Indian benchmark indices, the Sensex and Nifty, opened on a strong note on Monday, with both indices showing robust gains. The BSE Sensex surged 804.36 points, or 0.98 per cent, to start the session at 82,701.15, while the Nifty opened at 25,239.50, up 267.60 points or 1.07 per cent, lifted by positive global sentiment and optimism over easing tensions in the Middle East.
Anand James, Chief Market Strategist, Geojit Investments, noted, "Despite the volatility and the pull back towards close, the inside bar formation yesterday leaves us with hope that the ongoing upside trajectory may persist. Momentum continues to be absent, but the 25,200-460 objective looks possible nevertheless. The 24,825 region from where we had anticipated a swing higher yesterday, will continue to be a key support, but we prefer to push the downside marker to 24,940."
In the previous trading session on Monday, benchmark indices trimmed early losses but still closed lower by over half a per cent, as rising geopolitical tensions in the Middle East pressured equities—particularly those linked to crude oil—amid concerns over supply disruptions through the Strait of Hormuz, with oil prices holding above $78 per barrel. The Nifty 50 ended below the psychological 25,000 mark.
Markets opened with a gap-down and extended their slide during the early session. However, a late rebound in metal stocks and strength in the small- and mid-cap segments helped pare some losses. By the close, the Sensex had declined 511.38 points or 0.62 per cent to finish at 81,896.79, while the Nifty fell 140.50 points or 0.56 per cent to settle at 24,971.90. Broader markets outperformed, with the BSE Midcap index up 0.2 per cent and the Smallcap index advancing 0.6 per cent.
On the Nifty, major gainers included Trent, Bharat Electronics, Hindalco Industries, Adani Enterprises, and Bajaj Finance. Meanwhile, Infosys, Larsen & Toubro, Hero MotoCorp, Mahindra & Mahindra, and HCL Technologies led the losers’ list.
Sectorally, IT, FMCG, Auto, Banking, and Telecom indices slipped between 0.3 per cent and 1.5 per cent, while Consumer Durables, Media, Metal, and Capital Goods sectors posted gains ranging from 0.3 per cent to 4 per cent.
(More to come)
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