Nifty and Sensex rebounded strongly on Monday, with the Sensex rising 939 points and the Nifty 50 climbing over 1 per cent. Gains in auto and financial stocks helped benchmark indices recover despite weakness in midcap and smallcap stocks amid continued global uncertainty
Nifty and Sensex ends in green on Monday amid West Asia War. Representational pic
After experiencing a major decline in the last few days amid the West Asia War, the Indian stock market ended higher on Monday. Benchmark indices recovered strongly in the last leg of trading, snapping a three-day losing streak.
Nifty 50 surges by 1.11 per cent
The benchmark Sensex rose 939 points, or 1.26 per cent, to close at 75,502.85. Whereas Nifty climbed 257.70 points, or 1.11 per cent, to settle at 23,408.80. Gains in auto and banking stocks helped lift the market despite weakness in broader indices.
Sectoral indices
However, the broader markets, apart from the Nifty 50 and Sensex, did not perform as strongly as the main indices. The Nifty Midcap 100 ended 0.43 per cent lower, while the Nifty Smallcap 100 closed 0.65 per cent down.
Among sectoral indices on the National Stock Exchange, the auto sector saw the biggest gains, with the Nifty Auto emerging as the top performer.
Finance and real estate stocks surge
Financial stocks also supported the market, as the Nifty Financial Services and Nifty Private Bank ended higher. On the other hand, the real estate sector lagged behind the broader market, with the Nifty Realty emerging as the weakest performer among sectoral indices, as per IANS.
Expert Opinion
Head of Research at Motilal Oswal Financial Services, Siddhartha Khemka, said, “Markets recovered on Monday; however, volatility is likely to continue as investors remain cautious amid ongoing geopolitical developments in West Asia and fluctuations in energy prices.”
“The conflict continues to weigh on sentiment and keep overall risk appetite subdued. The Nifty 50 opened below 23,120 amid weak global cues and heavy foreign selling, with FIIs offloading equities worth Rs 10,717 crore on Friday, dampening market sentiment,” Khemka further added.
Top losers and gainers
Sun Pharma, Bharti Airtel, HCL Tech and TCS were among the top losers on the Sensex packs. On the other side, HDFC Bank, Mahindra and Mahindra, Eternal and Tata Steel were among the top gainers.
Market sentiment improved towards the end of the trading session as investors bought shares in the auto and financial sectors. The rally helped the benchmark indices recover from the losses seen over the past three sessions.
(With inputs from IANS)
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