Market wrap: TCS, HCL Tech among top gainers and losers on Nifty and Sensex today

The Indian stock market recorded a sharp recovery from intraday lows on Monday, with Sensex and Nifty closing in the green with marginal gains after crashing nearly 1% each in the morning.

At the end of the session, Sensex was up around 47 points at 77,616 while Nifty 50 was up only 4 points at 24,211. While the closing figures indicate marginal gains, the benchmark indices sharply recovered from morning lows. Sensex rebounded around 759 points from its intraday low, while Nifty 50 recovered 211 points after falling to 24,000.

Here are today’s top gainers on Nifty

Here are today’s top gainers on Sensex

Here are today’s top losers on Nifty

Here are today’s top losers on Sensex

What lies ahead?

The back and forth movement in the West Asia crisis has become the new normal, said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments. He noted that the attempt by Iran to weaponise geography has negative implications for energy importers like India. “And, President Trump’s totally inconsistent stand vis-a-vis Iran has rendered stability a thing of the past. We don’t know how this crisis will pan out,” he added.

“From the market perspective, particularly for India, the price of crude is the crucial factor. There is no panic in the oil market like in March… So long as Brent trades below $90, the market won’t be impacted significantly. But if Brent shoots up to above $90, there can be a significant correction in the market. So, watch out for the price of crude,” according to the analyst.

Vijayakumar highlighted that a positive factor that is imparting resilience to the market now is the strong FII inflows. He added that the weakness in the chip trade in South Korea is turning out to be positive for India. “FIIs are reducing the concentration risk in chip stocks despite their attractive valuations and moving money to stabler markets, where there is no concentration risk and long-term growth prospects are bright. If this trend sustains, Indian market will continue to remain resilient,” he concluded.

Technical view on Nifty

Nifty 50 witnessed a meaningful recovery as the 24,000 level acted as a crucial support for the index, said Rupak De, Senior Technical Analyst at LKP Securities. He added that on the upside, the index rebounded towards 24,200. The overall sentiment remains bullish, with the bulls successfully defending the 24,000 mark.

A strong recovery from the day's low indicates underlying strength in the market, according to the analyst. “A decisive move above 24,200 could trigger fresh short-term momentum, potentially propelling the index towards 24,500 and higher. On the downside, a decisive breach below 24,000 could weaken the bullish sentiment and shift the near-term bias in favour of the bears,” he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)