Equity markets maintained their positive momentum in Monday’s afternoon trade, though off their morning highs, as investors found relief from last week’s steep decline. The benchmark BSE Sensex traded at 78,437.90, up 396.31 points or 0.51 per cent from its previous close, while the broader NSE Nifty rose 136.60 points or 0.58 per cent to 23,724.10 as of 12.41 pm.
The recovery comes after the Nifty witnessed its steepest weekly fall since June 2022 last week, dropping 4.77 per cent amid substantial foreign institutional investor (FII) outflows of ₹15,826 crore. Market breadth remained negative with 2,212 stocks declining versus 1,743 advances on the BSE, while 166 remained unchanged.
Retail giant Trent emerged as the top gainer on the NSE, rising 2.52 per cent, followed by JSW Steel and ITC, which added 2.40 per cent and 2.28 per cent respectively. IndusInd Bank and Hindalco rounded out the top five gainers, advancing 1.87 per cent and 1.73 per cent. On the flip side, IT major TCS led the losses, falling 1.16 per cent, while Power Grid shed 0.79 per cent. Auto stocks showed mixed performance with Hero MotoCorp, Maruti Suzuki, and Bajaj Auto declining 0.51 per cent, 0.42 per cent, and 0.17 per cent respectively.
Broader market indicators showed steady performance, with the Nifty Next 50 rising 0.59 per cent to 69,110.10 and the Nifty Midcap Select gaining 0.74 per cent to reach 12,777.35. The banking sector displayed strength as the Nifty Bank index advanced 0.87 per cent to 51,198.95, while the Nifty Financial Services index added 0.69 per cent to trade at 23,753.75.
Technical indicators showed mixed signals, with 200 stocks hitting 52-week highs against 76 touching 52-week lows. Circuit filters were triggered for 619 stocks, with 293 hitting the upper circuit and 326 touching the lower circuit limits.
US inflation cooling to 2.4 per cent provided positive cues for global markets, though analysts maintained a cautious stance given recent market volatility. The Nifty faces immediate resistance at 24,150 with support at 23,400, according to technical analysts.
