Markets staged a strong intraday reversal on Monday, shaking off a weak opening to trade firmly in positive territory by midday. The Sensex, which had slipped to 78,286.39 at the opening bell, recovered to 78,871.23, up 377.69 points or 0.48 per cent as of 12.29 PM. The Nifty 50 mirrored the move, climbing to 24,462.80, a gain of 109.25 points or 0.45 per cent, after having touched an intraday low of 24,241 in early trade.
The turnaround came despite a fragile global backdrop. Crude oil remains elevated, with MCX Crude trading near ₹8,230 and US Oil holding above $87, both supported by continued uncertainty around the Strait of Hormuz. COMEX Gold is hovering above $4,800 while MCX Gold holds above ₹1,52,000, with buying interest emerging at lower levels. The USD/INR pair is trading near ₹92.8, with the near-term structure suggesting modest rupee appreciation.
On the Nifty 50, Trent was the standout performer, surging 3.90 per cent to ₹4,267.70 on heavy volumes of over 15.5 lakh shares worth ₹65,390 lakh. State Bank of India jumped 3.17 per cent to ₹1,114.50, with an exceptional 18.9 crore shares changing hands valued at over ₹2,09,845 lakh, reflecting strong institutional interest. JSW Steel climbed 2.56 per cent to ₹1,272.10, Asian Paints rose 2.04 per cent to ₹2,514.20, and Eternal gained 1.62 per cent to ₹256.70.
…”On Friday, the Nifty finished 157 points higher at 24,354. Mid- and small-cap benchmarks rose more than the Nifty, in a sign of increased investor appetite,” said Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at The Wealth Company. …”Extended resistance lies inside the 24,500–24,750 zone. Immediate support rests near 24,100, while more key support lies at 23,907.”
PSU Banks emerged as the best-performing sector, with the Nifty PSU Bank index gaining 1.80 per cent, while Nifty Metal was the worst performer, down 0.35 per cent. On the BSE, of 4,412 stocks traded, 2,091 advanced against 2,119 declines, with 181 stocks hitting 52-week highs and 232 stocks in upper circuit.
On the losing side, Jio Financial Services was the biggest drag, falling 1.85 per cent to ₹239.34 on volumes of 2.81 crore shares. Hindalco dropped 1.67 per cent to ₹1,021.60, HDFC Life slipped 1.07 per cent to ₹609.85, Larsen & Toubro declined 0.90 per cent to ₹4,059.30, and Titan eased 0.67 per cent to ₹4,495.50.
…”Nifty PSU Bank is the best performing sector gaining 1.80 per cent while Nifty Metal is the worst performing sector,” noted SBI Securities in its mid-market update, adding that meaningful call writing was seen at 24,500 and 24,600 strikes, while put open interest was substantial at 24,400, with the Nifty’s Put-Call Ratio at 1.34.
For the Nifty, the 24,540–24,560 zone remains the immediate resistance, and a breakout above 24,560 could extend the rally toward 24,700. On the downside, 24,320 is the key support. For the Sensex, 78,500 acts as support and 79,300 as resistance. Bank Nifty continues to face supply pressure at 56,800–57,000, with support at 56,000–55,800.
Q4 earnings remain a supporting factor, with ICICI Bank’s strong results underpinning banking stocks. Markets are likely to remain reactive through the afternoon session, with geopolitical developments and crude price movements continuing to dictate near-term direction.