Indian equity benchmarks continued their winning streak for the fourth consecutive session on Monday, driven by strong buying in realty, auto, oil, and gas stocks. The Nifty closed 0.66% higher at 24,430.35, while the Sensex rose by 0.67% to settle at 78,285.07. Experts highlighted the 24,500–24,600 zone as crucial for the Nifty’s technical outlook in the upcoming sessions.
Commenting on the market outlook, analysts pointed out that the 24,200 level is expected to provide immediate support, with the 24,000 zone being crucial in case of profit booking. HDFC Bank, Hindalco Industries, and Oil and Natural Gas Corporation (ONGC) were among the top gainers in the Nifty constituents, contributing to the benchmark indices’ rise.
The broader market also performed well, with the Nifty MidCap index gaining 0.45% and the Nifty SmallCap index showing a 0.75% increase. Sectoral indices mostly closed in the green, with the Nifty Realty index reaching a six-month high. The Nifty Auto index hit its highest level in a month, while the Nifty Oil and Gas and Nifty Consumer Durables indices also recorded significant gains.
Market experts noted that the day’s rally marked the fourth consecutive session of gains, with sustained buying in rate-sensitive and cyclical sectors boosting market sentiment. They emphasized positive market sentiment, supported by a decrease in the India VIX, indicating improved investor confidence. The rally was broad-based, with real estate, oil & gas, automobiles, and consumer durables sectors emerging as top performers during the session.
