India’s benchmark Nifty 50 index (.NSEI) turned positive in early trade on Monday, rising 0.1% and signaling a potential recovery after last week’s sharp declines. The index opened higher, buoyed by gains in IT, oil & gas, and metal stocks, and was last seen trading at 24,728.55, up 73.85 points.
Key Highlights:
The Sensex also joined the rebound, climbing 162.31 points to 80,588.77, snapping a six-day losing streak.
Sectoral indices showed broad strength, with PSU banks, energy, and realty stocks leading the rally. Hindustan Aeronautics, Bharat Petroleum, and CG Power posted gains of over 2% each.
Analysts noted that the Nifty 50 is attempting a corrective bounce, with intraday support seen around 24,760. A decisive move above 24,870 could confirm a trend reversal, potentially pushing the index toward 25,000 in the coming sessions.
The advances/declines ratio stood at a healthy 40:10, indicating strong market breadth.
Global cues were mixed, with S&P 500 futures up 0.3% and Asian markets showing varied performance. Domestically, gold futures hit a record high of ₹1,14,627 per 10 grams, reflecting safe-haven demand amid currency volatility.
Traders are advised to monitor resistance levels at 24,800–24,870 and maintain caution until a sustained breakout is confirmed.
The market’s modest uptick offers a breather, but sustained momentum will depend on global trends and domestic macro data.
Sources: Moneycontrol, The Hindu BusinessLine, Economic Times.