Indian equity markets saw a positive trend for the third consecutive session, driven by hopes of reduced tensions between the US and Iran. The Nifty climbed 1.12% to 22,968.25, while the Sensex rose by 1.07% to 74,106.85, reflecting improved investor sentiment.
Technical experts noted that the Nifty is nearing a key resistance level at 23,000, which could pave the way for further gains if surpassed. Analysts highlighted immediate support levels at 22,800–22,750 and 22,550, which could act as strong bases in case of a downturn.
Reports indicating a potential peace proposal between the US and Iran fueled the market rally, with discussions on a two-stage deal and an Islamabad Accord to address nuclear curbs and sanctions relief. Investors welcomed the news, anticipating stability in global markets and reduced uncertainty, particularly in energy prices and capital flows.
The positive momentum was reflected in individual stock performances, with Trent, SBI Life Insurance Company, and Titan Company emerging as top gainers on the Nifty. The broader market also showed strength, with the Nifty MidCap index rising by 1.52% and the Nifty SmallCap index by 1.29%.
Sector-wise, construction and banking sectors led the gains, with the Nifty Construction Durable index performing well. However, the Nifty Oil and Gas index lagged, possibly due to crude oil price volatility amid geopolitical developments. Analysts emphasized that market direction in the near term could be influenced by global cues and progress on diplomatic resolutions.
