MUMBAI — Indian equity benchmarks ended higher Monday, though both the Sensex and Nifty gave up part of their early gains as weakness in information technology and banking stocks weighed on sentiment during a volatile session.
The Sensex rose 356 points, or 0.46%, to close at 77,269.40. The Nifty gained 121.75 points, or 0.51%, to settle at 24,119.30.
Market analysts said the Nifty’s near-term technical setup remains clearly defined from a derivatives perspective. Strong put writing at the 24,000 and 23,800 levels points to firm support, while heavy call writing around 24,200 to 24,300 continues to limit the upside.
Adani Ports led the gainers on the Sensex, followed by Hindustan Unilever, Eternal and Maruti Suzuki India. Bharti Airtel, Kotak Mahindra Bank, TCS, IndiGo, ITC and Infosys were among the top laggards.
Broader markets outperformed the benchmark indices. The Nifty MidCap index rose 0.63%, while the Nifty SmallCap index advanced 0.70%.
Among sectors, real estate and metal stocks led the gains. IT and public-sector banking shares lagged, capping the broader advance.
Global cues were mixed as oil prices moved lower during the session. Brent crude fell as much as 2.45% after U.S. President Donald Trump announced “Operation Freedom,” an effort aimed at ensuring safe passage for stranded ships in the Strait of Hormuz. The May Brent crude contract was last trading 0.39% lower at $107.75 a barrel on the Intercontinental Exchange.
Analysts said markets could remain volatile in the near term as investors respond to political developments, earnings trends and global macroeconomic signals.
“Going forward, the market is likely to remain range-bound with a buy on dips, sell on rise approach dominating in the near term,” one market expert said.
Investor sentiment was supported by a favorable election outcome in West Bengal and stronger-than-expected fourth-quarter earnings, helping markets look past concerns tied to the Middle East, analysts said. (Source: IANS)
