Sensex, Nifty Stage Strong Rebound, Close On Firm Note

(RTTNews) - After opening weak and languishing in negative territory till about an hour past noon, Indian shares recovered and moved above the flat line on Monday, lifting the benchmark indexes Sensex and the Nifty50 to a positive close.

As concerns about U.S. tariffs, and rising geopolitical tensions rendered the mood a bit bearish, the market opened on a weak note this morning. However, with investors picking up stocks at reduced levels following a five-session losing streak, the market staged a decent recovery.

A conciliatory tone on India-U.S. trade ties by Sergio Gor, the newly appointed U.S. Ambassador to India, presumably helped ease tariff concerns and pulled the market out of the red.

Investors also reacted to some quarterly earnings announcements, and looked ahead to more updates.

The benchmark BSE Sensex settled with a gain of 301.93 points or 0.36% at 83,878.17, more than 1,000 points off the day's low of 82,861.07. The National Stock Exchange's Nifty50, which dropped to a low of 25,473.40, settled at 25,790.25, gaining 106.95 points or 0.42%.

Metal stocks turned in a fine performance, contributing substantially to market's rebound. PSU bank stocks found some support. Media and realty stocks showed weakness, while technology and healthcare stocks recovered from early lows.

Tata Steel gained 2.75%. JSW Steel climbed about 2.3% and Hindalco gained 2.2%. Hind Copper, the top gainer in the Nifty Metal index, moved up 5.1%. Hind Zinc gained nearly 4% and Vedanta surged by about 3%. SAIL, NMDC and Jindal Steel also posted strong gains.

Asian Paints climbed more than 2.5%. Trent gained about 2.1%, while State Bank of India, Hind Unilever, UltraTech Cement and ICICI Bank gained 1.1 to 1.5%.

Bharti Airtel, TCS, Titan Industries, Maruti Suzuki, Adani Ports & Special Economic Zone and Reliance Industries also closed on positive note.

Trent, Tata Consumer Products, Adani Enterprises, Nestle, SBI Life and Grasim Industries too posted gains.

Infosys ended down by about 1.1%. Bajaj Finance closed nearly 1% down. BEL, HDFC Bank and Larsen & Toubro ended modestly lower.

Indian Renewable Energy Development Agency Limited (IREDA) gained nearly 4% after the company reported a 37.5% jump in net profit in the third quarter, compared to the year-ago period.

Avenue Supermarts, which operates the DMart retail chain, reported an 18.3% rise in consolidated profit in the third quarter compared to the corresponding quarter last year. The stock gained about 0.8%.

The market breadth remained weak. On BSE, 2,724 stocks closed lower. 1,569 stocks moved up, and 197 stocks ended flat.