Indian stock markets closed slightly higher on Monday, with the Nifty up by 0.03% at 23,649.95 and the Sensex rising 0.10% to 75,315.04, recovering from earlier losses. Market experts noted that the immediate resistance for Nifty is at 23,700, with a breakout potentially leading to further gains towards 23,900–24,000. The 23,300 level remains a strong support area.
Heavy buying in IT stocks like Tech Mahindra, Infosys, and Bharti Airtel boosted the market, with the Nifty IT index surging over 2%, outperforming other sectors. Defensive sectors such as Nifty Pharma and Nifty Healthcare also saw increased interest, favored for their resilience in uncertain global conditions. However, the broader market saw pressure, with the Nifty MidCap index down by 0.15% and the Nifty SmallCap index declining by 1.26%.
Despite gains in certain sectors, the Nifty Consumer Durables and Nifty PSU Bank indices experienced significant losses during the session. Traders remained cautious due to geopolitical tensions in West Asia, which could impact global markets and crude oil prices. Analysts advised a cautious approach with disciplined risk management in the face of ongoing volatility.
