sharper gains in the headline indices, reflecting ongoing concerns around global tech spending and macro headwinds in key export markets.

Sectorally, the market displayed a clear preference for cyclicals. Metal, realty, infrastructure, and pharma indices posted gains in the range of 0.5% to 1%. The strength in metals suggests optimism around global commodity demand or pricing stability, while realty’s upmove may be linked to expectations around interest rate stability and continued housing demand. Infrastructure stocks also saw buying interest, potentially reflecting ongoing government spending visibility.

In contrast, IT, media, and PSU banking indices ended in negative territory. The weakness in IT remains a consistent theme, driven by uncertainty around global economic growth, delayed client spending decisions, and cautious guidance from large technology firms. PSU banks, after a strong run in recent months, appear to be witnessing profit booking or consolidation.

From a market structure perspective, the ability of the Nifty to sustain above 24,100 is significant. It indicates that dips are being bought into, and that there is underlying support at lower levels. However, the absence of uniform sectoral participation raises questions about the durability of the rally in the near term.

For Indian markets, the current trend underscores a shift toward domestically driven growth narratives. Sectors tied to consumption, infrastructure, and financial inclusion continue to attract flows, while export-oriented sectors like IT face pressure due to external uncertainties. This divergence could define market behaviour in the coming weeks.