Sensex Surges 1,100 Points from Intraday Low, Nifty 50 Nears 23,650

Market Witness Smart Rebound on Monday

The Indian stock market staged a significant rebound on Monday, 18 May, with the frontline indices, Sensex and Nifty 50, ending in the green. The Sensex, which had fallen by over 1,000 points at one point during the day, made a sharp recovery of over 1,100 points to close in the green. The Nifty 50 touched an intraday low of 23,317 but eventually ended over 300 points higher than the day's low.

Key Market Figures

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Despite the rebound, the mid and small-cap segments underperformed, with the BSE 150 Midcap index falling 0.43% and the BSE 250 Smallcap index crashing 1.71%. The overall market capitalisation of BSE-listed firms dropped to ₹458 lakh crore from nearly ₹461 lakh crore on Friday, resulting in investors losing approximately ₹3 lakh crore in a single session.

Market sentiment remained cautious due to the rise in crude oil prices and the rupee's weakness amid persisting uncertainty over the Middle East conflict. Brent Crude traded above $110 per barrel, while the Indian rupee closed at a record low of 96.33 (provisional) against the US dollar.

Sectoral Performance

Among the sectoral indices, Nifty Media crashed 2.24%, followed by Nifty PSU Bank (down 1.92%), Consumer Durables (down 1.80%), and Auto (down 1.71%). However, Nifty IT jumped 2.43%, and the pharma pack rose by half a per cent. Bank Nifty fell 0.32%.

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The top gainers in the Sensex index were Tech Mahindra, Infosys, and Bharti Airtel, while Tata Steel, Power Grid, and NTPC were the top losers in the index.