Mumbai — Indian benchmark stock indexes advanced for a fourth consecutive session Monday as a sharp decline in crude oil prices improved investor sentiment amid reports of possible talks between the United States and Iran.
The Sensex rose 544.39 points, or 0.7%, to close at 78,639.03. The Nifty ended at 24,774.30, up 391 points, or 1.6%, following the introduction of the new Closing Auction Session.
Market analysts said the 24,600 level now represents an immediate resistance zone for the Nifty after the index repeatedly encountered selling pressure around that mark.
“A decisive and sustained breakout above this band could strengthen bullish momentum further and pave the way for an advance towards the 24,800 mark,” an analyst said.
On the downside, the 24,500-to-24,400 range is expected to provide immediate support.
“Holding above this zone will be crucial to preserve the ongoing recovery, while a break below 24,400 could trigger short-term profit booking towards the 24,300–24,200 support zone,” a market expert said.
InterGlobe Aviation, Infosys and Tata Consultancy Services were among the top gainers on the Nifty. Strong buying in information technology stocks played a major role in lifting the broader market.
The gains extended to mid- and small-cap stocks. The Nifty MidCap index closed 1.21% higher, while the Nifty SmallCap index advanced 1.29%.
Among sectoral indexes, Nifty IT, Nifty FMCG and Nifty PSU Bank led the gains as investors showed strong buying interest. Nifty Media was the session’s biggest laggard and closed in negative territory.
Analysts attributed much of the positive sentiment to easing concerns over crude oil prices.
“The Q1 FY27 earnings season continues to progress ahead of expectations, with small-cap companies emerging as the strongest performers relative to large- and mid-cap peers,” an analyst said.
Investors are now expected to focus on the Reserve Bank of India’s upcoming monetary policy meeting for guidance on inflation, liquidity and the future direction of interest rates.
“Investors will closely watch the upcoming RBI policy meeting for commentary on inflation risks, liquidity conditions, and the future policy trajectory, although interest rates are widely expected to remain unchanged,” a market expert said. (Source: IANS)
