Mumbai– Indian equity benchmarks extended their winning streak to a fourth consecutive session on Monday, driven by strong buying in realty, auto, oil and gas stocks.
The Nifty closed 159.50 points, or 0.66 percent, higher at 24,430.35, while the Sensex gained 521.16 points, or 0.67 percent, to settle at 78,285.07.
Market analysts said the 24,500 to 24,600 range will be a key zone to watch for the Nifty in the coming sessions. A decisive move above that level could confirm the continuation of the current bullish trend.
“On the downside, the 24,200 level is expected to act as immediate support in case of any profit booking, followed by the 24,000 psychological zone, which remains the crucial zone,” an analyst said.
Among Nifty stocks, HDFC Bank, Hindalco Industries and Oil and Natural Gas Corporation were the top gainers, helping lift the benchmark indices.
The broader market also ended higher. The Nifty MidCap index rose 0.45 percent, while the Nifty SmallCap index outperformed with a gain of 0.75 percent.
Most sectoral indices closed in positive territory. The Nifty Realty index led the gains and ended at a six-month high. The Nifty Auto index climbed to its highest level in a month, while the Nifty Oil and Gas and Nifty Consumer Durables indices also posted strong advances.
Analysts said sustained buying across rate-sensitive and cyclical sectors supported the fourth straight session of gains.
“Market sentiment remains positive, supported by the decline in the India VIX, which reflects improving investor confidence,” an analyst stated.
“The rally was broad-based, with real estate, oil & gas, automobiles and consumer durables emerging as the top-performing sectors, each advancing around 1 percent during the session, as buying interest remained widespread across the market,” the analyst said. (Source: IANS)
