Indian benchmark indices continued their upward trajectory for a third session in a row, driven by improved global sentiment tied to prospects of reduced tensions between the United States and Iran.
The Nifty 50 moved up by 1.12 per cent, gaining 255 points to finish at 22,968.25. The BSE Sensex also rose by 787 points, or 1.07 per cent, ending the session at 74,106.85.
According to analysts, the Nifty is approaching a critical resistance level near 23,000, which continues to act as a key ceiling.
“A sustained move above this level may open the path for further upside towards 23,200,” an analyst stated.
“On the downside, immediate support is now placed in the 22,800–22,750 zone, which earlier acted as resistance and has now turned into a support area, followed by a stronger base around the 22,550 level that served as a demand zone during the session,” a market expert said.
Reports suggesting that both the United States and Iran have received a proposal to end ongoing hostilities supported the upward movement in markets. These reports suggest that a phased agreement is under discussion, with a final ceasefire possible within 15 to 120 days.
The proposed framework also includes provisions related to nuclear limitations and easing of sanctions, with an ‘Islamabad Accord’ under consideration.
On the Nifty, stocks such as Trent Limited, SBI Life Insurance Company, and Titan Company registered notable gains, indicating widespread buying interest.
The broader indices also reflected strength, as the Nifty MidCap index advanced 1.52 per cent and the Nifty SmallCap index rose by 1.29 per cent.
Sectoral Performance Mixed
Sector-wise, construction and banking segments led the rally. The Nifty Construction Durable index outperformed, while the Nifty PSU Bank and Nifty Bank indices also recorded solid gains.
In contrast, the Nifty Oil and Gas index lagged due to volatility in crude oil prices amid ongoing geopolitical uncertainty.
Market participants remained optimistic as they monitored global developments and diplomatic progress.
Analysts believe that further clarity on the proposed US-Iran resolution will be crucial in shaping the short-term direction of Indian equities.
Also Read: SEBI Chief Warns West Asia Tensions Disrupt Energy Flows; Trigger Price Volatility
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