Mumbai, June 16 (SocialNews.XYZ) Domestic equity markets ended higher on Tuesday, extending their gaining streak as investors cheered the announcement of a US-Iran deal that improved risk appetite and boosted sentiment across global and domestic markets.
The benchmark Sensex rose 544.15 points, or 0.71 per cent, to close at 76,808.48, while the Nifty gained 135.25 points, or 0.57 per cent, to settle at 23,995, just below the key 24,000 level.
Commenting on Nifty technical outlook, experts said that the 24,000 psychological level continues to remain the immediate resistance zone.
“A sustained move above 24,000, could strengthen bullish momentum and open the door for a further advance towards the 24,200–24,400 region,” a market expert mentioned.
“On the downside, the 23,900 is expected to act as an immediate support,” the analyst added.
The positive momentum was supported by strong buying in select heavyweight stocks. HCLTech, Tata Consumer Products and Bajaj Finserv emerged as the top gainers on the Nifty index, helping lift the broader market.
Among the Sensex constituents, IndiGo, UltraTech cement, Maruti Suzuki India, Tata Steel, State Bank of India and Sun Pharma were among top losers.
The rally was not limited to frontline stocks, with broader indices also ending in positive territory.
The Nifty MidCap index advanced 0.41 per cent, while the Nifty SmallCap index gained 0.42 per cent.
Sector-wise, real estate, media and consumer durables stocks led the gains. The Nifty Realty, Nifty Media and Nifty Consumer Durables indices outperformed the broader market.
In contrast, metal stocks remained under pressure, with the Nifty Metal index emerging as the biggest sectoral loser of the day.
Market participants remained encouraged by the easing of geopolitical tensions following the US-Iran deal announcement, which helped improve global market sentiment and supported risk assets.
The positive backdrop, combined with selective sectoral buying, enabled Indian benchmarks to extend their upward trajectory and maintain momentum near record levels.
The Indian rupee continues to exhibit a firm undertone, extending its northbound trajectory amid a favourable macro backdrop.
“In the near term, USDINR is expected to maintain a downward bias, with spot levels likely to gravitate towards 94.10,” an analyst stated.
Source: IANS
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