Indian equity benchmarks ended the day positively on Monday, with strong buying seen in information technology and pharmaceutical stocks. The Sensex rose by 291.17 points, or 0.38%, closing at 77,094.07, while the Nifty climbed 90 points, or 0.37%, to finish at 24,102.90.
Experts analyzing the Nifty technical outlook noted that the 24,200 level remains a key resistance zone. Breaking above this level could strengthen bullish momentum, potentially leading to further gains towards the 24,400 mark, a significant upside target according to an analyst. Conversely, the 24,000–23,900 range continues to be a crucial support zone.
Market sentiment was buoyed by the ongoing decrease in global oil prices, benefiting various sectors. Notably, IT and healthcare stocks saw consistent buying activity throughout the trading session. Top performers in the Nifty index included Cipla, Infosys, Tech Mahindra, and Dr. Reddy’s Laboratories, offsetting weaknesses in certain consumer-oriented sectors.
The broader market also showed strength, with the Nifty MidCap index rising by 0.34% and the Nifty SmallCap index by 0.6%, indicating sustained investor interest beyond frontline stocks. While sectoral indices displayed a mixed performance, the Nifty IT, Nifty Pharma, and Nifty Healthcare sectors emerged as the top gainers due to sector-specific buying and positive sentiment. In contrast, the Nifty FMCG and Nifty Consumer Durables sectors ended lower as the worst performers of the day.
Analysts highlighted that lower crude prices and selective investments in defensive and technology stocks supported the market. However, investors maintained caution ahead of significant domestic and global economic developments.
