Market Wrap: Sensex surges 650 points, ends three-session losing streak; Nifty ends over 200 points higher

Synopsis

The Nifty ended a two-session slide to close at 25,682.75, rising 211.65 points or 0.83%, while the 30-share BSE Sensex rebounded after three consecutive declines to finish at 83,277.15, up 650.39 points or 0.79%.

Indian markets snapped their losing streak on Monday, supported by gains in financials and energy stocks, with additional strength from the pharma and healthcare sectors. The Nifty ended a two-session slide to close at 25,682.75, rising 211.65 points or 0.83%, while the 30-share BSE Sensex rebounded after three consecutive declines to finish at 83,277.15, up 650.39 points or 0.79%.

Top Gainers & Losers

The Nifty breadth remained positive with 35 stocks ending in the green while the remaining 15 were in the red. The top five gainers were Power Grid Corporation, Coal India, HDFC Bank, Adani Enterprises and Max Healthcare Institute, while the five biggest losers were Tech Mahindra, Bajaj Finance, Maruti Suzuki, Tata Motors Passenger Vehicles and Eicher Motors.

Barring media, chemicals and auto sectors, most other indices witnessed buying action with Nifty PSU Bank (1.5%) emerging as the top performer. Energy (Nifty Oil & Gas, 0.9%) was another big contributor in terms of its weight in Nifty. FMCG, pharma and realty gained up to 1.6%.

Expert View

Commenting on the day's action, Nilesh Jain, Vice President - Head of Technical and Derivative Research at Centrum Finverse, said that Nifty has formed a bullish engulfing candlestick pattern, indicating a potential reversal. The index rebounded sharply after testing the 25,400 zone and successfully held above its 21-DMA at 25,480 on a closing basis, he said.

"However, it closed marginally below the 100-DMA at 25,690, which now acts as an immediate resistance. The broader structure remains positive, and a follow-up move towards 25,800 cannot be ruled out, while the immediate support has shifted higher to 25,500 levels," Jain added.

More to come...

...moreless

...moreless