Sensex Rises 374 Points as Lower Oil Prices Boost Sentiment
Mumbai — Indian stocks closed higher Thursday as easing crude oil prices and gains in state-owned banks and chemical companies supported investor sentiment.
The Sensex gained 374 points, or 0.48 percent, to end at 78,954.76. The Nifty 50 edged up 11.35 points, or 0.05 percent, to close at 24,636.
Reliance Industries, State Bank of India and Bharat Electronics were among the leading Nifty gainers and provided much of the support for the benchmark indices.
Trading in the broader market was mixed. The Nifty MidCap index fell 0.44 percent as investors booked profits in some mid-sized companies, while the Nifty SmallCap index advanced 0.48 percent.
State-owned banks and chemical stocks were among the strongest sectoral performers. Realty, media and automobile shares came under selling pressure and ended among the session’s weakest segments.
Analysts said lower crude oil prices improved sentiment because India imports most of its energy needs. A decline in oil prices can reduce the country’s import bill and ease inflationary pressure.
From a technical perspective, analysts identified 24,600 as the Nifty’s immediate support level, followed by a stronger support zone near 24,500.
The 24,600 strike held the highest put open interest in the derivatives market, reinforcing it as a key support level. The 24,700 strike had the highest call open interest and was seen as the index’s immediate resistance. (Source: IANS)
