Sensex, Nifty rebound after three-day slide; Sun Pharma leads gains, up 7%

Benchmark equity indices Sensex and Nifty rebounded in early trade on Monday after three consecutive sessions of losses, supported by gains in Sun Pharma and a positive trend across global markets. 

At 10.03 am, the BSE Sensex was up 636.20 points, or 0.83%, at 77,300.41 while the NSE Nifty50 rose 195.80 points, or 0.82%%, to 24,093.75.  

Markets tracked advances in Asian peers as investors grew hopeful of easing tensions in West Asia. 

Broader markets outperformed the frontline indices, with the Nifty MidCap and Nifty SmallCap indices rising 1.16% and 1.05%, respectively. 

Sectoral performance 

Among sectors, Nifty Realty and Nifty Pharma were the top gainers while Nifty Private Bank and Nifty Financial Services underperformed. 

Among Sensex constituents,  Sun Pharmaceutical Industries ,  Adani Ports ,  Kotak Mahindra Bank ,  Tata Steel , and  Mahindra & Mahindra  were among the major gainers. On the losing side were  Axis Bank ,  Bharat Electronics ,  Bajaj Finance , and  Reliance Industries . 

Shares of Sun Pharma surged as much as 7% to ₹1,740 after the company announced a major acquisition of US-listed Organon. The stock had opened at ₹1,625 compared with Friday’s close of ₹1,620. 

Foreign Institutional Investors (FIIs) remained net sellers on Friday, offloading equities worth ₹8,827.87 crore, according to exchange data. 

Brent crude up 1.1% 

In commodities, Brent crude pared some intraday gains after a Bloomberg report said Iran may have approached the US with a fresh proposal to reopen a key global supply route. Brent for April delivery was trading 1.1% higher at $106.5 per barrel. 

Asian markets show mixed response 

Asian markets were mixed on Monday. Japan’s Nikkei 225 surged 1.4% to 60,564.18, hitting fresh intraday record highs, while South Korea’s Kospi climbed 2.1% to 6,617.94. 

Hong Kong’s Hang Seng slipped 0.1% to 25,951.86, while China’s Shanghai Composite rose 0.2% to 4,089.04. Australia’s S&P/ASX 200 fell 0.3% to 8,759.40. Taiwan’s Taiex rallied 2.6%, led by renewed buying in technology shares amid continued enthusiasm around artificial intelligence. 

Meanwhile, the Indian rupee weakened by 11 paise to 94.27 against the US dollar in early trade.