Closing bell: Sensex ends 963 pts down from day’s high; Nifty holds 25K; Adani Ports, Tata Steel, Kotak Mahindra Bank among top gainers

On a highly volatile day, the Indian equities market witnessed sharp swings in both directions before settling higher with marginal gains. The benchmark indices—the BSE Sensex and the NSE Nifty—dropped nearly 1% from the day’s high as investors turned jittery following reports of a possible ceasefire violation by Iran, just hours after it was agreed upon. Israeli Prime Minister Benjamin Netanyahu accused Iran of breaking the ceasefire, alleging that Iran launched missiles at northern Israel, just hours after a U.S.-brokered ceasefire was meant to take effect.

The BSE Sensex closed 158.32 points, or 0.19%, higher at 82,055.11, and the NSE Nifty50 ended at 25,044.35, up by 72.45 points, or 0.29%. The 30-share Sensex dropped 963 points from its intra-day high, while the 50-share Nifty revered 273.7 points from the day’s high.

Earlier today, the domestic bourses rallied by up to 1.4% after U.S. President Donald Trump claimed that Israel and Iran have fully agreed to a “complete and total” ceasefire. The Sensex gained by as much as 1,121 points, or 1.36%, to hit an intra-day high of 83,018.16, and the Nifty50 rallied 346 points to touch the day’s high of 25,317.70.

The broader markets continued to outperform the benchmark indices, with both the mid-cap and the small-cap indices rising over 0.5%.

On the sectoral front, metals, financials, and banking stocks ended in positive terrain. The PSU Bank index gained the most, rallying 1.40%, whereas the Defence index lost the most, declining 2.35%.

"Initial gains in the domestic market, driven by the ceasefire announcement and a sharp drop in crude prices, were short-lived as renewed geopolitical tensions in the Middle East unsettled investor sentiment. Adding to the uncertainty was heightened volatility due to expiry day dynamics,” said Vinod Nair, Head of Research, Geojit Investments.

“Although the market attempted to break out of its recent consolidation range, persistent global risks continue to impede momentum. Going forward, the sustainability of an uptrend will hinge on the strength of domestic earnings, with optimism surrounding the upcoming Q1 results supported by favourable domestic macroeconomics," he added.

Top gainers and losers

Adani Ports , Tata Steel , Kotak Mahindra Bank , Ultratech Cement , and Bajaj Finserv were among the Top 5 gainers on the BSE Sensex pack, gaining in the range of 2.6-0.8%.

On the other hand, Power Grid Corp , Trent , NTPC , Maruti Suzuki India , and HCL Tech were among the Top 5 losers, falling by up to 1.5%.

108 shares hit 52-week highs, 44 stocks at 52-week lows

Data from the exchanges showed that 108 stocks hit their 52-week highs, while 44 shares touched their 52-week lows. As many as 261 stocks touched their upper circuit limit, whereas 200 were locked in their lower circuit limit.

The market breath, indicating its overall strength, was positive as 2,665 stocks advanced out of the total traded shares of 4,144 companies on the BSE. Meanwhile, 1,341 stocks declined, while 138 of them ended unchanged.

Technical outlook

The Nifty's failure to surpass the 25,200-resistance level indicates that the bears are still active and not ready to give in, said Ajit Mishra, SVP-Research, Religare Broking.

“However, rotational buying across key sectors, along with notable strength in the mid-cap and small-cap segments, continues to offer trading opportunities. Participants are advised to maintain a positive yet cautious stance, with a strong focus on stock selection driven by sectoral trends," he said.

From the day's highest level, the Nifty and the Sensex have corrected over 300 and 1,000 points, respectively. “It also formed a bearish candle on the daily charts, indicating temporary weakness. However, the medium-term outlook of the market remains positive,” said Shrikant Chouhan, Head-Equity Research, Kotak Securities.

Chouhan is of the view that 25,000 and 82,000 would act as a key support zone for the Nifty and the Sensex. “Above this level, we could expect a technical bounce back up to 25,200–25,300 and 82,500-83,000. On the flip side, if the market falls below 25,000/82,000, it could extend the correction up to 24,850–24,800/81,600-81,500. The current market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders.”

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