Equity benchmarks maintained modest gains in the Monday afternoon session on Monday, though the broader market sentiment remained cautious, with declining stocks outnumbering advancers by a significant margin. The 30-share BSE Sensex traded at 74,502.03, up 169.45 points or 0.23 per cent from its previous close, while the NSE Nifty rose 35.35 points or 0.16 per cent to 22,587.85 at 12.30 pm.
The market breadth was decisively negative, with 2,437 stocks declining, against 1,469 advances on the BSE. Notably, 87 stocks hit their 52-week lows, compared to 63 that touched 52-week highs, underscoring the underlying weakness despite benchmark indices staying in positive territory.
Power Grid Corporation led the gainers on the NSE, rising 2.89 per cent, with substantial trading volume of over 1.93 crore shares. Other top performers included Hindustan Unilever (+2.27 per cent), Infosys (+1.60 per cent), Bajaj Finance (+1.41 per cent), and Bajaj Finserv (+1.36 per cent).
On the losing side, IndusInd Bank emerged as the biggest laggard, dropping 3.33 per cent with high volumes exceeding 1.18 crore shares. Trent (-2.90 per cent), ONGC (-2.04 per cent), Titan (-1.55 per cent), and Eicher Motors (-1.42 per cent) rounded out the top five decliners.
The sectoral performance was mixed, with Nifty Financial Services gaining 0.31 per cent, while the Nifty Bank index remained virtually unchanged, down just 0.002 per cent. The broader market indicators showed greater weakness, with Nifty Next 50 falling 0.37 per cent, and Nifty Midcap Select dropping 0.72 per cent.
Circuit filters were triggered for several stocks, with 279 hitting their upper circuit limits and 210 touching their lower circuits during the session.
Investors are bracing for a data-heavy week ahead, according to Bajaj Broking Research. Key economic indicators from India, China, and the US are expected to influence market sentiment. India will release its February CPI data and January Industrial Production figures on Wednesday, while the US will publish its inflation numbers the same day.
The market will remain closed on Friday for Holi festivities. Analysts note that these inflation readings could drive volatility in interest rate-sensitive sectors as participants assess potential central bank actions in response to the latest economic data.