Market Wrap: Eternal in Nifty and Sensex on Monday, HDFC Bank, Infosys among top gainers and losers

Indian stocks snapped a five-session losing streak on Monday as easing tensions between Iran and the US, lower oil prices and other factors boosted market sentiment.

On Monday, the Sensex rose 776 points to close at 76,836, while the Nifty 50 rose over 228 points to 23,996. The sharp gains took the total market capitalization of all BSE-listed companies to around Rs. 5.10 lakh crore added, taking it to Rs. 481 lakh crores.

Here are today’s top gainers on Nifty

Here are today’s top gainers on Sensex

Here are today’s top losers on Nifty

Here are today’s top losers on Sensex

What’s next?

Geojit Investments’ Vinod Nair said the break in the strike in West Asia eased concerns about higher import costs and inflation, supporting a relief rally in markets. A sharp fall in crude oil prices and a fall in long-term bond yields have also raised hopes for a permanent solution, with signs of long-term unwinding.
This week’s key central bank meetings, including the Fed, BoE and BoJ, could provide more room to maintain the status quo on interest rates. Domestically, a narrowing deficit in the rains is providing more comfort on the inflation front, while better-than-expected Q1 earnings and a positive business outlook are fueling optimism.

Technical View on Nifty

Ajit Mishra of Religare Broking said the Nifty has made a healthy rebound after sustaining 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 is aligned with its 20-day and 100-day DEMA, making it a major hurdle for the bulls.

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

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