Synopsis

Indian equity markets rebounded sharply, ending a five-session losing streak as easing West Asia tensions, lower crude oil prices and upbeat earnings lifted sentiment. Sensex surged 776 points, Nifty neared 24,000, while experts see 24,150 as the next key resistance.

The Indian stock market snapped a five session losing streak, with Sensex and Nifty ending in the deep green on Monday as easing tensions between Iran and US, falling oil prices and other factors boosted market sentiment.

On Monday, Sensex ended 776 points higher at 76,836, while Nifty 50 gained over 228 points to 23,996. The sharp gains added nearly Rs 5.10 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up to Rs 481 lakh crore.

Here are today’s top gainers on Nifty

Agencies

Here are today’s top gainers on Sensex

Agencies

Here are today’s top losers on Nifty

Agencies

Here are today’s top losers on Sensex

Agencies

What lies ahead?

Vinod Nair of Geojit Investments said the pause in strikes in West Asia has eased worries over higher import costs and inflation, supporting a relief rally in the markets. The steep fall in crude oil prices and declining long-term bond yields have also raised hopes of a lasting resolution, with signs of long unwinding emerging.
Key central bank meetings this week, including those of the Fed, BoE and BoJ, could offer greater room to maintain the status quo on interest rates. Domestically, the narrowing rainfall deficit is providing further comfort on the inflation front, while better-than-expected Q1 earnings and a positive business outlook are adding to the optimism.

Technical View on Nifty

Ajit Mishra of Religare Broking said the Nifty has staged a healthy rebound after holding above the crucial trendline support near the 23,600 zone. However, the index is still facing resistance in the 24,000-24,150 range, which aligns with its 20-day and 100-day DEMA, making it a key hurdle for the bulls.

A decisive close above this zone could open the door for a further recovery towards 24,400. On the downside, the 23,600-23,800 region is likely to offer immediate support if profit-taking emerges. Amid the prevailing volatility, Mishra recommended a stock-specific approach, with a preference for relatively stronger stocks across sectors while maintaining disciplined risk and position management.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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