Indian equity benchmarks saw a positive close on Monday, although they retreated from early highs due to weakness in IT and banking stocks amidst election result-related volatility. The Sensex ended 0.46% higher at 77,269.40 points, while the Nifty closed up by 0.51% at 24,119.30 points. Analysts noted a strong near-term support at 24,000 and 23,800 levels with resistance at 24,200–24,300.
Adani Ports led the gainers on the Sensex, with Hindustan Unilever, Eternal, and Maruti Suzuki India also performing well. Conversely, Bharti Airtel, Kotak Mahindra Bank, TCS, IndiGO, ITC, and Infosys were among the top losers. The broader markets outperformed the main indices, with Nifty MidCap and Nifty SmallCap indices rising by 0.63% and 0.70%, respectively.
In sectoral performance, realty and metal stocks showed gains, while IT and PSU banking stocks lagged, limiting the benchmark indices’ upside. Global cues were mixed, with oil prices experiencing a significant drop during the session. Brent crude fell by 2.45% following US President Donald Trump’s announcement of ‘Operation Freedom’ for safe passage in the Strait of Hormuz, with the May contract trading at $107.75 per barrel on the Intercontinental Exchange.
Market analysts anticipate continued volatility in the short term as investors react to evolving political and macroeconomic developments globally. The market is expected to remain range-bound with a buy-on-dips, sell-on-rise strategy prevailing in the near future. Investor sentiment was buoyed by positive election results in West Bengal and better-than-expected Q4 earnings, overshadowing concerns related to the Middle East.
