Indian equity benchmarks closed higher on Monday, supported by improved risk appetite among investors after crude oil prices eased and global bond yields softened. Gains in heavyweight stocks and defensive sectors helped the market advance despite weakness in broader indices.
The Sensex climbed 564.03 points, or 0.76 per cent, to settle at 74,858.99, while the Nifty advanced 67.90 points, or 0.29 per cent, to close 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 stated.
Market sentiment remained supported by easing concerns over inflationary pressures following the decline in crude oil prices. Lower global bond yields also improved appetite for risk assets, encouraging buying in select frontline stocks.
Among the Nifty constituents, Eternal, HCL Technologies and SBI Life Insurance Company emerged as the top gainers of the day, helping lift the benchmark indices higher.
However, the broader market performance was relatively subdued. The Nifty MidCap index slipped 0.29 per cent, while the Nifty SmallCap index declined 0.07 per cent.
On the sectoral front, defensive and consumption-oriented segments outperformed. The Nifty FMCG, Nifty Pharma, Nifty Healthcare, Nifty Realty and Nifty Consumer Durables indices registered strong gains as investors shifted towards sectors perceived to be relatively resilient amid global uncertainty.
In contrast, metal and state-owned banking stocks came under pressure. The Nifty Metal and Nifty PSU Bank indices ended lower, emerging as the key laggards during the session.
“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 stated.
“The easing of concerns around inflation and energy costs has supported a broad-based recovery across sectors and supported overall market sentiment,” analysts noted.
Meanwhile, Rupee traded higher by around 0.11 per cent at 95.81, supported by a nearly 7 per cent decline in crude prices over the last 2–3 sessions to around $91.50, keeping the currency supported near the 96.00 level.
“Rupee range can be seen between 95.45–96.15,” market experts mentioned.
