The sentiment toward domestic equities turned favourable in Monday’s session, 27 April, with the benchmark indices ending nearly 1% higher and snapping their three-day losing streak. The rally was largely driven by a recovery in technology stocks, while solid gains in pharma and consumer goods counters further supported the up move.
The Nifty 50 and the Sensex each advanced 0.80%. The broader market mirrored the positive trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices climbing over 1.5%.
All sectoral indices ended in the green, with Nifty Pharma emerging as the top gainer with a rise of 2.62%, while Nifty Consumer Durables also posted a strong gain of 2.53%. Other indices, including Nifty Realty, Nifty Media, Nifty IT, and Nifty Metal, closed with gains of more than 1.8%.
In the commodity market, benchmark Brent crude futures rose around 2% to touch a three-week high of $107.97 a barrel as stalled US-Iran peace talks prolonged the disruption in Middle East energy exports.
While a ceasefire has largely halted active fighting in the war triggered by U.S.-Israeli strikes on Iran two months ago, markets remain focused on the still-shuttered Strait of Hormuz, through which global oil and gas shipments continue to face severe restrictions.
Ajit Mishra – SVP, Research, Religare Broking, said, “The up move was primarily driven by a rebound in beaten-down heavyweights across sectors, particularly Reliance, along with positive developments such as a sharp rally in pharma majors following global acquisition news. Additionally, optimism around potential progress in US–Iran negotiations supported global sentiment, even as crude oil prices remained elevated.”
Pharma, earnings-driven stocks dominate gainers
Cohance Lifesciences led the list of top gainers on Monday, with the stock locked at its 20% upper circuit at ₹432 apiece after the company appointed Umang Vohra as Group CEO, effective May 20. Blue Jet Healthcare shares also gained sharply by 10%, snapping a two-day losing streak.
With an 8% surge, Anant Raj too emerged as one of the top performers, while Shyam Metalics and Energy posted a similar 8% gain to end the session at ₹886.2 apiece. Reacting to strong March quarter earnings, Mahindra & Mahindra shares closed 7.9% higher at ₹3,173 apiece.
Sun Pharmaceutical Industries climbed 7% after the drugmaker announced the acquisition of U.S.-listed Organon in a deal valued at roughly $11.8 billion. Other pharma stocks such as Gland Pharma, Biocon, Torrent Pharmaceuticals, and Wockhardt also ended with gains of over 2%.
Stronger-than-expected March quarter performance pushed IndusInd Bank 6.2% higher, while Varun Beverages settled 5.8% higher after its results. Suzlon Energy saw renewed buying, with the stock surging 5.6% to ₹56.9 apiece. In a similar fashion, Ather Energy zoomed 6.6% after a two-day slide.
MRPL, Supreme Petrochem, Axis Bank among key drags
Despite broad-based buying across the market, a few stocks ended the session with sharp cuts, led by Mangalore Refinery and Petrochemicals, which dropped 7.7% to ₹172 apiece, while Supreme Petrochem declined 4.9% to close at ₹772.5 apiece. Other laggards, such as Chennai Petroleum Corporation and Shriram Finance, each ended with losses of 3.6%.
Axis Bank shares reacted negatively to the March quarter numbers, sinking 3.1% to ₹974 apiece. Elecon Engineering, Data Patterns (India), RBL Bank, Bharti Hexacom, AU Small Finance Bank, Bharat Electronics and PB Fintech were among the other stocks that closed with losses of over 2%.
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