Market wrap: Dr Reddys, JSW Steel, Shriram Finance, Tata Consumer top gainers and losers on Nifty and Sensex on Monday
Indian equity markets snapped a four-day losing streak as Sensex and Nifty rebounded, supported by broad-based buying. Dr Reddy’s and JSW Steel led gainers, while rising India VIX signalled continued volatility and technical concerns about downsid...
Sensex and Nifty recovered from intraday lows, ending higher as Dr Reddy’s and JSW Steel rallied, while rising volatility kept investors cautious.
Indian equity markets rebounded on Monday, with the benchmark NSE Nifty 50 and BSE Sensex recovering nearly 2% from their intraday lows to snap a four-day losing streak that had wiped out substantial investor wealth.
The Nifty 50 gained 153 points, or 0.68%, to close at 22,753, while the BSE Sensex advanced 483 points, or 0.66%, to settle at 73,607.
Broader markets also recovered following Friday’s sharp sell-off, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising more than 1% each. However, the India VIX, a gauge of market volatility, climbed nearly 2% to 17.14.
Market breadth on the NSE turned positive, with 2,063 of the 3,681 stocks traded closing in the green, while 1,525 ended lower. The remaining 93 stocks were unchanged.
Nifty’s close back below the 20 DMA on Friday is disappointing, with VIX’s sharp rise cautioning towards a plunge that could aim for 21,600,” said Anand James, Chief Market Strategist at Geojit Investments.
However, he noted that Friday’s long lower wick pointed to attempts at recovery. “We will look for a push above 22,690 to confirm strength for the day. Alternatively, inability to float above 22,460 could be taken as resumption of downsides,” he added.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
Business News › Markets › Stocks › News › Market wrap: Dr Reddys, JSW Steel, Shriram Finance, Tata Consumer top gainers and losers on Nifty and Sensex on MondayText Size:AAA
