Domestic equity markets in India saw an upward trend on Monday, following positive global cues and a decrease in crude oil prices. The Sensex climbed more than 400 points, reaching an intraday high of 77,223, while the Nifty also showed a significant increase, trading over 100 points higher at 24,137.
IT stocks led the gains among sectoral indices, with the Nifty IT index rising by over 1%. Additionally, the Nifty MidSmall IT & Telecom and Nifty Oil & Gas indices also saw advances of about 0.8% each. Consumer durables, financial services, media, and metal stocks were in the positive zone, while auto, pharma, realty, and FMCG sectors recorded modest gains.
Market experts attributed the strength in domestic equities to the decline in crude oil prices, appreciation of the rupee, and a decrease in foreign fund outflows. Despite geopolitical uncertainties in West Asia, Brent crude remaining below $80 a barrel indicates market confidence in avoiding a significant escalation in conflict.
Analysts highlighted that the rupee’s strengthening and potential capital inflows could further boost market sentiment. Moreover, mid- and small-cap stocks are attracting investor attention due to expectations of robust earnings growth. Banking stocks, especially those in the Bank Nifty index, are considered fundamentally strong by experts.
In the commodities market, the international benchmark Brent crude dropped over 2% to $78.74 per barrel, while US West Texas Intermediate (WTI) crude fell by 3% to $74.98 per barrel.
