Stock Market Live: Sensex ends 442 pts higher, Nifty at 25,090; Eternal, ICICI, HDFC Bank, M&M, BEL lead

The benchmark Nifty index found support near the crucial demand zone of 24900–24870, which aligns with the confluence of the 50-day EMA and the 61.8% Fibonacci retracement of its recent upswing from 24473 to 25669, says Sudeep Shah, Head - Technical and Derivatives Research, SBI Securities.

Post this technical cushion, the index staged a sharp recovery and closed the session on a positive note at 25090, up 0.49%.

Among Nifty constituents, Eternal, ICICI Bank, and HDFC Bank emerged as the top gainers, while Reliance Industries and Wipro were among the key laggards.

On the sectoral front, Nifty Financial Services, Nifty Private Bank, and Nifty Metal indices led the rally. Conversely, Nifty Oil & Gas, Nifty PSU Bank, and Nifty FMCG indices ended in the red, dragging overall gains, he said.

"Positive results from banking majors supported the market to rebound after many days of consolidation. The market remains highly reactive to earnings, indicating that investors remain focused on the earnings front to aid valuation. The manufacturing segment gained today as the government is reviewing the scope of expanding the infrastructure spending to support growth," says Vinod Nair, Head of Research, Geojit Investments Limited.

Indian share market ended higher in choppy trade on Monday, with the benchmark indices rising up to 0.55% amid spurt in buying activity in the final hour of trade. The BSE Sensex closed 442 points higher at 82,200, and the NSE Nifty added 122 points to settle at 25,090.  

Sun Pharmaceutical Industries on Monday announced top-line results from two phase 3 clinical studies evaluating the efficacy and safety of tildrakizumab 100 mg (ILUMYA) administered over 24 weeks for the treatment of active psoriatic arthritis (PsA).

Treatment with tildrakizumab 100 mg led to significantly greater improvements in psoriatic arthritis signs and symptoms at Week 24 compared to placebo, it said in a BSE filing. Both the INSPIRE-1 and INSPIRE-2 studies met their primary endpoint, with a significantly higher proportion of patients achieving ACR20 responses at Week 24 in the tildrakizumab groups versus placebo (p < 0.05).

These results support the potential regulatory submission of ILUMYA for the treatment of active psoriatic arthritis in the US, it said.

State-owned BEML on Monday announced that its board has approved a stock split in the ratio of 1:2, meaning each existing share will be split into two shares.

In an exchange filing, the company stated that the board has approved the split of one equity share with a face value of ₹10 into two equity shares of ₹5 each.

The record date to determine shareholder eligibility for the split is yet to be announced. If finalised, this will mark BEML’s first-ever stock split.

Shares of companies linked to India’s capital markets such as BSE, Angel One, and CDS surged by up to 3% on Monday on reports that Securities and Exchange Board of India (Sebi) may allow Jane Street, a U.S.-based global trading firm, to resume trading operations in India. Last week, the New York-based Jane Street Group deposited ₹4,800 crore into an escrow account, as mandated by the regulator in its July 3 order, and had requested the regulator to lift trading restrictions imposed on its participation in Indian equity markets.

ICICI Bank shares rose 2.8% to an intraday high of ₹1,465.90 on the NSE today on the back of strong first quarter results. Net Profit of the private sector lender has surged over 15.5% to ₹127.68 billion.

Top gainers on the NSE include Astec LifeSciences that has gained over 19.84% , followed by Orissa Bengal Carrier at 15.95%, and Tainwala Chemical and Plastic at 15.92%. Top losers include Ksolves India at 11.96%, T. T. Ltd at 8.16%, and Sindhu Trade Links at 7.63%.

Nifty's sectoral indices are trading in green, with auto, media, and metal being up by 0.5%.

Amongst losers, FMCG, IT, PSU Banks and oil and gas are in the list. In broader markets, Midcap and Smallcap indices too were trading flat.

Paring early losses, the Indian share market has turned positive, with the Sensex rebounding by 285 points to cross 84,000 mark, and the Nifty reclaimed the 25,000 level.

In the opening trade, the BSE Sensex declined as much as 122 points to 81,635, and the NSE Nifty slipped 38 points to 24,964 level.