Indian markets traded lower on Monday amid geopolitical tensions and rising crude oil prices, but select stocks bucked the trend. Canara HSBC Life Insurance, Kalyan Jewellers and Zensar Technologies surged on strong buying interest, while J&K Bank, NLC India and ICICI Lombard came under selling pressure.
Indian equity markets witnessed a broad-based decline on Monday as renewed geopolitical tensions in the Middle East and Iran’s claim of closing the strategic Strait of Hormuz raised concerns over crude oil prices and inflationary pressure. The benchmark Nifty 50 declined 0.71% to 24,034.1, while the BSE Sensex fell 0.78% to 76,965.69 as of 9:32 AM IST. Despite the weak market sentiment, several stocks from the Nifty 500 index witnessed strong buying interest, while some counters faced selling pressure.
Canara HSBC Life Insurance Share Price Jumps 9%
Canara HSBC Life Insurance became one of the biggest gainers in the Nifty 500 index, as the share price shot up by 9% on July 13. The company provides protection as well as savings and investment-based insurance services, and enjoyed high participation of investors, as there was high volume during the day’s trade.
Overall, 1.66 crore shares of Canara HSBC Life Insurance were traded on the NSE against the average of 7.75 lakh shares traded in the last 30 days.
The volume shot up on that particular day, indicating high market activity and high participation of buyers in the share. There was no new information released by the company that might have triggered the rise.
Kalyan Jewellers Share Price Rallies 9% After Strong Q1FY27 Update
Kalyan Jewellers remained on an upward trend and recorded yet another 9% gain on July 13, emerging as one of the best performing stocks within the Nifty 500 index. It marked the fourth day of gains by the stock, which came in the wake of a positive Q1FY27 update.
The company saw a surge in trading activity, with 6 crore stocks being traded on NSE against the 30-day average volume of 1.8 crore stocks. In the past four trading days, Kalyan Jewellers has risen by nearly 45%, driven by solid performance reported by the company in the quarterly results.
Consolidated revenue for the company surged 38%, while the same store sales growth was at around 28%. Recycling gold accounted for over 46% of total revenue in the quarter under consideration.
Zensar Technologies Share Price Gains 7% on IT Sector Recovery Expectations
Zensar Technologies, a mid-cap IT services company from the RPG Group, gained another 7% on July 13 after rising 13.6% on July 10. The stock recorded strong volume activity, with 1.73 crore shares traded compared with its 30-day average volume of 60.39 lakh shares.
The rally came amid improving sentiment towards the IT sector after TCS reported quarterly results largely in line with market expectations. Investors are hopeful that pressure on the IT sector could ease, while upcoming results from HCL Tech, LTTS and Infosys are being closely tracked for further sector recovery signals.
J&K Bank, NLC India and ICICI Lombard Face Selling Pressure
The share price of J&K Bank dropped by 3.97% to reach ₹185.00 due to negative market sentiments and selling by investors in search of profits.
The share price of NLC India decreased by 3.24% to ₹304.70 as investors booked their profits on the stock. The drop was seen to be due to market reasons rather than any negative development related to the company itself.
ICICI Lombard General Insurance share price decreased by 3.08% to reach ₹1,769.90 due to risk-off sentiments. The company is a provider of health, motor, travel, and commercial insurance products and was sold off for no particular reason.
Generally, Monday's market trend indicated strong buying of stock in companies that had good business outlooks and negative effects of geopolitical uncertainties and crude oil fears on the stock markets.
