Sensex, Nifty Snap Four-Day Losing Run As Buyers Return
By Squirrels·
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Indian equity benchmarks rebounded on Monday, ending a four-session losing streak as buying in pharmaceutical, metal and oil and gas shares lifted sentiment. The Sensex rose about 483 points, or 0.66 percent, to close near 73,607, while the Nifty 50 added roughly 153 points, or 0.68 percent, to settle around 22,753.
The recovery came after a bruising previous week in which the headline indices had shed more than two percent, dragged down by elevated crude oil prices, caution ahead of key central-bank decisions and bouts of weakness in global markets. Market breadth on Monday was positive, with advancing stocks outnumbering those that declined, and the broader midcap and smallcap indices also closing higher.
What drove the bounce
Traders attributed the rebound to bargain hunting after the recent decline, alongside sector-specific strength. Pharmaceutical and metal counters led the gains, while oil and gas shares drew support despite firm crude prices. Information technology stocks remained a soft spot, reflecting a cautious read on the sector's near-term demand outlook.
Underlying the day's moves is a market still weighing several crosscurrents: the trajectory of global oil prices, the rupee's performance against the dollar, and expectations around monetary policy at home and abroad. The Reserve Bank of India has in recent weeks tightened conditions to defend the rupee, a backdrop that continues to shape risk appetite.
What it means
A single session's rebound does not reverse the recent trend, but it signals that buyers are willing to step in at lower levels. With the second-quarter earnings season in progress, company results and management commentary are likely to drive stock-specific action in the sessions ahead, even as macro factors set the broader tone.
The rebound snapped a four-day losing streak for the headline indices.
Pharma, metal and oil and gas led gains; IT lagged.
Broader markets outperformed, with midcaps and smallcaps closing higher.
Investors will watch crude oil, the rupee and the remaining corporate earnings closely, with volatility expected to persist around the monthly derivatives expiry later in the week.