Sensex closes 109 points higher, Nifty above 24,050; IndiGo, M&M among top gainers

Indian equity markets delivered muted performance on the Sensex monthly expiry session, with the Sensex gaining 109 points and Nifty 50 advancing 34 points. While headline indices posted modest gains, the session revealed divergent momentum across sectors—a characteristic pattern of selective strength rather than broad-based conviction.

Leadership emerged from discretionary-heavy names: IndiGo and Maruti Suzuki drove gains in aviation and auto segments, signaling renewed appetite for consumer cyclical exposure. Conversely, Power Grid's decline suggests profit-taking in defensive utilities and infrastructure plays, a tactical shift away from lower-volatility trades.

The broader market's slip into negative territory signals caution beneath headline indices. Mid-cap and small-cap underperformance indicates institutional rotation toward mega-cap liquidity rather than conviction in earnings growth. This pattern is typical of monthly expiry sessions where index-heavy positions dominate price action over fundamental reassessment.

Sector implication: Consumer cyclical sectors show tactical oversold conditions attracting bargain hunters, while utilities face headwind pressure. The divergence between index performance and breadth suggests limited institutional appetite for aggressive positioning—a neutral backdrop with rotational bias favoring discretionary over defensive.