After the morning trade’s sharp rise, Indian stock markets registered a slump before closing for the day as cautious investors resorted to profit-booking amid conflicting reports of ceasefire violations between Iran and Israel.
In the morning trade, markets bounced back sharply, mirroring a rally in global peers and a steep decline in crude oil prices amid hopes of a potential de-escalation in the Middle East conflict.
After surging 1,121.37 points or 1.36 per cent in the day mirroring a rally in global peers, the 30-share Sensex went from 83,018.16 to 82,055.11. However, despite reports of ceasefire faltering, it settled in the green after climbing 158.32 points or 0.19 per cent.
Similary, the 50-share Nifty rose 72.45 points or 0.29 per cent to end at 25,044.35. Despite remaining past its 25k mark, the index fell from an intra-day high of 25,317.70.
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Initial gains in the domestic market, driven by the ceasefire announcement and sharp drop in crude prices, were short-lived as renewed geopolitical tensions in the Middle East unsettled investor sentiment, opined Vinod Nair, Head of Research at Geojit Investments Limited.
"Adding to the uncertainty was heightened volatility due to expiry day dynamics. Although the market attempted to break out of its recent consolidation range, persistent global risks continue to impede momentum," he said.
From the Sensex stock, Adani Ports, Tata Steel, Kotak Mahindra Bank, UltraTech Cement, Bajaj Finserv and Titan were among the biggest gainers, but Power Grid, Trent, NTPC, Maruti, HCL Tech and Bharat Electronics were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled significantly higher.
European markets were trading with gains in mid-session trade.
US markets ended in positive territory on Monday.
Global oil benchmark Brent crude dropped 3.20 per cent to USD 69.13 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,874.38 crore on Monday, while Domestic Institutional Investors (DII) bought stocks worth ₹5,591.77 crore, according to exchange data.
On Monday, the 30-share BSE Sensex ended with a loss of 511.38 points or 0.62 per cent at 81,896.79. The Nifty dropped 140.50 points or 0.56 per cent to 24,971.90.
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