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Stock market rally today:  After a cautious start to the week, markets managed to gather pace by Monday afternoon. The Sensex was up over 430 points, trading just above the 81,000 mark, while the Nifty held firm around 24,722, up more than 150 points as of 2:30 PM.

Much of the action came from heavyweights like Reliance Industries, Tata Steel, Infosys, and HCL Tech ; all helping keep the indices afloat. Metal stocks were especially active, with names like Tata Steel and JSW Steel topping the list of gainers.

To put it simply: markets were oversold, and this bounce was due. Traders say the Nifty found support — again — near 24,450, a level it’s been respecting for weeks now.

There’s also a bit of a global tailwind helping. Crude prices are lower, the dollar’s a touch softer, and US bond yields have eased a little. All of this tends to make investors a bit more comfortable taking on risk , at least for now.

Another key piece? Foreign investors had pulled back sharply in index futures, and now they’re beginning to unwind those bearish bets. Meanwhile, domestic institutions have been buying steadily, which is offering a cushion.

Hold longs with a closing stoploss at 24,450

Book partial profits or trim positions near the 25,000 mark

Here’s a quick look at the Nifty top gainers as of 2:30 PM:

Tata Steel

JSW Steel

Reliance Industries

Infosys

HCL Tech

Not surprisingly, the metal and IT sectors are driving most of today’s upside.

It’s not just the frontline indices doing well. The midcap and smallcap space is showing solid strength, with a clear tilt toward buying across sectors. Market breadth has stayed positive throughout the day, with more stocks advancing than declining.

Zee Business research says if the Nifty closes above 24,800, we could see a move toward 25,000 in the short term. For Bank Nifty, 56,100 remains the level to cross for the bulls to really take charge.

But for now, the market seems to be in no mood to give up gains.

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