Sensex, Nifty Close Higher After Volatile Session Tied to Election Results
MUMBAI — Indian equity benchmarks ended higher Monday but gave up part of their early gains as weakness in IT and banking stocks weighed on sentiment during a volatile session shaped by ongoing election results.
The Sensex rose 356 points, or 0.46 percent, to close at 77,269.40. The Nifty gained 121.75 points, or 0.51 percent, to finish at 24,119.30.
Market analysts said the Nifty’s near-term technical setup remains clearly defined from a derivatives perspective.
“Strong put writing at the 24,000 and 23,800 levels indicates firm near-term support, while heavy call writing at 24,200–24,300 continues to cap the upside,” an analyst stated.
Adani Ports led the gainers on the Sensex, followed by Hindustan Unilever, Eternal and Maruti Suzuki India. Bharti Airtel, Kotak Mahindra Bank, TCS, IndiGo, ITC and Infosys were among the top losers.
Broader markets outperformed the benchmark indices. The Nifty MidCap index rose 0.63 percent, while the Nifty SmallCap index advanced 0.70 percent.
Among sectors, realty and metal stocks led the gains. IT and PSU banking stocks lagged, limiting the advance in the main indices.
Global cues were mixed as oil prices fell sharply during the session. Brent crude dropped as much as 2.45 percent after U.S. President Donald Trump announced “Operation Freedom,” aimed at ensuring safe passage for stranded ships in the Strait of Hormuz.
The May Brent crude contract was last trading 0.39 percent lower at $107.75 a barrel on the Intercontinental Exchange.
Analysts said markets could remain volatile in the near term as investors respond to political developments and global macroeconomic signals.
“Going forward, the market is likely to remain range-bound with a buy on dips, sell on rise approach dominating in the near term,” a market expert said.
“Investor sentiment remained supported by a favourable election outcome in West Bengal and a better-than-expected Q4 earnings, helping markets look past Middle East-related concerns,” the analyst added. (Source: IANS)
