MUMBAI — Indian equity markets rose for a third straight session Monday, buoyed by investor optimism over a potential easing of tensions between the United States and Iran.
The benchmark Nifty climbed 1.12 percent, or 255 points, to close at 22,968.25, while the Sensex advanced 787 points, or 1.07 percent, to settle at 74,106.85.
Market participants pointed to reports suggesting that both Washington and Tehran are considering a proposal aimed at ending hostilities. The plan is said to involve a two-stage process, with a possible ceasefire agreement taking shape within 15 to 120 days. The framework reportedly includes elements related to nuclear restrictions and sanctions relief.
Analysts said improving geopolitical sentiment helped lift global risk appetite, easing concerns over energy prices and capital flows.
From a technical perspective, market watchers noted that the Nifty is nearing a key resistance level around 23,000.
“A sustained move above this level may open the path for further upside towards 23,200,” one analyst said.
On the downside, immediate support is seen in the 22,800–22,750 range, which has shifted from resistance to support, followed by a stronger base near 22,550.
Gains were broad-based across sectors. Among Nifty constituents, Trent, SBI Life Insurance Company, and Titan Company were among the top performers.
The broader market also advanced, with the Nifty MidCap index rising 1.52 percent and the Nifty SmallCap index gaining 1.29 percent.
Sector-wise, construction and banking stocks led the rally. The Nifty Construction Durable index outperformed, while the Nifty PSU Bank and Nifty Bank indices also posted solid gains.
In contrast, the Nifty Oil and Gas index underperformed, reflecting volatility in crude oil prices tied to ongoing geopolitical developments.
Analysts said market momentum remains positive as investors continue to track global developments and diplomatic efforts, which are likely to influence near-term direction. (Source: IANS)
