MUMBAI — India’s benchmark stock indices rebounded sharply on Monday, ending a three-day losing streak as strong gains in banking and auto stocks lifted the market in late trading.
The BSE Sensex jumped 939 points, or 1.26 percent, to close at 75,502.85, while the NSE Nifty rose 257.70 points, or 1.11 percent, to finish at 23,408.80.
Market sentiment improved toward the end of the session as investors increased buying in financial and automobile stocks, helping the main indices recover from losses recorded over the previous three trading days.
Analysts said the Nifty’s immediate support is expected around the 23,200–23,100 range, with a stronger base near 22,950.
“On the upside, 23,500 remains the key resistance level, and a decisive breakout above this zone could extend the recovery toward 23,800 in the near term,” an analyst said.
“However, failure to sustain above the 23,400–23,500 supply band may lead to renewed consolidation within the 23,000–23,500 range,” the analyst added.
Among Sensex components, Sun Pharma, Bharti Airtel, HCL Tech and TCS were among the top losers. HDFC Bank, Mahindra and Mahindra, Eternal and Tata Steel were among the top gainers.
Despite the gains in benchmark indices, broader markets remained under pressure. The Nifty Midcap 100 ended down 0.43 percent, while the Nifty Smallcap 100 closed 0.65 percent lower.
Sector-wise, the auto segment led gains, with the Nifty Auto index emerging as the best performer on the National Stock Exchange. Financial stocks also supported the rally, with the Nifty Financial Services and Nifty Private Bank indices finishing higher.
Real estate stocks lagged behind the broader market, with the Nifty Realty index emerging as the weakest among sectoral indices.
Analysts said strong late-session buying helped the benchmark indices close higher, even as midcap and smallcap stocks remained weak.
“Persistent geopolitical tensions in West Asia and elevated crude oil prices kept investors cautious, leading to sharp sectoral divergence and wide intra-day swings across the market,” a market analyst said. (Source: IANS)
