Mumbai — Indian equity benchmarks ended sharply higher Monday as investor sentiment improved after the United States and Iran announced a peace agreement, easing geopolitical concerns and boosting risk appetite across global markets.
The Sensex rallied 736.38 points, or 0.97 percent, to close at 76,264.33. The Nifty gained 231 points, or 0.98 percent, to settle at 23,853.90.
Analysts said the 24,000 level remains an important immediate resistance zone for the Nifty.
“On the downside, the 23,800 zone remains an immediate support area. Holding above this range will be crucial to maintain the current positive structure,” an analyst said.
Among Nifty stocks, Trent, Shriram Finance and HDFC Life Insurance were among the top gainers, supported by strong buying interest during the session.
The rally extended to the broader market, with the Nifty MidCap index rising 1.29 percent and the Nifty SmallCap index gaining 1.11 percent.
Real estate stocks led sectoral gains, with the Nifty Realty index surging more than 4 percent. The Nifty Consumer Durables and Nifty Auto indices also outperformed as investors increased exposure to domestic consumption-driven sectors.
Pharmaceutical stocks lagged the broader rally, with the Nifty Pharma index emerging as the weakest-performing sectoral index of the session.
Market participants welcomed reports that the United States and Iran had agreed to a peace deal aimed at ending the four-month conflict in West Asia. According to reports, both countries announced an immediate halt to military operations on all fronts, raising hopes for improved regional stability and reducing concerns over disruptions to global energy supplies.
Analysts said the easing of tensions between Washington and Tehran encouraged investors to move toward risk assets. The development also raised expectations of greater stability in crude oil prices, which is generally seen as positive for the Indian economy and corporate earnings. (Source: IANS)
