The BSE Sensex added 677.55 points, or 0.84%, to close at 81,796.15, while the NSE Nifty advanced 227.90 points, or 0.92%, to settle at 24,946.50.
Here’s how analysts read the market pulse:
Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations, said Vinod Nair, Head of Research, Geojit Investments, adding that geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored.“Small-cap stocks are expected to underperform in the short term, given their elevated valuations and absence of short-term triggers. Among sectors, oil and gas recorded strong gains, while the IT sector outperformed in anticipation of the upcoming US Fed policy meeting, which is expected to provide further clarity on the interest rate outlook,” said Nair.
Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they’re saying now!
US markets
U.S. stock indexes rose on Monday as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, allaying investor concerns ahead of a Federal Reserve policy meeting.Wall Street indexes shed more than 1% on Friday as oil prices surged 7% after Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.
Crude prices fell more than 3% after touching their highest levels since January last week as the renewed military strikes over the weekend left oil production and export facilities unaffected, offering some respite to investors worried about a resurgence in inflation.
U.S. stocks extended gains and crude prices fell further after the Wall Street Journal reportedthat Iran had been urgently signaling that it seeks to end to hostilities and resume talks over its nuclear programs, sending messages to Israel and the United States via Arab intermediaries.
European Markets
Europe’s STOXX 600 rose 0.4%, led by a rebound in travel stocks after they suffered a large fall on Friday, and Gulf stocks also recovered.
Tech View
The Nifty witnessed a sharp rally as it reclaimed the 21-EMA after a brief dip below it and on Friday, the index had already found support at the recent consolidation low, and it appeared fairly oversold on the hourly chart, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the weak FII long-short ratio of around 20% in index futures set the stage for the smart recovery that Nifty has just experienced.
“Currently, with investors awaiting the Fed’s follow-up commentary post the rate announcement, a steep directional move is not expected for now. However, a rally towards 25,350 looks highly probable once Nifty reclaims the 25,000 mark. On the downside, support is placed at 24,850,” said De.
Also read | Warren Buffett’s biggest investment isn’t Apple, BofA or Coca-Cola — it’s a stock hidden in plain sight
Most active stocks in terms of turnover
Tata Motors (Rs 2,139 crore), HDFC Bank (Rs 1,596 crore), BSE (Rs 1,561 crore), BEL (Rs 1,283 crore), Cochin Shipyard (Rs 1,226 crore), Reliance Industries Ltd (Rs 1,215 crore) and Bharti Airtel (Rs 1,065 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 52.55 crore), Reliance Power (Traded shares: 15.15 crore), YES Bank (Traded shares: 12.71 crore), Suzlon Energy (Traded shares: 8.27 crore), JP Power (Traded shares: 6.70 crore), ONGC (Traded shares: 4.14 crore) and SCI (Traded shares: 3.71 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of IGL, Newgen Software, Gland Pharma, Supreme Industries, Anand Rathi Wealth, PI Industries and KPIT Technologies were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 101 stocks hit their 52 week highs today while 71 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Max Financial, BEL, Laurus Labs, Muthoot Finance, Max Healthcare Institute, Narayana Hrudayalaya and Ramco Cements.
Sentiment meter neutral
The market sentiments were neutral. Out of the 4,253 stocks that traded on the BSE on Monday, 2,151 stocks witnessed declines, 1,944 saw advances, while 158 stocks remained unchanged.
Also read | Which companies have large exposure to Pakistan bordering states? CLSA analyses retaliation risk
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
By
