Indian benchmark indices traded marginally in the green during afternoon trade on Monday, with the Nifty 50 rising 5.80 points or 0.02% to 24,576.45 and the Sensex advancing 12.50 points or 0.02% to 78,511.67 as of 1:15 PM. The session has been largely range-bound, with early gains giving way to selling pressure before indices clawed back to flat territory. The muted opening came on the back of a broadly constructive global backdrop, with Asian markets trading higher after weaker-than-expected US jobs data last Friday reduced fears of further Federal Reserve tightening. Nonfarm payrolls contracted by 23,000 in July against expectations of a gain of roughly 90,000, sending rate-hike probabilities lower. Market participants continued to closely monitor developments surrounding the US-Iran conflict and the progress of the monsoon, with persistent geopolitical uncertainty keeping investors cautious and limiting upside in the broader market.
Among the top gainers, Titan Company continued to dominate with a 2.78% surge to ₹5,078.20, touching an intraday high of ₹5,122.20, with the company reporting consolidated profit after tax (PAT) increased 62.9% YoY to ₹1,777 crore in Q1 FY27 and total income rising 29.3% YoY to ₹21,502 crore during the quarter. Grasim Industries rose 2.03% to ₹3,390.50, hitting a high of ₹3,402.00, while Tata Steel advanced 1.75% to ₹190.83 with heavy volumes of over 2.18 crore shares traded. Tata Consumer Products gained 1.48% to ₹1,098.30, and Shriram Finance added 1.32% to ₹1,129.70. On the declining side, State Bank of India was the worst performer, falling 1.97% to ₹1,075.60 from its previous close of ₹1,097.20, with over 1.14 crore shares changing hands. NTPC slipped 1.31% to ₹338.00, while ITC declined 1.12% to ₹282.90, Wipro dropped 1.08% to ₹185.50, and Hindalco fell 1.01% to ₹1,048.95.
The banking pack emerged as the key drag on the market, with heavyweights HDFC Bank and ICICI Bank witnessing selling pressure that weighed on the Nifty Bank index. In contrast, realty emerged as the best-performing sector in midday trade, while Nifty IT and Nifty Auto indices continued to outperform among large-cap peers. The weakness in lenders prevented stronger gains in the benchmark indices even as several other sectors remained firmly in the green. IT shares faced selling pressure with TCS and HCL Tech falling more than 1% each to lead losses on the benchmark index. However, non-banking financial companies (NBFCs) such as Shriram Finance were among the notable gainers as buying momentum in the segment persisted. Sudeep Shah from SBI Securities noted that Nifty PSU Bank was the worst performer, with SBI's sharp decline reflecting pressure on the broader public sector banking space.
Auto stocks extended their recent upmove, with the Nifty Auto index rising more than 1% as investors remained positive on both automobile manufacturers and ancillary companies. According to ETMarkets, UltraTech Cement shares gained more than 2% to lead gains on the Sensex, while NTPC, SBI, and M&M shares rose nearly 2% each. Metal counters also found favour after further weakness in the US dollar improved sentiment towards commodity-linked stocks. JSW Steel and Hindalco gained about 2% each, while Hindustan Zinc surged 6% on the back of strength in silver prices. Vedanta also traded higher alongside gains across the metals pack, with Nifty Metal surging nearly 2% as reported by ETMarkets.
Sudeep Shah from SBI Securities noted that the Nifty IT and Nifty Auto indices continued to outperform among large-cap peers, while Nifty Realty emerged as the best-performing sector in midday trade. He flagged the 24,460–24,480 zone as crucial support and 24,710–24,730 as resistance, adding that a breakout above 24,730 "can experience an extension of the rally towards 24,930." On the BSE, market breadth remained positive with 2,007 stocks advancing against 1,682 declines, out of 3,893 stocks traded. A total of 173 stocks hit 52-week highs against 61 at 52-week lows, while 146 stocks were locked in upper circuits and 105 in lower circuits. Ponmudi R from Enrich Money pointed out that investor attention was increasingly turning toward this week's US CPI data, which "is expected to provide fresh guidance on the Federal Reserve's policy trajectory," with implications for Treasury yields, the dollar, and capital flows into emerging markets including India. Options data showed meaningful call writing at the 24,600 and 24,700 strikes, while significant put open interest at 24,500 suggested the market expected the index to hold that level into the close.
