Indian equity markets closed nearly unchanged on Monday amid mounting geopolitical headwinds and rising crude oil prices. The BSE Sensex closed marginally up 26.76 points or 0.03 per cent at 78,520.30, while the NSE Nifty 50 ended almost flat after a volatile session. During the day, the Sensex had hit 79,227.19, up 706.89 points or 0.90 per cent from its previous close of 78,520.30, as reported by Rediff Money. The Nifty had broken above the 24,500 resistance level that analysts had flagged as the key trigger for further upside, but investors turned cautious as geopolitical tensions escalated.
Broader market breadth remained firmly positive on the BSE, with 2,667 stocks advancing against 1,418 declines out of 4,274 stocks traded, as reported by The Hindu BusinessLine. The session saw 136 stocks hit 52-week highs against just 21 at 52-week lows. The number of stocks in the upper circuit stood at 182, compared to 130 in the lower circuit. Market sentiment was broadly driven by banking and consumer stocks, while insurance, pharma, and select large-cap energy names continued to face selling pressure.
Trent emerged as the standout performer on the Nifty 50, surging 3.98 per cent to ₹4,411.50 from its previous close of ₹4,242.80, with over 15.16 lakh shares traded valued at ₹66,139.14 lakh, according to The Hindu BusinessLine. Bajaj Finance climbed 2.83 per cent to ₹943.70 from ₹917.75 on heavy volumes of 42.28 lakh shares. ICICI Bank rose 2.01 per cent to ₹1,383.50 from ₹1,356.20, becoming one of the most actively traded stocks with nearly 98.09 lakh shares worth over ₹1,34,962 lakh changing hands. Adani Ports gained 1.88 per cent to ₹1,608.00 from ₹1,578.40, while HDFC Bank added 1.73 per cent to ₹809.25 from ₹795.45, attracting the highest traded value on the index.
SBI Life Insurance remained the session's biggest drag, deepening its morning losses to fall 4.12 per cent to ₹1,900.90 from its previous close of ₹1,982.50, with 32.68 lakh shares traded worth ₹62,524.67 lakh, as reported by The Hindu BusinessLine. Dr. Reddy's Laboratories declined 0.94 per cent to ₹1,221.00 from ₹1,232.60. Defence electronics firm BEL fell 0.93 per cent to ₹453.30 from ₹457.55. Jio Financial Services shed 0.89 per cent to ₹235.05 from ₹237.15, with a high turnover of 2.89 crore shares. Reliance Industries slipped 0.51 per cent to ₹1,356.30 from ₹1,363.30 on volumes of 97.41 lakh shares worth ₹1,32,633.20 lakh.
The market's cautious stance was primarily driven by escalating geopolitical tensions in West Asia, with oil prices surging on Monday as the Islamic Revolutionary Guard Corps announced the imminent closure of the Strait of Hormuz, citing a failure by the United States to adhere to ceasefire conditions. Brent Crude rose by 4.72 per cent to USD 94.65 per barrel, while Iranian forces launched drones towards US warships following an attack on an Iranian commercial vessel in the Sea of Oman. Iran has rejected claims that it has agreed to participate in a second round of peace talks, with the Islamic Revolution Guards Corps criticising what it described as 'Washington's excessive demands'. The primary driver of sentiment remained the geopolitical situation in West Asia, with reports of Iran agreeing to send a delegation for a second round of negotiations with the United States keeping risk appetite supported.
