The BSE Sensex added 677.55 points, or 0.84%, to close at 81,796.15, while the NSE Nifty advanced 227.90 points, or 0.92%, to settle at 24,946.50.
Here’s how analysts read the market pulse:
Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations, said Vinod Nair, Head of Research, Geojit Investments, adding that geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored.“Small-cap stocks are expected to underperform in the short term, given their elevated valuations and absence of short-term triggers. Among sectors, oil and gas recorded strong gains, while the IT sector outperformed in anticipation of the upcoming US Fed policy meeting, which is expected to provide further clarity on the interest rate outlook,” said Nair.
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US markets
U.S. stock indexes rose on Monday as oil prices fell after the Israel-Iran attacks left crude production and exports unaffected, allaying investor concerns ahead of a central bank policy meeting.Crude prices retreated more than 3% on reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region. Oil prices surged more than 7% on Friday after Israel began bombing Iran.
Tehran has asked Qatar, Saudi Arabia and Oman to press U.S. President Donald Trump to use his influence with Israel to agree to an immediate ceasefire, in return for Iran’s flexibility in nuclear negotiations, sources told Reuters.
This follows a Wall Street Journal report earlier in the day that Iran was urgently signaling that it sought an end to hostilities.
European Markets
European shares climbed on Monday, recouping some of last week’s losses as Kering soared after the luxury group announced a CEO change and investors shifted their focus from the conflict in the Middle East that drove a sell-off last week.
The pan-European STOXX 600 ended 0.4% higher, snapping a five-day losing streak. Heavyweight banks were the biggest boost, advancing 1.9%
Tech View
The Nifty witnessed a sharp rally as it reclaimed the 21-EMA after a brief dip below it and on Friday, the index had already found support at the recent consolidation low, and it appeared fairly oversold on the hourly chart, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the weak FII long-short ratio of around 20% in index futures set the stage for the smart recovery that Nifty has just experienced.
“Currently, with investors awaiting the Fed’s follow-up commentary post the rate announcement, a steep directional move is not expected for now. However, a rally towards 25,350 looks highly probable once Nifty reclaims the 25,000 mark. On the downside, support is placed at 24,850,” said De.
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Most active stocks in terms of turnover
Tata Motors (Rs 2,139 crore), HDFC Bank (Rs 1,596 crore), BSE (Rs 1,561 crore), BEL (Rs 1,283 crore), Cochin Shipyard (Rs 1,226 crore), Reliance Industries Ltd (Rs 1,215 crore) and Bharti Airtel (Rs 1,065 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 52.55 crore), Reliance Power (Traded shares: 15.15 crore), YES Bank (Traded shares: 12.71 crore), Suzlon Energy (Traded shares: 8.27 crore), JP Power (Traded shares: 6.70 crore), ONGC (Traded shares: 4.14 crore) and SCI (Traded shares: 3.71 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of IGL, Newgen Software, Gland Pharma, Supreme Industries, Anand Rathi Wealth, PI Industries and KPIT Technologies were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 101 stocks hit their 52 week highs today while 71 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Max Financial, BEL, Laurus Labs, Muthoot Finance, Max Healthcare Institute, Narayana Hrudayalaya and Ramco Cements.
Sentiment meter neutral
The market sentiments were neutral. Out of the 4,253 stocks that traded on the BSE on Monday, 2,151 stocks witnessed declines, 1,944 saw advances, while 158 stocks remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
