Synopsis : Indian markets traded with cautious optimism on Monday, with IT and banking stocks providing the much-needed support.
Despite global buying, benchmark indices struggled at higher levels while mid- and small-caps staged a mild recovery.
Indian stock markets opened with modest gains on Monday but struggled to sustain momentum at higher levels despite supportive cues from global markets. As of 11:00 AM, the BSE Sensex stood at 85,375.97, up 144.05 points (0.17%), while the NSE Nifty50 traded at 26,110.8, higher by 42.65 points (0.16%).
IT & Banking Stocks Lead the Upside
Technology stocks continued their strong performance with Infosys, Tech Mahindra, HCL Tech, and TCS rising smartly. Index heavyweights HDFC Bank, Maruti Suzuki, Titan Company, and Bajaj Finance also contributed to the gains, rising between 0.4% and over 2%.
Top Losers
On the downside, stocks such as Eternal, M&M, Power Grid, BEL, Tata Motors PV, Ultratech Cement, Bharti Airtel, and Kotak Bank witnessed pressure, slipping up to 1.2%.
Mid- & Small-Caps Stage Mild Recovery
The broader markets showed signs of stabilization:
Nifty MidCap 100: up 0.14%
Nifty SmallCap 100: up 0.13%
Market breadth remained balanced with 1,299 declining stocks and 1,214 advancing on the NSE, indicating mixed sentiment.
Sector Performance
The sectoral trend was uneven:
Top Gainers:
Nifty IT surged 1.5%, driven by a rebound in global tech stocks.
Nifty PSU Bank rose 0.7%.
Top Laggards:
Nifty India Defence Index dropped 1.3%.
Nifty Realty slipped 0.2%.
Key Nifty Levels to Watch
According to Ponmudi R, CEO of Enrich Money:
Immediate resistance : 26,200, aligned with Fibonacci projections from the recent swing low.
Critical support : 25,820, coinciding with the 20-day EMA, crucial in case of intraday corrections.
With markets navigating mixed signals, traders remain watchful of global trends, sector-specific movements, and the behaviour of index heavyweights.
Disclaimer : This article is for informational purposes only and should not be considered financial or investment advice. Market investments carry risks. Please consult a certified financial advisor before making investment decisions.
