MUMBAI — Indian equity benchmarks ended near the day’s highs Monday, lifted by improved investor sentiment following the finalization of the India-New Zealand free trade agreement in the national capital.
The agreement, signed in the presence of Commerce Minister Piyush Goyal and New Zealand Trade Minister Todd McClay, eliminates tariffs on 100 percent of India’s exports to New Zealand and significantly reduces or removes duties on 95 percent of imports from New Zealand.
At the close, the Nifty gained 0.81 percent, or 194.75 points, to 24,092.70, while the Sensex rose 0.83 percent, or 639.42 points, to settle at 77,303.63.
Market participants said the 24,300–24,400 range remains a key resistance zone for the Nifty. On the downside, 23,900 is seen as immediate support, with a break below that level potentially leading to further weakness toward 23,800.
Among Sensex stocks, Adani Ports, Sun Pharma, NTPC, Tech Mahindra and Tata Steel were among the top gainers, while Axis Bank, BEL, Trent and ICICI Bank were among the laggards.
Broader markets outperformed the benchmarks, with the Nifty MidCap index rising 1.55 percent and the Nifty SmallCap index gaining 1.96 percent.
Sectorally, advances were led by pharma, realty and IT stocks, while private banks and financial services underperformed the broader market.
Investor sentiment was also supported by reports of a possible easing of tensions between Iran and the United States, with indications that Tehran has approached Washington with a proposal to reopen the strategically important Strait of Hormuz.
The Indian rupee traded slightly stronger at around 94.16 against the U.S. dollar, up 0.07 percent.
Analysts said the rupee is likely to trade in the 93.75–94.50 range in the near term, with volatility expected to remain elevated. (Source: IANS)
