Mumbai, Nov 2 (SocialNews.XYZ) Indian benchmark equity indices ended sharply higher on Monday, extending gains for a third consecutive session, as optimism surrounding US-Iran talks pushed oil prices lower and boosted investor sentiment.
The Sensex surged 1,233.25 points, or 1.66 per cent, to close at 75,692.78, while the Nifty jumped 387.70 points to settle at 23,440.80.
Commenting on Nifty technical outlook, experts said that the index closed firmly above its 50-day SMA and approached the 23,500 resistance area.
"The 23,250–23,350 band should now provide immediate support; holding it could open the way toward 23,600, while a break below 23,250 would weaken the breakout," analysts stated.
Market sentiment received a boost from declining crude oil prices amid hopes of progress in talks between the US and Iran, easing concerns over inflation and energy costs.
The positive global cues, coupled with strong gains in index heavyweight Reliance Industries, helped benchmark indices register a robust advance.
Among Nifty constituents, Coal India, Tata Steel and JSW Steel emerged as the top gainers, leading the broader market rally. Buying interest was particularly strong in oil and gas as well as metal counters.
Sectorally, the Nifty Oil & Gas and Nifty Metal indices posted the strongest gains during the session. In contrast, the Nifty IT and Nifty Media indices ended in negative territory.
Despite the sharp rise in frontline indices, the broader market witnessed weakness. The Nifty MidCap 100 index declined 1.19 per cent, while the Nifty SmallCap 100 index slipped 0.71 per cent.
"Foreign investors turning buyers as a global AI rotation also provided support to domestic equities. The rally extended to the broader market, with mid- and small-cap indices also advancing, indicating an improvement in market participation," market watchers noted.
Source: IANS
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