On Monday, India’s benchmark equity indices reversed early losses, ending an eight-day losing streak and finishing the trading session in positive territory.
The Sensex closed at 75,996.86, gaining 57.65 points, or 0.08%, from its previous close. It rebounded by approximately 702.10 points from its intra-day low of 75,294.76, peaking at an intra-day high of 76,041.96.
Similarly, the Nifty ended the day up by 30.25 points, or 0.13%, at 22,959.50, trading between 22,974.20 and 22,725.45 during the session.
Out of the 50 stocks on the Nifty index, 34 closed in the green, with Adani Enterprises leading the charge, up nearly 4%. Other top gainers included Adani Ports, Bajaj Finance, Power Grid, and IndusInd Bank.
On the flip side, Mahindra & Mahindra, Bharti Airtel, Infosys, TCS, and ICICI Bank were among the major losers, with their shares dropping by as much as 3.45%.
The broader market also showed signs of recovery in the latter half of the trading day. The Nifty Midcap100 index rose 0.39%, while the Nifty Smallcap100 index posted a slight increase of 0.04%.
Several sectors on the NSE performed well, including Pharma, Banks, Financial Services, Healthcare, OMCs, Consumer Durables, and Metals. The Nifty Pharma index stood out as the top performer, rising by 1.27%, with Glenmark Pharma and Ajanta Pharma leading the gains.
However, the Nifty Auto, FMCG, IT, and Media indices ended lower, with declines of up to 0.71%.
Experts point to recent shifts in global policies, particularly from the US, creating uncertainty among foreign institutional investors (FIIs), influencing their investment strategies in markets like India. Additionally, high valuations in the Indian stock market are causing caution among investors, according to Vipul Bhowar of Waterfield Advisors.
Last week, both indices ended a two-week winning streak with significant losses.
