The Sensex and the Nifty 50 ended with marginal gains on Monday, April 20, as rising crude oil prices and uncertainty over the US-Iran situation kept investor sentiment cautious.
The Sensex closed at 78,520.30, up 27 points, or 0.03 percent, while the Nifty 50 settled at 24,364.85, gaining 11 points, or 0.05 percent. Broader markets underperformed, with the Nifty Midcap 100 declining 0.18 percent and the Nifty Smallcap 100 falling 0.45 percent.
Markets remained on edge ahead of the expiry of the two-week ceasefire between the US and Iran on Tuesday. Reports of fresh tensions near the Strait of Hormuz and continued uncertainty over shipping routes added to volatility in global markets.
Vinod Nair of Geojit Investments said renewed disputes over the reopening of the Strait of Hormuz had injected volatility, though investors largely viewed recent developments as negotiation tactics rather than signs of a full-scale conflict.
He noted that while oil prices have surged, they remain below the $100 mark. The rupee has weakened, raising concerns about inflation, but ongoing Q4 earnings have prompted selective buying in sectors such as power, capital goods, and consumer durables.
As many as 31 stocks in the Nifty 50 ended lower. Jio Financial Services, Hindalco Industries, and Tata Motors Passenger Vehicles were among the top laggards.
On the other hand, Trent, JSW Steel, and SBI were among the leading gainers.
The volatility index, India VIX, jumped over 9 percent to around 19, reflecting rising nervousness in the market.
Among sectoral indices, IT and realty declined by more than 0.5 percent each. In contrast, media and PSU bank indices gained nearly 1 percent. Bank and financial services indices ended with marginal gains.
European markets were under pressure, with Germany’s DAX, France’s CAC, and the UK’s FTSE falling around 1 percent each. Brent crude oil prices surged about 6 percent to trade near $95 per barrel, weighing on sentiment.
According to Sudeep Shah of SBI Securities, the 24,230–24,200 zone is expected to act as key support for the Nifty 50, while 24,480–24,500 remains a crucial resistance band.
A sustained breakout above 24,500 could push the index towards 24,650 in the near term, he added.