The markets were stuck in a very tight range after a gap-up start. The Sensex opened 1,200 points higher and ended up pretty much around the same levels. The script is no different for Nifty’s intra-day action either. However, what really caught attention amidst all is the price action in individual stocks and some sectoral winners.
Top gainers today
The top gainers on Nifty include IndiGo, Power Grid, Eternal, and Max Health up 4% each. The tech space also saw reasonably strong traction with individual stocks up 3% each. The Nifty IT Index closed up nearly 3% as well.
All eyes are on the Wipro results tomorrow.
Top losers today
However, some stocks bucked the trend. The telecom stocks are relatively under pressure despite the broad optimism.
Volatility falls
Another key positive in today’s session was the sharp drop in volatility in intra-day trade. The VIX slumped 8% intra-day indicating significant investor optimism.
What’s supporting the positive sentiment ?
The upmove was primarily driven by improving global sentiment amid renewed hopes of US–Iran negotiations, which led to a sharp cooling in crude oil prices below the $100 mark.
What’s the outlook for the markets tomorrow ?
Experts pointed out that this eased concerns around inflation and supported emerging market equities like India. Stability in the rupee and a decline in volatility, as indicated by India VIX, further contributed to the positive undertone.
Vinod Nair, Head of Research, Geojit Investments, pointed out that this is “driving oil prices below $100/bbl as expectations of talks outweighed concerns over supply disruption. Despite a muted Q4 outlook, investors remain encouraged by attractive valuations and a relatively better FY27 earnings outlook, indicating that the rally could sustain momentum in the near-term.”
Ajit Mishra – SVP Research at Religare Broking added that “From a technical perspective, the Nifty has once again reclaimed the 24,000 mark, indicating strengthening momentum in the ongoing recovery phase. The index is now expected to inch toward the 24,350–24,600 zone, with a key hurdle placed around 24,800, coinciding with the 200 DEMA.”
He added that “on the downside, support has shifted higher to the 23,900–23,600 range. We reiterate a positive yet cautious stance, focusing on stock selection and prudent overnight risk management. While broader indices are showing notable outperformance in the recent rally, participants are advised to remain selective and stick to quality names.”
