Sensex Jumps 1,233 Points As Nifty Crosses 23,440 On Easing Oil Prices

Indian benchmark indices Sensex and Nifty closed sharply higher on Monday, recording gains for the third consecutive session.

Hopes of progress in US-Iran negotiations pushed crude oil prices lower and strengthened investor confidence.

The Sensex climbed 1,233.25 points, or 1.66 per cent, to finish at 75,692.78. Meanwhile, the Nifty advanced 387.70 points to settle at 23,440.80.

Market analysts said the Nifty closed comfortably above its 50-day Simple Moving Average (SMA) and approached the 23,500 resistance level.

“The 23,250–23,350 band should now provide immediate support; holding it could open the way towards 23,600, while a break below 23,250 would weaken the breakout,” analysts stated.

Falling crude prices eased concerns over inflation and energy costs. Strong gains in Reliance Industries, alongside favourable global cues, further supported the benchmark indices.

Coal India, Tata Steel and JSW Steel led the gainers among Nifty constituents. Oil and gas and metal stocks attracted substantial buying.

The Nifty Oil & Gas and Nifty Metal indices recorded the strongest sectoral gains. However, the Nifty IT and Nifty Media indices ended lower.

The broader market remained weak despite the frontline indices’ strong performance. The Nifty MidCap 100 fell 1.19 per cent, while the Nifty SmallCap 100 declined 0.71 per cent.

Foreign investors’ buying activity and global AI-related investment shifts also supported domestic equities, market watchers noted.

The rupee gained around 0.12 per cent to trade at 94.90. WTI crude fell nearly 3 per cent to approximately $99.70, below the $100 mark, while Brent traded below $109.

Analysts expect the rupee to move within the 94.50–95.25 range.

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