Indian Equities Post 1 Percent Gain in Volatile Trading Amid Sectoral Leadership

Indian Benchmark Indices End Volatile Session with 1% Gain

The Indian benchmark indices experienced a volatile trading session on Monday, ultimately closing with a gain of more than 1 percent, marking the third consecutive day of gains. The Nifty finished near the 23,000 mark, driven by buying activity across various sectors, excluding media and oil & gas.

The market began the session with a subdued start, influenced by mixed global cues. However, mid-session buying helped to trim intraday losses, allowing indices to close near their day's high. At the close, the Sensex was up 787.30 points or 1.07 percent at 74,106.85, while the Nifty rose 255.15 points or 1.12 percent to 22,968.25.

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The broader markets outperformed the main indices, with the Nifty Midcap and Smallcap indices rising 1.5 percent and 1.3 percent, respectively. Among the top gainers were Trent, Shriram Finance, Axis Bank, Adani Enterprises, and Titan Company, while the biggest losers were Reliance Industries, ONGC, Max Healthcare, Eicher Motors, and JSW Steel.

Except for the media and oil & gas sectors, all other indices ended higher, with realty, PSU Bank, Private Bank, and consumer durables up 2 percent each, while auto, metal, and power sectors rose 1 percent each.

Nearly 100 stocks touched their 52-week low on the BSE, including PG Electroplast, JSW Infra, Max Healthcare, Syngene International, Pidilite Industries, and others.

Several stocks experienced significant gains, including Trent Limited, which surged 8 percent after reporting a 21 percent increase in standalone revenue. Wipro gained over 1 percent on securing an 8-year deal from Olam Group. Bank of Maharashtra rose 4 percent after its Q4 total business jumped 18 percent, and The Great Eastern Shipping Company added nearly 2 percent after signing a contract to sell its Medium Range tanker 'Jag Prakash'.

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Jewellery stocks such as Senco Gold and Kalyan Jewellers rallied 6-12 percent after the government cut import prices of gold and silver, while NMDC Limited gained 4 percent following a price hike. HDFC Bank rose nearly 3 percent as its board is set to consider debt fundraising on April 18.

Market Outlook for April 7

Domestic equities staged a strong rally as value buying gained traction across the board, with oversold sectors such as Finance, Realty, and Midcaps showing notable strength. Crude prices softened marginally on reports of ceasefire efforts, while encouraging provisional banking data supported interest in rate-sensitive segments. However, overall risk appetite remains cautious due to persistent inflationary pressures and concerns over potential disruptions to global trade.

Given the RBI policy, US CPI, crude trajectory, and geopolitical developments all converging this week, markets are likely to remain headline-driven. With the deep discount in the broader market, there is meaningful upside potential if a credible ceasefire emerges, despite the prevailing sell on rise trend.