Mumbai— Indian equity markets closed with strong gains on Monday, showing resilience amid rising geopolitical tensions between Israel and Iran. Investors remained focused on long-term fundamentals, shrugging off global uncertainty.
The benchmark Sensex surged 677.55 points, or 0.84%, to close at 81,796.15, after hitting an intraday high of 81,865.82. Meanwhile, the Nifty jumped 227.90 points, or 0.92%, to settle at 24,946.50.
“The index witnessed a sharp rally as it reclaimed the 21-day exponential moving average after briefly dipping below it,” said Rupak De, Senior Technical Analyst at LKP Securities. He noted that while a steep directional move isn’t expected immediately as markets await further guidance from the U.S. Federal Reserve, a rally toward 25,350 is likely if Nifty breaches the 25,000 mark. On the downside, support is expected at 24,850.
Broader markets also performed well. The Nifty Midcap100 rose 0.93%, and the Nifty Smallcap100 gained 0.95%, signaling strong investor interest beyond large-cap stocks.
All sectoral indices ended in positive territory. Nifty IT led the rally with a 1.57% gain, followed by Realty (1.32%), Oil & Gas (1.11%), and Metal (1.07%). Banking, FMCG, energy, pharma, and media sectors also closed higher, reflecting broad-based buying.
Among the top performers on the Sensex were Ultratech Cement, Tech Mahindra, HCL Technologies, TCS, Kotak Mahindra Bank, and Infosys—some registering gains of up to 2.4%.
On the other hand, Tata Motors was the biggest laggard, falling 3.76%, while Sun Pharma also ended in the red.
The India VIX, which measures market volatility and is often referred to as the “fear index,” declined by 1.6% to 14.83, indicating reduced near-term market anxiety.
Vinod Nair, Head of Research at Geojit Financial Services, said that despite the geopolitical unrest in the Middle East, gains in large-cap stocks helped propel the market higher.
“Investors will closely monitor any signs of de-escalation in the region. In the short term, small-cap stocks may underperform due to stretched valuations and the lack of immediate growth triggers,” Nair added. (Source: IANS)
