Stock Market Highlights: Nifty, Sensex Pause Eight-Day Decline; Pharma, Metals Rally
India's benchmark equity indices hit pause on their longest losing streak in two years, as shares of HDFC Bank Ltd. and Reliance Industries Ltd. lent support. Pharma and metal stocks rallied while information technology and autos came under pressure.
After a weak opening and intraday recovery, the Nifty 50 ended 30.25 points or 0.13% higher at 22,959.5, and the Sensex closed 57.65 points or 0.08% up at 75,996.86.
Intraday, the Nifty fell 0.89% to go under 22,800, while the Sensex lost 0.85% to dip below 75,300.
The positive start to the week comes after the previous one saw Nifty shed 2.8%, marking its worst weekly session since December 2024.
Technically, after an early morning intraday correction, the market took support near 22,725 and bounced back sharply. However, the short-term texture of the market is still on the downside, said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.
For the third time in recent weeks, the Nifty successfully defended the 22,800 level, reinforcing it as a strong support, said Aditya Gaggar, director of Progressive Shares.
Shares of HDFC Bank Ltd., Reliance Industries Ltd. and Bajaj Finserve Ltd. added to the Nifty 50.
While those of Bharti Airtel Ltd., Mahindra & Mahindra Ltd. and ICICI Bank Ltd. weighed the index.
On NSE, eight out of 12 sectors advanced, and four declined. The NSE Nifty Media and Nifty IT fell the most, and the Nifty Pharma rose the most.
Several pharmaceutical stocks saw significant intraday gains, driven by strong earnings reports and positive market sentiment. HSBC's outlook remains optimistic, despite concerns over potential US tariffs.
Broader markets ended Monday's session on a mixed note. The BSE Midcap ended 0.51% higher and the BSE Smallcap closed 0.56% down.
On BSE, 10 out of 21 sectors declined, and 11 advanced. The BSE Telecom declined the most, and the BSE Healthcare rose the most.
Market breadth was skewed in the favour of sellers. Around 2,647 stocks declined, 1,317 stocks advanced, and 137 stocks remained unchanged on BSE.
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