Mumbai — Indian stocks closed higher Thursday as easing crude oil prices and gains in state-owned banks, chemical companies and heavyweight shares supported market sentiment.
The Sensex climbed 374 points, or 0.48%, to close at 78,954.76. The Nifty 50 edged up 11.35 points, or 0.05%, to finish at 24,636.
Reliance Industries, State Bank of India and Bharat Electronics were among the leading Nifty gainers and provided much of the support for the broader market.
Analysts said 24,600 has emerged as the Nifty’s immediate support level, followed by a stronger demand zone near 24,500.
In the derivatives market, the 24,600 strike held the highest put open interest, indicating support at that level. The 24,700 strike recorded the highest call open interest, making it the nearest resistance level.
Broader market performance was mixed. The Nifty MidCap index fell 0.44% as investors booked profits in some mid-sized companies, while the Nifty SmallCap index gained 0.48%.
State-owned banks and chemical stocks outperformed during the session, with the Nifty PSU Bank and Nifty Chemical indexes posting strong gains.
Real estate, media and automobile stocks came under selling pressure. The Nifty Realty, Nifty Media and Nifty Auto indexes were among the session’s weakest sectoral performers.
Investors continued to monitor global developments, particularly crude oil prices. Lower energy prices are generally favorable for India because the country imports most of its oil, meaning a decline can reduce import costs and help ease inflationary pressure.
Market analysts said the Nifty could face resistance near 24,700, while sustained trading above 24,600 would remain important for maintaining positive momentum. (Source: IANS)
