The Bombay Stock Exchange witnessed a significant surge in its trading activities, with bank stocks taking the lead in driving the market rally. This surge occurred following the cancellation of a proposed nationwide bank strike, which had been organized by the United Forum of Bank Unions (UFBU) after negotiations with the Indian Banks’ Association (IBA) failed to meet certain demands.

At 12:45 pm on Monday, March 24, 2025, the benchmark BSE Sensex recorded a notable increase of 972.91 points, reaching 77,878.42, marking a 1.27% rise. Simultaneously, the broader NSE Nifty also experienced an upswing, gaining 286 points to reach 23,636.40, reflecting a 1.22% increase.

The rally was particularly notable in the stock prices of specific companies. NTPC emerged as the top gainer among the 30 Sensex stocks, with a rise of 4.36%, trading at ₹366.45. This was closely followed by Kotak Mahindra Bank, which saw a 4.24% increase, trading at ₹2,172.75, and SBI, which rose by 2.72%, trading at ₹773.50. Notably, only six out of the 30 Sensex stocks experienced a decline during this period.

In terms of sectoral performance, the Nifty PSU Bank Index exhibited the most significant growth, rising by 2.84% to reach 6,305. This was followed by the Nifty Private Bank, which increased by 2.46% to reach 25,852.65, and the Nifty Realty, which saw a 2.01% rise to reach 880.10.

The proposed bank strike organized by the UFBU, representing various bank unions, aimed to address several demands, including recruitment across all job cadres, regularization of temporary employees, implementation of a five-day work week, withdrawal of performance reviews, ensuring the safety of bank staff, and amending the Gratuity Act. However, the strike was eventually called off.

The stock market’s opening on Monday, March 24, also saw a positive trend, with real estate, oil and gas, and media stocks showing notable increases. The BSE Sensex opened with a rise of 481.79 points, reaching 77,387.30, while the NSE Nifty opened 124.70 points higher at 23,475.10. NTPC led the gains among the Sensex stocks, rising by 2.15% to trade at ₹358.70, followed by Tata Motors and Power Grid Corporation of India.

In the context of global oil prices, the Oil & Gas Index witnessed fluctuations, reflecting a downward trend as Brent Crude and WTI Crude prices dipped marginally in the futures market. This occurred against the backdrop of a broader market rally driven by positive sentiments following the cancellation of the bank strike.