Indian equity benchmarks showed a strong recovery on Monday, bouncing back from earlier lows with a surge in defense stocks. The Nifty closed 0.86% lower at 23,842.65, while the Sensex ended down 0.91% at 76,847.57, influenced by ongoing geopolitical tensions in West Asia.
Experts analyzing the Nifty’s technical outlook highlighted 23,900 as a key resistance level, with 23,500–23,600 acting as crucial support. Market analysts warned of potential downside risks if the index breaches these support levels, citing possible further declines towards 23,300 and 23,000.
Despite initial losses, both indices managed to recover in the latter half of the trading session, with market sentiment remaining cautious due to geopolitical uncertainties in West Asia. Specific stocks like HDFC Life Insurance Company, ICICI Bank, and Adani Enterprises saw gains, supporting the benchmark index, while others like Maruti Suzuki India, IndiGo, Bajaj Finance, and TCS experienced notable declines.
The broader markets mirrored the recovery seen in frontline indices but still closed in negative territory. Sector-wise, auto and oil and gas stocks faced selling pressure, leading to sharp declines in the Nifty Auto and Nifty Oil and Gas indices. Conversely, the Nifty Metal index displayed resilience, while the Nifty India Defence index outperformed, drawing investor interest amid geopolitical uncertainties.
Despite the late-session recovery, market experts noted that caution prevailed among investors in the face of global volatility, resulting in a lower market close.
