Sensex up 43 pts, Nifty at 24,584; PSU bank stocks slide 2%
- Sensex gained 43 points, Nifty closed at 24,584.
- PSU Bank index fell nearly 2% during the session.
- Rising crude oil prices weighed on sentiment.
- Titan Company and Bajaj Finance among top gainers.
Markets Close Flat Amid Crude Oil Spike
Indian equity benchmarks ended Monday's session with marginal gains, as a sharp uptick in global crude oil prices kept investor sentiment in check. The Sensex added 43 points, while the Nifty settled at 24,584, up 0.05 per cent.
Trading remained choppy through the day, with buying in select heavyweights offset by selling pressure in banking and energy stocks. The broader market showed mixed cues, with midcaps and smallcaps giving up early gains.
PSU Banks Drag, Private Lenders Mixed
The PSU Bank index emerged as the biggest laggard, dropping nearly 2 per cent. State-run lenders faced sustained selling, though no single trigger was immediately attributed to the decline. Analysts pointed to profit-booking after a recent run-up in the pack.
Private financials were a mixed bag. Bajaj Finance featured among the top gainers on the Nifty, while some private bank heavyweights saw modest losses. The overall banking gauge remained under pressure, reflecting caution ahead of macroeconomic data releases.
Crude Oil Prices Weigh on Sentiment
A sudden spike in crude oil prices added to inflationary concerns, prompting investors to trim positions in rate-sensitive sectors. Higher oil prices typically widen India's import bill and put pressure on the rupee, which in turn affects foreign fund flows.
Energy stocks, including oil marketing companies, reacted negatively. The market breadth was slightly negative, with more stocks declining than advancing on the BSE.
Top Gainers and Losers
Titan Company was among the notable gainers, supported by strong consumer demand expectations ahead of the festive season. Bajaj Finance also saw healthy buying interest, along with a few IT and FMCG names.
On the losing side, SBI and a few other state-run banks featured prominently. Auto stocks also came under mild pressure as rising input costs threatened to squeeze margins.
What to Watch
With crude oil prices staying volatile, market participants will closely track global cues and the movement of the Indian rupee. The upcoming monthly inflation print and quarterly earnings from major companies are expected to guide the market direction in the near term.
Traders are likely to remain cautious, keeping an eye on any geopolitical developments that could further impact energy prices.