Markets reverse early losses, Power Grid leads gains while Asian Paints tumbles

Indian benchmark indices recovered from their lower opening to trade in the green during Monday afternoon trading, with the BSE Sensex rising 315.84 points or 0.40 per cent to 79,802.16 at 12.30 PM. The broader NSE Nifty gained 90.05 points or 0.37 per cent to reach 24,238.25.

Market breadth remained negative with 2,275 stocks declining against 1,681 advances on the BSE. A total of 4,088 stocks were traded, with 132 remaining unchanged. The session saw 233 stocks hitting 52-week highs, while 47 touched their 52-week lows. Circuit filters were triggered for 634 stocks, with 354 hitting upper circuits and 280 touching lower circuits.

Power Grid Corporation emerged as the top gainer among Nifty constituents, surging 4.30 per cent, followed by retail chain Trent which advanced 3.30 per cent. Auto major Tata Motors gained 1.89 per cent, while technology stocks Tech Mahindra and Wipro rose 1.83 per cent and 1.82 per cent respectively.

Asian Paints led the losers, plummeting 8.03 per cent after disappointing quarterly results. Healthcare stocks faced selling pressure with Apollo Hospitals declining 3.15 per cent and Cipla dropping 2.70 per cent. Auto manufacturer Mahindra & Mahindra shed 1.76 per cent, while FMCG giant Britannia Industries fell 1.71 per cent.

Sectoral performance was mixed, with banking and financial services showing strength. The Nifty Bank index advanced 492.85 points or 0.96 per cent to 52,054.05, while Nifty Financial Services gained 221.40 points or 0.93 per cent to 24,055.95. The Nifty Next 50 index rose 458.45 points or 0.66 per cent to 70,232.65, though the Nifty Midcap Select index traded marginally lower, down 3.70 points or 0.03 per cent at 12,516.90.

The market recovery came despite a weak opening influenced by China’s stimulus concerns and continued foreign investor selling. The Sensex had opened at 79,298.46, down from its previous close of 79,486.32, while the Nifty began trading at 24,087.25, lower than its last close of 24,148.20.