Frontline indices extended gains for the fourth consecutive session on Monday, with the BSE Sensex rising as much as 790 points, or around 1%, to 78,883.34, and the NSE Nifty 50 gaining about 190 points to 24,572.70. According to reports from Mint, investors' wealth has jumped by more than ₹11 lakh crore in these four sessions, with the overall market capitalisation of firms listed on the BSE at ₹479 lakh crore on 28 July. The sharp decline in oil prices also lifted broader market sentiment, with the Nifty tracking firm global cues amid easing Middle East tensions.
As reported by Master Capital Services, Vishnu Kant Upadhyay noted that with the index now trading above all its key moving averages, the broader technical structure remains firmly positive. The ongoing formation of higher highs and higher lows reinforces the prevailing uptrend with potential gain towards 24,800-25,000. RSI at 67 indicates strengthening momentum without entering the overbought zone, with a buy the dip strategy remaining favourable. According to Upadhyay, any fall close to 24,600-24,500 will provide an opportunity to build fresh long positions.
According to reports from Mint, expert analysts Vishnu Kant Upadhyay of Master Capital Services and Hitesh Tailor of Choice Broking recommend six stocks for the next 1-2 weeks. Bharat Petroleum Corporation (BPCL) is recommended with a previous close of ₹329.95, target prices of ₹350 and ₹360, and stop loss at ₹313. Apollo Tyres is suggested with a previous close of ₹436.60, target prices of ₹460 and ₹480, and stop loss at ₹413. Jyoti CNC Automation is recommended with a previous close of ₹858.30, target prices of ₹930 and ₹955, and stop loss at ₹794.
Oil-sensitive stocks witnessed broad-based buying as Brent crude plunged more than 6% to $82.41 per barrel, with US West Texas Intermediate (WTI) crude falling 5.4% to $80.10 a barrel. Oil marketing companies traded higher on expectations of improved refining margins and lower working capital requirements. Indian Oil Corporation gained 2.1%, Bharat Petroleum Corporation rose 1.6%, and Hindustan Petroleum Corporation advanced 1.2%. Among city gas and downstream energy companies, Indraprastha Gas climbed 2.3%, Adani Total Gas added 2.5%, while Petronet LNG edged higher. Aviation stocks were among the biggest beneficiaries as aviation turbine fuel, which accounts for nearly 35-40% of airlines' operating expenses, is directly linked to global crude prices.
Paint stocks emerged as another major beneficiary of lower crude prices owing to their dependence on crude-derived raw materials. Kansai Nerolac rose 3.5%, Akzo Nobel India gained 2.5%, Grasim Industries advanced 1.8%, Berger Paints added nearly 1%, and Asian Paints climbed 0.8%, while Shalimar Paints hit the 20% upper circuit. According to Choice Broking, Brent crude has resumed its downward trajectory amid signs of de-escalation in the US-Iran conflict, with MCX Crude Oil August futures opening sharply lower at 7,789 and hitting the 6% lower circuit during Asian trading. The brokerage expects immediate support at ₹7,456, with a decisive break below this level potentially triggering a further decline towards the ₹7,300-7,240 zone.
