Closing Bell: Sensex, Nifty end flat after swinging up to 1.4% in choppy session — What’s driving market volatility?

Stock Market Closing Bell: The market witnessed sharp volatility on Monday amid weak global cues, rising crude oil prices and continued weakness in the Indian rupee, said market expert Anil Singhvi.

Indian equity markets ended largely flat on Monday after a volatile session, with gains in IT stocks offset by weakness in auto, PSU banks and metal counters.

The BSE Sensex closed at 75,315.04, up 77.05 points or 0.10 per cent. The Nifty 50 ended at 23,649.95, up 6.45 points or 0.03 per cent, indicating a muted close despite sectoral divergence.

Sensex and Nifty see wide intraday swings

The BSE Sensex opened at 74,807.97 against the previous close of 75,237.99. It later moved to an intraday high of 75,466.60, gaining 228.61 points or about 0.30 per cent. However, the index slipped sharply during the session and touched an intraday low of 74,180.26, falling 1,057.73 points or around 1.41 per cent from the previous close.

The Nifty 50 also saw similar movement. It opened at 23,482.20 compared to the previous close of 23,643.50. It touched an intraday high of 23,695.65, rising 52.15 points or about 0.22 per cent.

Later, it fell to an intraday low of 23,317.10, declining 326.40 points or nearly 1.38 per cent from the previous close.

Top Gainers and Losers

IT stocks led the gains, with Nifty IT rising 2.43 per cent. Tech Mahindra jumped 4.97 per cent, while Infosys gained 2.47 per cent. HCL Tech and TCS also ended higher. Bharti Airtel, Bajaj Finance, Sun Pharma, Kotak Bank, Titan, ICICI Bank and HDFC Bank were among other major gainers.

In contrast, selling pressure was seen in several heavyweights. Tata Steel fell 3.09 per cent, Power Grid declined 2.89 per cent, and SBI and NTPC dropped over 2 per cent each. Maruti Suzuki, Trent, M&M and Adani Ports also ended lower.

Nifty Sectoral & Broad Market Indices

Broader markets remained under pressure. Nifty Smallcap indices fell between 1.21 per cent and 1.49 per cent, while Nifty Midcap indices closed marginally lower.

Among sectors, Nifty IT was the top gainer, while Nifty Media, PSU Bank, Auto, Metal and Consumer Durables indices ended in the red. Nifty Bank closed down 0.32 per cent, while Nifty Financial Services ended nearly flat.

Weak global cues, crude oil

According to Anil Singhvi, the initial fall in the market was driven by negative global signals, including a sharp decline in US markets on Friday and weak Dow futures. “Dow fell nearly 550 points on Friday, and futures also remained under pressure, which weighed on sentiment,” Singhvi said.

He added that Asian markets were also weak in early trade, which further added to selling pressure in domestic equities. However, markets later recovered from lower levels during the session. Singhvi said crude oil prices remained elevated and continued to rise gradually, adding to concerns in the market.

“Crude oil is moving up step by step, and there is fear that it may move towards higher levels if the trend continues,” he said. He also highlighted weakness in the rupee, which touched a fresh low near 96.25 against the US dollar, adding further pressure on sentiment.

FIIs buying and IT stocks support recovery

Despite early weakness, the market recovered from lower levels during the session. Singhvi said foreign institutional investors (FIIs) supported the market by buying at lower levels in the past two sessions.

He added that IT stocks played a key role in supporting the recovery. “IT stocks have clearly supported the market in difficult times today. This is the strongest sector in today’s trade,” he said. Midcap and small-cap stocks also showed relative stability compared to large-cap volatility, according to him.

Bank Nifty fills gap zone

Singhvi said Bank Nifty witnessed strong movement during the session and filled a previous gap formed earlier in April. He said Bank Nifty moved into the 52,780–52,800 zone, which acted as a key technical area during the recovery.

He added that Bank Nifty has strong support in the 52,600–52,800 range, while a fresh downtrend would only trigger if the index closes below the 52,500 level. On the upside, Bank Nifty faces resistance near 53,700, followed by 54,150 levels, where profit booking is expected.

Key levels for Nifty and overall market outlook

For the Nifty 50, Singhvi said the index saw sharp intraday swings between 23,317 and higher levels during the session. He said key support lies in the 23,265–23,375 zone, while resistance is seen near 23,650–23,750. He added that a move above 23,850 would indicate a return of strong bullish momentum.

He also noted that midcap and smallcap stocks remained relatively stable during the volatile session.

According to Singhvi, overall market movement was driven by a mix of global weakness and selective domestic support, while FIIs buying, IT sector strength and technical gap filling helped the market recover from lower levels despite early pressure.