Benchmark stock market indices rebounded to end higher on Monday over report of ceasefire plans between Iran and the US, boosting investor sentiment.
The S&P BSE Sensex jumped 787.30 points to close at 74,106.85, while the NSE Nifty50 gained 255.15 points to end at 22,968.25.
Vinod Nair, Head of Research, Geojit Investments Limited, said that domestic equities staged a strong rally as value buying gained traction across the board, with oversold sectors such as Finance, Realty, and Midcaps showing notable strength.
“Crude prices softened marginally on reports of ceasefire efforts, while encouraging provisional banking data supported interest in ratesensitive segments,” he added.
Among gainers, Trent Ltd rose 7.89%, Axis Bank Ltd gained 3.94%, Titan Company Ltd was up 3.58%, Larsen and Toubro Ltd added 3.19%, and UltraTech Cement Ltd climbed 3.06%.
Bajaj Finance Ltd gained 2.87%, Indigo Ltd rose 2.75%, HDFC Bank Ltd added 2.68%, Bajaj Finserv Ltd was up 2.14%, and Power Grid Corporation of India Ltd gained 1.83%. NTPC Ltd rose 1.71%, Bharat Electronics Ltd added 1.35%, State Bank of India Ltd gained 1.29%, and ICICI Bank Ltd was up 1.25%.
On the losing side, Reliance Industries Ltd fell 3.41%, while Sun Pharmaceutical Industries Ltd was marginally down 0.03%.
“However, overall risk appetite remains cautious due to persistent inflationary pressures and concerns over potential disruptions to global trade. With the RBI policy, US CPI, crude trajectory, and geopolitical developments all converging this week, markets are likely to remain headline-driven,” said Nair.
“Given the deep discount in the broader market, there is meaningful upside potential if a credible ceasefire emerges, despite the prevailing sellonrise trend,” he added.
