Sensex, Nifty Extend Gains in Afternoon Trade Led by Banking and Auto Stocks

Indian benchmark indices extended their gains in afternoon trade on Monday, supported by strong buying interest in banking, automobile, and cement stocks.

The BSE Sensex initially slipped in early trading, touching an intraday low of 73,949.76 at around 10:55 a.m. However, the index staged a sharp recovery during the session, climbing to a high of 75,805.27 by approximately 2:40 p.m., representing an intraday swing of nearly 1,855 points.

The day’s broader intraday low stood at 72,949.26 for the Sensex, while the Nifty 50 touched a low of 22,955.25.

Despite the rally in the benchmark indices, overall market breadth remained weak. Data from the Bombay Stock Exchange showed that 1,305 stocks advanced, while 2,693 declined and 142 remained unchanged, indicating broader selling pressure across the market.

On the sectoral front, the Nifty Auto index emerged as the top performer with a gain of 1.91 percent, followed by the Nifty Private Bank index, which rose 1.21 percent. In contrast, the Nifty Oil & Gas index fell 1.33 percent, while the Nifty Pharma index declined 1.77 percent, making them the weakest sectoral performers during the session.

Meanwhile, the market’s volatility indicator, the India VIX, declined by 4.37 percent to 21.66, signalling a moderation in near-term market volatility.

In the broader market segment, the trend remained mixed. The Nifty Midcap index traded marginally higher, while the Nifty Smallcap index continued to remain in negative territory, reflecting selective buying across market segments.

Global Market Cues

Across the Asia-Pacific region, most markets traded lower in early deals on Monday as investors remained cautious amid concerns that elevated energy prices could weigh on inflation and economic growth.

Japan’s Nikkei 225 declined by 0.73 percent, while South Korea’s Kospi slipped 0.20 percent in early trading.

On Wall Street, U.S. benchmark indices closed lower in the previous session. On Friday, the S&P 500 dropped 0.61 percent, while the Dow Jones Industrial Average fell 0.26 percent as oil prices remained elevated.

Crude oil prices continued to stay firm during the Asian trading session, with Brent crude trading well above the $100-per-barrel mark following the closure of the Strait of Hormuz, one of the world’s most critical oil transit routes.

According to reports citing Mike Waltz, the U.S. ambassador to the United Nations, U.S. President Donald Trump is considering potential options to target oil facilities at Kharg Island, Iran’s principal crude oil export hub.

Brent crude’s May futures contract was trading 0.50 percent higher at $103.75 per barrel on the Intercontinental Exchange.

Meanwhile, precious metals traded lower during the session. Gold futures declined 0.96 percent, while silver futures slipped 1.55 percent amid shifting investor sentiment in global commodity markets.