1 day Ago
Equity benchmarks recovered from Monday’s sharp decline, with oil and gas stocks leading the gains after CLSA upgraded ONGC to “high conviction outperform.” The 30-share BSE Sensex rose 234.12 points or 0.
30 per cent to close at 78,199.11, while the broader NSE Nifty 50 advanced 91.85 points or 0.
39 per cent to end at 23,707.90. ONGC emerged as the top gainer on the NSE, surging 3.
79 per cent, followed by SBI Life (+2.62 per cent), HDFC Life (+2.31 per cent), Tata Motors (+2.
09 per cent), and Adani Enterprises (+2.03 per cent). The oil and gas sector received an additional boost after BPCL approved the listing of Maharashtra Natural Gas (MNGL), its joint venture with GAIL and Indraprastha Gas.
On the flip side, retail chain Trent led the losses, declining 2.20 per cent. IT stocks faced selling pressure with HCL Tech dropping 1.
86 per cent, TCS falling 1.56 per cent, and Tech Mahindra declining 0.99 per cent.
Eicher Motors also witnessed a decline of 1.43 per cent. Market breadth remained positive with 2,624 stocks advancing and 1,355 declining on the BSE.
A total of 131 stocks touched their 52-week highs, while 101 hit their 52-week lows. Seven stocks hit the upper circuit, and two touched the lower circuit limits. “Amid positive global cues indicating no major concerns regarding HMPV, the domestic market partially recovered from yesterday’s sharp sell-off but traded within a range ahead of the critical first advance estimates for India’s FY25 GDP,” said Vinod Nair, Head of Research at Geojit Financial Services.
He added that the market remains cautious due to moderated growth expectations following RBI’s downward revision of growth projections. The Nifty Bank index gained 0.56 per cent to close at 50,202.
15, while Nifty Financial Services rose 0.48 per cent to 23,430.30.
The broader markets outperformed the benchmarks, with the BSE Midcap index gaining 0.7 per cent and the Smallcap index surging 1.7 per cent.
In the real estate sector, Arkade Developers saw a 4 per cent increase after securing three redevelopment projects in Mumbai’s Western Suburbs, projected to generate a turnover of ₹2,150 crores. “The current market texture is non-directional,” noted Shrikant Chouhan, Head of Equity Research at Kotak Securities. He identified 23,800/78,500 as key resistance zones, suggesting that breaking above these levels could push the market to 23,900-23,950/78,800-79,000.
However, a fall below 23,600/77,900 could trigger selling pressure towards 23,500-23,425/77,500-77,400. Technical analysts remain cautious about the market’s direction. “While the broader indices outperformed the benchmark index of Nifty, the trading day was relatively lackluster, with the index fluctuating within a range of 157 points,” observed Ameya Ranadive, Senior Technical Analyst at StoxBox.
The market’s near-term outlook remains uncertain as investors await the upcoming earnings season. “Markets continue to face significant selling pressure during recovery attempts, indicating that bears remain in control,” said Ajit Mishra, SVP Research at Religare Broking Ltd. He recommended maintaining a “sell on rise” strategy unless the index decisively surpasses the resistance at 24,250.
Comments.
