Indian stock markets ended Monday's session in positive territory, though much of the early momentum faded by the close as declines in IT and banking shares tempered investor enthusiasm during a volatile trading day influenced by election developments.
The BSE Sensex advanced 356 points, or 0.46 per cent, to finish at 77,269.40. The Nifty 50 climbed 121.75 points, or 0.51 per cent, settling at 24,119.30.
Market participants noted that derivatives data continues to signal a clearly defined near-term range.
Strong put activity around the 24,000 and 23,800 levels suggests a solid support base. Persistent call writing is visible between 24,200 and 24,300. This is limiting upward movement.
Among the top performers on the Sensex were Adani Ports and Special Economic Zone, Hindustan Unilever, Maruti Suzuki India and Eternal.
In contrast, losses were led by Bharti Airtel, Kotak Mahindra Bank, Tata Consultancy Services, InterGlobe Aviation, ITC Limited and Infosys.
The broader market outperformed the benchmark indices, with mid-cap and small-cap stocks recording stronger gains.
The Nifty MidCap index rose 0.63 per cent, while the Nifty SmallCap index added 0.70 per cent.
Sector-wise, realty and metal stocks led advances, whereas IT and public sector banking shares lagged, restricting further upside in headline indices.
Globally, signals remained mixed. Oil prices declined sharply during the session following an announcement by US President Donald Trump regarding 'Operation Freedom', aimed at securing safe movement for vessels in the Strait of Hormuz.
Brent crude prices fell as much as 2.45 per cent earlier in the day and were last trading 0.39 per cent lower at $107.75 per barrel.
Analysts expect continued market fluctuations in the near term, driven by political developments and global economic cues.
The prevailing strategy among traders remains cautious, with a preference for buying on declines and booking profits during rallies.
Investor confidence, however, found some support from favourable election outcomes in West Bengal. It was further bolstered by stronger-than-anticipated fourth-quarter earnings. These factors helped offset concerns linked to geopolitical tensions.