Sensex Gains 564 Points, Nifty Closes Above 23,400 as Oil Prices Fall
Mumbai — Indian equity benchmarks ended higher Monday as falling crude oil prices and softer global bond yields improved investor sentiment, while gains in heavyweight stocks and defensive sectors helped offset weakness in the broader market.
The Sensex rose 564.03 points, or 0.76 percent, to close at 74,858.99. The Nifty gained 67.90 points, or 0.29 percent, to settle at 23,414.30.
“Technically, the Nifty continues to hold above 23,300, keeping the short-term recovery structure intact. The index now faces resistance at 23,500–23,600, while 23,300 and 23,200 remain the immediate support levels,” market experts said.
Investor sentiment was supported by easing concerns over inflation after crude oil prices declined. Lower global bond yields also strengthened appetite for risk assets and encouraged buying in select frontline stocks.
Among Nifty companies, Eternal, HCL Technologies and SBI Life Insurance Company were the top gainers of the session.
The broader market, however, was more subdued. The Nifty MidCap index slipped 0.29 percent, while the Nifty SmallCap index declined 0.07 percent.
Defensive and consumption-oriented sectors outperformed. The Nifty FMCG, Nifty Pharma, Nifty Healthcare, Nifty Realty and Nifty Consumer Durables indices posted strong gains as investors moved toward sectors considered relatively resilient amid global uncertainty.
Metal and state-owned banking stocks came under pressure, with the Nifty Metal and Nifty PSU Bank indices ending lower.
“Improving sentiment ahead of the upcoming US-China talks, renewed hopes of diplomatic engagement between the US and Iran at the UN, and the decline in oil prices and bond yields have provided relief to investors,” market watchers said.
Analysts added that easing concerns over inflation and energy costs supported the broader recovery and improved overall market sentiment.
The rupee also strengthened, trading about 0.11 percent higher at 95.81. The currency was supported by a nearly 7 percent decline in crude oil prices over the past two to three sessions to about $91.50, helping it remain near the 96.00 level.
“Rupee range can be seen between 95.45–96.15,” market experts said. (Source: IANS)
