Indian equity markets surged in Monday’s session, shrugging off the tension between Israel and Iran. The markets started the session on a flat note, but later picked up the pace.
The Nifty 50 closed the session 228 points or 0.92% higher at 24,947, the Sensex advanced 678 points or 0.84% to end at 81,796.
The banking stocks were in line with the overall bullish market sentiments, the Nifty Bank climbed 418 points or 0.75% to end at 55,945.
The BSE Midcap inched down 424 points or 0.93% to 46,105.22. On the other hand, the BSE Smallcap remained steady, surging 203 points or 0.38% to 53,573.31.
“Despite ongoing geopolitical tensions between Israel and Iran, the market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations. Geopolitical developments in the Middle East are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored. Small-cap stocks are expected to underperform in the short term, given their elevated valuations and absence of short-term triggers,” said Vinod Nair, Head of Research at Geojit Investments.
5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Monday’s session on a positve note. During the session, the Nifty 50 rose as much as 0.99%, while the 30-stock index, Sensex, advanced just 0.92%.
Top gainers
Bharat Electronics was the top gainer in the Nifty 50 in Monday’s session, closing 2.49% higher. It was followed by HDFC Life Insurance, SBI Life Insurance, UltraTech Cements, and Tech Mahindra.
Top losers
Meanwhile, the shares of Tata Motors were the biggest losers in today’s trade. It was followed by Dr Reddy’s Lab, Sun Pharmaceuticals, Adani Ports and SEZ, Jio Financial Services, and many others.
This is a developing story, more details are being added. Please watch the space for updates.
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