Sensex, Nifty Extend Rally to Fourth Session as Crude Oil Prices Fall
Mumbai — Indian benchmark stock indices closed higher for a fourth consecutive session Monday as a sharp decline in crude oil prices improved investor sentiment.
The Sensex gained 544.39 points, or 0.7%, to close at 78,639.03. The Nifty advanced 391 points, or 1.6%, to finish at 24,774.30 following the introduction of the new Closing Auction Session.
Lower crude oil prices, driven by reports of possible talks between the United States and Iran, helped ease concerns about inflation and India’s import costs.
InterGlobe Aviation, Infosys and Tata Consultancy Services were among the top gainers on the Nifty. Strong buying in information technology stocks provided significant support to the market.
Broader indices also advanced, with the Nifty MidCap index rising 1.21% and the Nifty SmallCap index gaining 1.29%.
Among sectoral indices, Nifty IT, Nifty FMCG and Nifty PSU Bank posted the strongest gains. Nifty Media was the session’s biggest laggard and ended in negative territory.
Market analysts said the 24,600 level had previously acted as an immediate resistance zone for the Nifty. A sustained move above that level could strengthen bullish momentum and support further gains toward 24,800.
On the downside, analysts identified the 24,500-to-24,400 range as an immediate support zone. A fall below 24,400 could lead to short-term profit-taking and push the index toward the 24,300-to-24,200 range.
Analysts also said the fiscal 2027 first-quarter earnings season was progressing ahead of expectations, with small-cap companies delivering stronger results than many large- and mid-cap companies.
Investors are now awaiting the Reserve Bank of India’s upcoming monetary policy meeting for guidance on inflation, liquidity conditions and the future direction of interest rates. Rates are widely expected to remain unchanged. (Source: IANS)
