Mumbai: Indian stock markets ended Monday’s trading session with strong gains as the Sensex surged more than 1,200 points and the Nifty crossed 23,400. Falling and optimism surrounding US-Iran negotiations improved investor sentiment.
The BSE Sensex jumped 1,233.25 points, or 1.66 per cent, to close at 75,692.78. The NSE Nifty gained 387.70 points to settle at 23,440.80, extending its winning streak to three consecutive sessions.
Market Rally
Positive global developments and buying in heavyweight stocks supported the market rally. contributed to the gains, while hopes of progress in US-Iran talks pushed international crude oil prices lower. Cheaper crude oil is generally positive for India because the country depends heavily on energy imports.
Top Gainers
Coal India, Tata Steel and JSW Steel emerged among the leading Nifty gainers during Monday’s trading session. Energy and metal stocks witnessed strong buying interest, helping the benchmark indices maintain their upward momentum. The Nifty Oil & Gas and Nifty Metal indices recorded the strongest sectoral gains. However, Nifty IT and Nifty Media ended in negative territory.
Broader Markets
Despite the strong performance of benchmark indices, broader markets remained under pressure. The Nifty MidCap 100 declined 1.19 per cent, while the Nifty SmallCap 100 lost 0.71 per cent. This indicated that buying was concentrated mainly in select large-cap stocks.
Nifty Outlook
Market analysts said the Nifty closed above its 50-day simple moving average, indicating improving technical momentum. Immediate support is placed between 23,250 and 23,350, while resistance remains near 23,500. A sustained move above resistance could push the index towards 23,600.
Crude And Rupee
WTI crude declined nearly 3 per cent to around $99.70 per barrel, while Brent traded below $109. Meanwhile, the Indian rupee traded around 94.90 against the US dollar. Analysts expect the currency to move between 94.50 and 95.25 in the near term.