The BSE Sensex rose 943.5 points, or 1.17%, to close at 81,666.46, while the Nifty 50 advanced 261 points, or 1.06%, to 25,088.4.
Here’s how analysts read the market pulse:
“The market witnessed a smart recovery following yesterday’s volatile session due to the impact of the STT hike on F&O and the government’s higher borrowing plan for FY27. At the same time, the Budget’s policy continuity with a clear emphasis on growth and fiscal prudence has helped reinforce confidence in the medium- to long-term earnings outlook. A sharp decline in global crude oil prices has also offered some relief, reflecting signs of easing geopolitical tensions between the US and Iran. Nevertheless, in the near term, market mood is expected to stay cautious due to below-estimate Q3 earnings and ongoing global tensions,” said Vinod Nair, Head of Research, Geojit Investments.
US markets
The S&P 500 and the Nasdaq seesawed between gains and losses on Monday, as markets absorbed a sharp selloff in precious metals at the start of a week packed with corporate earnings and key economic data.
Gold dropped as much as 6% and silver tumbled 10% before recovering some losses, as commodity exchange CME Group boosted margin requirements for precious metals following a historic plunge on Friday. U.S.-listed gold and silver miners pared declines to trade higher.
European Markets
European shares were higher, while they were weighed down in the US by renewed concerns that tech valuations are too frothy.
But in Europe, the main indexes were all almost a percentage point higher at mid-afternoon, despite heavy losses by heavyweight miners, as oil fell and the dollar steadied.Gold and silver began tumbling Friday on news that US President Donald Trump had chosen Kevin Warsh to become new head of the US Federal Reserve, who is seen as more hawkish than some of the other names mentioned.
Traders regard Kevin Warsh, a former Morgan Stanley investment banker and Fed governor, as the toughest inflation fighter among the final candidates, raising expectations that his monetary policy would underpin the greenback.
Tech View
After a sharp fall, the Nifty saw a strong bounce, which is a normal market reaction, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the broader trend remains weak.
“As long as the index stays below the 200-DMA, sentiment is likely to remain negative, and any bounce should be used to exit leveraged long positions or to create short positions. On the upside, immediate resistance is placed at 25,200, while on the downside, support is seen around 24,900,” said De.
Most active stocks in terms of turnover
Hindustan Copper (Rs 459 crore), Anant Raj (Rs 203 crore), Delhivery (Rs 144 crore), Vedanta (Rs 131 crore), Hindustan Zinc (Rs 112 crore), HAL (Rs 111 crore) and Aegis Logistics (Rs 1,891 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 4.7 crore), YES Bank (Traded shares: 80.69 crore), Hindustan Copper (Traded shares: 65.34 lakh), RPower (Traded shares: 70.56 lakh), Suzlon Energy (Traded shares: 67.32 lakh), Bharat Coking Coal (Traded shares: 58.18 lakh) and Ola Electric (Traded shares: 56.13 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of MRPL, Anant Raj, Sundaram Finance, Latent View Analytics, Century Plyboards, Power Grids and Hindustan Zinc were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 68 stocks hit their 52-week highs today while 253 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aether Industries, Bajaj Consumer, Borana, MTAR Technologies and Simandhar Impex.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Intellect Design Arena, Cholamandalam Finance Holding, PB Fintech (Policybazaar), Bharat Dynamics, Godfrey Phillips, Jyoti CNC and Oil India.
Sentiment meter bullish
The market sentiments were bullish. Out of the 4,428 stocks that traded on the BSE on Monday, 1,898 stocks witnessed declines, 2,384 saw advances, while 146 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)