Mumbai — Indian stocks closed higher Monday, snapping a four-session losing streak as gains in global equities and improved investor risk appetite lifted benchmark indices.
The Sensex rose 472.77 points, or 0.66%, to close at 72,382.47, while the Nifty gained 133.80 points, or 0.6%, to finish at 22,555.75.
Analysts said the Nifty tested the 22,580-22,600 zone around its broken weekly 200-day simple moving average but failed to close above that level.
A sustained move above that range could extend the recovery toward 22,800, while a rejection could keep 22,400 as the immediate support level, they said.
Market watchers added that the rebound could strengthen if the Nifty closes above 22,600 with broader participation and the Bank Nifty moves above 55,175. A failure to clear those levels, particularly if crude oil prices rise again or the Reserve Bank of India delivers a hawkish policy signal, could bring renewed selling pressure.
Investor sentiment improved as global markets advanced on expectations that the U.S. Federal Reserve may not need to accelerate interest-rate increases, easing concerns that had weighed on equities in recent sessions.
Among Nifty stocks, ITC, BSE and Tata Motors Passenger Vehicles were among the top gainers and helped lead the market higher.
Broader indices also advanced, with the Nifty MidCap index rising 0.67% and the Nifty SmallCap index gaining 0.47%.
Consumer-oriented sectors led the gains. The Nifty Consumer Durables and Nifty FMCG indices outperformed the broader market as investors increased exposure to those segments.
Healthcare stocks lagged, with the Nifty Healthcare and Nifty Pharma indices ending among the weakest sectoral performers.
Analysts said the market is approaching an important technical level and warned that investors could continue booking profits until a fresh catalyst emerges.
They advised investors to focus on companies with strong earnings visibility and selectively buy on declines rather than chase the rebound.
Meanwhile, the rupee remained weak near 96.30 against the U.S. dollar as investors turned cautious ahead of the Reserve Bank of India’s policy decision on Wednesday. (Source: IANS)
