Mumbai– Indian equity markets ended higher on Tuesday, despite giving up most of their early gains amid rising geopolitical concerns following reports of a potential breach in the Iran-Israel ceasefire.
The Sensex, which surged more than 1 percent in early trade, touched an intra-day high of 83,018.16 before retreating to close at 82,055.11 — up 158.32 points, or 0.19 percent.
The Nifty displayed similar volatility, fluctuating between 25,317.70 and 24,999.70 before settling at 25,044.35, a gain of 72.45 points or 0.29 percent.
Market sentiment was initially buoyed by optimism surrounding the ceasefire and a sharp decline in crude oil prices. However, investor enthusiasm faded as news broke suggesting renewed tensions in the Middle East.
“The Nifty’s inability to break past the 25,200-resistance level shows that bearish forces remain active,” said Ajit Mishra, Senior Vice President at Religare Broking. “Investors should maintain a cautiously optimistic stance, focusing on selective stock picking in line with sector-specific trends.”
Top gainers on the Nifty index included Adani Ports, Shriram Finance, Grasim Industries, and Tata Steel, all of which rose by around 2.89 percent. Meanwhile, ONGC, IndusInd Bank, Power Grid Corporation, Trent, and HCL Technologies were among the biggest laggards, each falling as much as 2.90 percent.
Broader market indices also advanced. The Nifty Midcap 100 closed up 0.71 percent, while the Nifty Smallcap 100 gained 0.72 percent.
Vinod Nair, Head of Research at Geojit Financial Services, noted that while early gains were supported by the ceasefire and falling oil prices, concerns over renewed conflict dampened market confidence.
“Looking ahead, the sustainability of the market uptrend will largely depend on Q1 earnings results and domestic economic indicators,” Nair said. “There’s continued optimism backed by strong macroeconomic fundamentals.”
Volatility eased slightly, with the India VIX — a measure of market uncertainty — falling 2.88 percent to close at 13.64. (Source: IANS)
