Sensex, Nifty End 8-Day Losing Streak with Positive Gains
The Indian equity markets reversed early losses to end on a positive note on Monday, breaking their eight-day losing streak. Both the benchmark indices, Sensex and Nifty, closed higher during the intra-day trading session.
Mumbai: The Indian equity markets reversed early losses to end on a positive note on Monday, breaking their eight-day losing streak. Both the benchmark indices, Sensex and Nifty, closed higher during the intra-day trading session.
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Sensex Rebounds, Closes at 75,996.86
The BSE Sensex finished at 75,996.86, gaining 57.65 points or 0.08 percent from its previous close. The index saw a recovery of 702.10 points from its intra-day low of 75,294.76, touching an intra-day high of 76,041.96.
Nifty Gains 0.13% to End at 22,959.50
Similarly, the Nifty 50 index ended the day with a gain of 30.25 points, or 0.13 percent, closing at 22,959.50. During the session, the index traded between 22,974.20 and 22,725.45.
Key Gainers and Losers
Among the 50 stocks that constitute the Nifty index, 34 stocks ended the day in the green. Adani Enterprises was one of the top performers, rising nearly 4 percent. Other major gainers included Adani Ports, Bajaj Finance, Power Grid, and IndusInd Bank.
On the flip side, shares of Mahindra & Mahindra, Bharti Airtel, Infosys, TCS, and ICICI Bank faced losses, with some falling by up to 3.45 percent.
Recovery in Broader Markets
The broader market also saw a recovery in the latter half of the trading session. The Nifty Midcap100 index closed with a 0.39 percent gain, while the Nifty Smallcap100 index posted a modest increase of 0.04 percent.
Sector Performance: Pharma Leads the Charge
On the sectoral front, Pharma, Banks, Financial Services, Healthcare, OMCs, Consumer Durables, and Metals sectors showed positive movement. The Nifty Pharma index was the top performer, rising by 1.27 percent, with Glenmark Pharma and Ajanta Pharma leading the gains.
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However, the Nifty Auto, FMCG, IT, and Media indices ended lower, with declines of up to 0.71 percent.
Expert Insights: Market Caution Amid Global Uncertainty
Experts suggest that recent shifts in global policies, particularly those emerging from the United States, are contributing to uncertainty among foreign institutional investors (FIIs). This shift is influencing their investment strategies in dynamic markets like India.
Vipul Bhowar of Waterfield Advisors added that high valuations in the Indian stock market are also leading to caution among investors.
Last week, both the Sensex and Nifty ended their two-week winning streak with significant losses, but Monday’s recovery offers a glimmer of hope for market sentiment.
