It was a party on Dalal Street with the Nifty, Sensex clocking after India and Pakistan agreed to a ceasefire. Global news also added to the market cheer. Trade deal between the US and China boosted sentiment, and the Nifty rallied to 24,924.70, the Sensex clocked a massive 2,975-point rally as well. The mid and small cap stocks joined in the cheer too… The BSE Smallcap rocketed 1,951.80 points or 4.18% to 48,693.75, and the BSE midcap surged 1,620.10 points or 3.85% to 43,731.60.
“Markets were on a roll and turned buoyant after the news of a cease-fire between India and Pakistan, as that removes some kind of apprehension that was caused by last week’s tension between the two nuclear-armed neighbours. Investors turned risk-on with safe-haven gold taking a beating while equities turned out to be clear winners on the back of broad-based buying support. With talks on global tariffs seen on a smooth path, equities could gain traction going ahead,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
5 big highlights from today’s market action-
Indices boomed in intraday trade
The indices jumped over as soon as the markets opened, further escalating to trade above 3%. The Nifty 50 zoomed to log its biggest single-day gain in the past 4 years. The Sensex and Nifty 50 both closed the session 3.7% higher.
Top gainers
Adani Enterprises was the top gainer in the Nifty 50 in Monday’s flat trade, closing 7.73% higher. It was followed by Infosys, Shriram Finance, Trent, and Wipro.
Top losers
Meanwhile, the shares of IndusInd Bank and Sun Pharmaceuticals held the seat of top laggard in the Nifty 50. They were the only losers in the Nifty 50 in Monday’s bull market.
Sectoral Index
The Nifty IT outperformed and closed at the highest level among the sectoral indices, surging 6.7% to a 38,282.55 level in Monday’s trade. It was followed by Nifty Realty and Metal, gaining 5.93% and 5.86% respectively. The Nifty Bank rose in line with key indices, surging 1,787.60 points or 3.34% to close at 55,383.
In the broader markets, small- and mid-cap stocks closed on a higher note too. However, the volatility index has cooled down in today’s trade by 15% to 18.39 level as India and Pakistan agree to a ceasefire.
Market breadth remained in favour of bulls
The overall market breadth remained in favour of bulls. Out of 3,010 stocks traded, 2,614 advanced and 329 declined. Also, 67 stocks remained unchanged. Today, 47 stocks hit a fresh 52-week high compared with 24 stocks hitting a 52-week low. Adding to that, 322 stocks touched the upper circuit and 35 were at the lower circuit.
This is a developing story, more details are being added. Please watch the space for updates