Sensex Ends Four-Day Losing Streak, Jumps 473 Points as Global Markets Rise
Mumbai — Indian stocks closed higher Monday, with benchmark indexes snapping a four-day losing streak as stronger global equities and improved investor risk appetite lifted sentiment.
The Sensex climbed 472.77 points, or 0.66 percent, to close at 72,382.47, while the Nifty gained 133.80 points, or 0.6 percent, to finish at 22,555.75.
Analysts said the Nifty tested its broken weekly 200-day simple moving average zone around 22,580 to 22,600 but failed to close above it.
“A sustained move above this band could extend the recovery toward 22,800, while rejection would keep 22,400 as the immediate support,” analysts said.
Market watchers said the rebound could continue if the Nifty closes above 22,600 with broader participation and the Bank Nifty moves above 55,175.
“Failure to clear these levels, especially alongside renewed strength in crude or a hawkish RBI outcome, could bring selling pressure back into the market,” they said.
Investor sentiment improved after global equities advanced on expectations that the U.S. Federal Reserve may not need to accelerate interest rate hikes, easing some of the concerns that had pressured markets in recent sessions.
Among Nifty stocks, ITC, BSE and Tata Motors Passenger Vehicles were among the top gainers and helped lead the recovery.
Broader markets also moved higher, with the Nifty MidCap index gaining 0.67 percent and the Nifty SmallCap index rising 0.47 percent.
Consumer-oriented sectors outperformed, with the Nifty Consumer Durables and Nifty FMCG indexes leading gains as investors accumulated shares in those segments.
Healthcare stocks lagged the broader market. The Nifty Healthcare and Nifty Pharma indexes were among the weakest-performing sectoral gauges during the session.
Analysts said the market is approaching an important technical level and could extend its rebound, although continued risk aversion may encourage some investors to take profits until a new catalyst emerges.
They advised investors to focus on companies with strong earnings visibility and selectively accumulate shares on declines rather than chase the rebound.
Meanwhile, the rupee remained weak near 96.30 against the U.S. dollar as investors turned cautious ahead of the Reserve Bank of India’s policy decision Wednesday. (Source: IANS)
