Nifty 50 Top Gainers and Losers Today: Eternal, IndiGo, Infosys Gain; ONGC, HDFC Bank, HDFC Life Decline

Indian benchmark indices ended sharply higher on Monday as easing tensions in the Middle East triggered a decline in crude oil prices, boosting investor sentiment and encouraging broad-based buying across sectors. The Nifty 50 rose 1% to close at 24,000, while the Sensex gained 1.05%, snapping a five-session losing streak.

The rally extended to the broader market, with the Nifty Midcap 100 and Nifty Smallcap 100 each gaining more than 1%. Technology, financial, aviation and consumer stocks attracted strong buying, while oil & gas companies remained under pressure following the sharp fall in crude prices.

The benchmark rally was led by technology, financial and aviation stocks after easing geopolitical tensions in the Middle East triggered a sharp correction in crude oil prices. Brent crude slipped below the $89-a-barrel mark after Iran and Oman resumed talks over shipping through the Strait of Hormuz, easing concerns over supply disruptions and improving risk appetite across global equity markets.

Lower crude prices particularly benefited sectors that are highly sensitive to fuel and inflation. InterGlobe Aviation (IndiGo) rallied nearly 5% as softer crude is expected to reduce aviation turbine fuel (ATF) costs, one of the airline's largest operating expenses, improving margin expectations. Financial stocks such as Bajaj Finance and Shriram Finance also attracted buying as lower oil prices eased concerns over imported inflation, reinforcing expectations that domestic interest rates could remain supportive for credit growth.

Technology stocks rebounded after witnessing sustained selling in recent sessions. Infosys emerged among the top gainers as investors accumulated quality IT names ahead of more June-quarter earnings announcements, while Eternal extended its rally after the company's better-than-expected quarterly earnings continued to drive buying interest for a second straight session.

Despite the broad-based rally, ONGC emerged as the biggest laggard on the benchmark as falling crude oil prices weighed on upstream oil producers. Lower crude prices reduce the earnings potential of exploration and production companies since their revenue is directly linked to realised crude prices.

The remaining declines were relatively modest and reflected stock-specific profit booking rather than any broad weakness. HDFC Bank and HDFC Life Insurance witnessed mild selling after recent gains as investors rotated towards higher-beta financial names that were expected to benefit more from improving risk sentiment. Meanwhile, Cipla and Dr Reddy's Laboratories underperformed as investors booked profits in defensive pharmaceutical stocks and shifted towards cyclical sectors amid the improving market outlook.

Midcap and Smallcap Movers

The broader market outperformed the benchmark indices, with both the Nifty Midcap 100 and Nifty Smallcap 100 ending more than 1% higher.

Within the Nifty Midcap 100, KPIT Technologies, Tata Elxsi and Godfrey Phillips India emerged among the top gainers, supported by buying in technology stocks and select sector-specific names. On the downside, Exide Industries, Bank of India and Supreme Industries were among the biggest losers.

In the Nifty Smallcap 100, KFin Technologies surged more than 10% after reporting stronger-than-expected June-quarter earnings, while Redington and Sagility India also posted sharp gains. PhysicsWallah, Mangalore Refinery & Petrochemicals (MRPL) and Aptus Value Housing Finance featured among the top losers, with MRPL tracking the decline in crude oil prices.

What Investors Should Watch

With the June-quarter earnings season gathering pace, quarterly results are expected to remain the key driver of stock-specific action in the coming sessions. Investors will also monitor developments in the Middle East, movements in crude oil prices, foreign fund flows and management commentary for cues on the market's near-term direction.

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