Indian equity markets traded higher on Monday, with the Sensex gaining around 150 points and the Nifty 50 holding above the 24,600 mark as investors weighed strong corporate earnings against rising crude oil prices and continuing geopolitical uncertainty.
The market remained volatile in early trade, with both benchmarks swinging between gains and losses. At around 10.28 am, the Nifty was at 24,579.20, up 8.55 points, after moving above 24,600 earlier in the session. The Sensex, meanwhile, had recovered to trade more than 100 points higher. The initial gains were supported by buying in IT, metal, cement and pharmaceutical stocks, while auto and healthcare shares also remained firm.
Among individual stocks, State Bank of India (SBI) and Titan were among the key gainers. SBI shares rose 1.55% to Rs 1,113 on the BSE after the country’s largest public-sector lender reported a stronger-than-expected June-quarter performance. SBI’s standalone net profit increased 10% year-on-year to Rs 21,121 crore in the first quarter of FY27, beating Street expectations.
SBI’s quarterly numbers also attracted positive attention from global brokerages. Citi maintained a Buy rating and raised its target price to Rs 1,300, citing an improvement in net interest margin, fee income, cost efficiency and loan growth. HSBC also retained its Buy call and raised its target price to Rs 1,310. The bank’s domestic net interest margin improved seven basis points sequentially to 3%, while advances grew 19% year-on-year. Management retained its domestic NIM target of 3% and raised its FY27 credit-growth guidance to 14-15%.
Titan was another stock in focus and gained around 1% in early trade. The jewellery and consumer company was among the stocks investors were watching after its latest quarterly performance. Titan, SBI, Ola Electric, Astra Microwave Products and Hindalco were among the prominent stocks in focus at the start of Monday’s session.
The picture was very different for some companies after their earnings disappointed investors. Kaynes Technology emerged as one of the biggest losers, with its shares plunging as much as 8%. The electronics manufacturing services company reported a 24.4% year-on-year decline in first-quarter FY27 net profit to Rs 56.4 crore.
The weakness came despite strong revenue growth. Kaynes Technology’s revenue rose 40.5% year-on-year to Rs 946 crore, while EBITDA increased 29.5% to Rs 147.5 crore. However, the EBITDA margin narrowed to 15.6% from 16.7%, raising concerns about profitability and cost pressures.
Delhivery was another notable loser, with its shares falling around 4%. The logistics company reported a 64.9% year-on-year decline in first-quarter net profit to Rs 32 crore from Rs 91 crore a year earlier. Revenue, however, increased 27.8% to Rs 2,931 crore. EBITDA fell 4.5% to Rs 142 crore, while the EBITDA margin narrowed to 4.8% from 6.5%.
Despite the broader gains, the sectoral picture remained mixed. IT, cement, metals and pharmaceuticals were among the stronger sectors, while auto and healthcare stocks also traded higher. PSU banks, FMCG, oil and gas and financial services remained under pressure. The uneven movement showed that investors were responding more selectively to individual earnings rather than taking broad positions across the market.
Global markets offered some support to Indian equities. Asian stocks were largely higher on Monday after Wall Street ended the previous week on a strong note. Japan’s Topix gained 0.6%, Hong Kong’s Hang Seng rose 0.7% and the Shanghai Composite advanced 0.2%, while Australia’s S&P/ASX 200 fell 0.4%. US stocks had closed higher on Friday, with the S&P 500 hitting a record high after weaker-than-expected US jobs data boosted expectations of possible Federal Reserve policy easing.
The GIFT Nifty had also pointed to a positive opening. It traded around 24,668.50, up 27 points or 0.11%, before the Indian market opened. The Nifty had ended Friday at 24,570.65 after falling 65.35 points, or 0.27%. The Sensex declined 455.59 points to 78,499.17. Despite Friday’s fall, both benchmarks gained around 0.5% during the previous week, marking their second consecutive weekly advance.
Crude oil remained a major risk for the Indian stock market. Brent crude was trading around $84-$85 a barrel amid renewed uncertainty over the reopening of the Strait of Hormuz. Iran has indicated that discussions over alternative shipping arrangements are progressing, but conditions remain unresolved. Any prolonged disruption around the key waterway could keep oil prices elevated and put pressure on India’s import bill, inflation and corporate profitability.
Foreign investor activity provided another positive signal. Foreign portfolio investors turned buyers of Indian IT stocks in July for the first time in 2026, investing Rs 3,358 crore in the sector. Of this, Rs 3,298 crore came during the second half of the month. The return of foreign buying has offered some relief to IT stocks, which had faced sustained selling pressure earlier this year.
The market is therefore entering the new week with a cautiously positive tone. Strong earnings from companies such as SBI are supporting selective buying, while disappointing numbers from Kaynes Technology and Delhivery are triggering sharp selling. With crude oil, global interest-rate expectations, foreign fund flows and the remaining quarterly earnings season all in focus, volatility is likely to remain high. For investors, the Nifty’s ability to sustain levels above 24,600 and eventually cross the 24,700-24,800 resistance band could determine whether the current recovery gathers further momentum.