Indian equity markets saw a significant rise on Monday, following global market trends that were buoyed by optimism surrounding easing geopolitical tensions. The Sensex climbed 1,073.61 points to close at 76,488.96, while the Nifty surged 312.4 points to settle at 24,031.7, crossing the crucial 24,000 mark.
Experts analyzing the Nifty’s technical outlook highlighted 24,100 as the immediate resistance level, with strong Open Interest (OI) build-up in the 24,300–24,350 range. They noted that the 23,950–24,000 zone now serves as a key support level post the successful breakout and sustained closure above this range.
Market analysts emphasized that maintaining strength above this level could drive further upward momentum, while a failure to sustain above the breakout range might result in renewed consolidation in the short term. Adani Enterprises Limited, Eicher Motors Limited, Larsen & Toubro Limited, and Bajaj Finance Limited were among the top gainers on the Nifty index.
The positive market sentiment was influenced by US President Donald Trump’s remarks on the progressing constructive negotiations with Iran. Trump’s advice to negotiators not to rush into a deal, citing time favoring Washington, raised hopes for reduced tensions in West Asia, boosting global risk appetite.
In the broader market, the Nifty MidCap index rose by 0.94%, and the Nifty SmallCap index gained 1.37% during the session. Banking stocks spearheaded the market rally, with the Nifty PSU Bank, Nifty Private Bank, and Nifty Bank indices outperforming. Conversely, the Nifty IT, Nifty FMCG, and Nifty Healthcare indices, while ending positively, lagged behind.
Additionally, the Rupee exhibited strength, trading around 95.22, marking a 0.45% increase, supported by improved sentiment regarding the US-Iran conflict, which alleviated pressure on crude oil prices.
