Sensex Jumps 1,534 Points; Nifty Nears 23,000 As Oil Prices Ease

Sensex and Nifty ended sharply higher on Thursday as easing crude oil prices improved investor sentiment and eased inflation concerns.

The Sensex jumped 1,533.72 points, or 2.11 per cent, to close at 74,315.61. The Nifty gained 374.65 points, or 1.66 per cent, to settle at 22,997.35.

Market analysts said the Nifty maintained higher highs and higher lows after opening positively, signalling sustained buying interest. The index crossed 23,000 during intraday trade but failed to hold above that level.

Analysts identified 23,000–23,100 as the immediate resistance zone. A decisive breakout could push the index towards 23,300–23,400. Conversely, a fall below 22,800 could trigger selling and drag it towards 22,600–22,500.

Falling crude oil prices eased concerns over input costs and inflation, encouraging investors to buy frontline stocks. Tech Mahindra, ICICI Bank and Bharti Airtel led gains among Nifty constituents.

However, broader markets remained under pressure. The Nifty MidCap index fell 0.36 per cent, while the Nifty SmallCap index declined 1.31 per cent.

Sectoral indices delivered mixed performances. The Nifty IT index led gains, while the Nifty PSU Bank index recorded the steepest decline. The Nifty Private Bank index led sectoral gains.

Analysts said future market momentum would depend on second-quarter earnings, revenue and margin growth, broader participation and foreign fund inflows.

Stable oil prices and currency movements will remain crucial amid geopolitical and global inflation risks.

Meanwhile, the rupee gained around nine paise to 95.05 against the dollar, supported by a weaker Dollar Index, stable crude prices and improved domestic market sentiment.

Also Read: Rupee Gains 32 Paise Against Dollar On RBI Measures, Lower Crude Prices