The Nifty 50 climbed 64.60 points, or 0.27 per cent, to close at 23,719.30, whereas the BSE Sensex added 231.99 points, or 0.31 per cent, to settle at 75,415.35.
The gains were mainly supported by buying in financial stocks alongside currency strength.
Market sentiment improved as the Indian rupee registered a notable appreciation during the day. It surged by 51 paise to an intra-day high of 95.69 against the US dollar before easing slightly to end at 96.20 per dollar.
The currency’s movement contributed to the overall positive tone in equities.
Trent Limited, Shriram Finance, and Axis Bank led the advances on the Nifty 50.
Banking and financial services shares remained the key drivers throughout the session.
On the sectoral front, indices tracking private banks, financial services, and banking stocks outperformed the broader market. In contrast, the pharma, healthcare, and media sectors closed in negative territory.
Within the broader market space, the Nifty MidCap index recorded a modest gain of 0.14 per cent, while the Nifty SmallCap index slipped by 0.15 per cent, reflecting a mixed trend beyond large-cap stocks.
Analysts observed that the Nifty 50 has immediate support at 23,600. They added that the index could decline further towards 23,400 if it breaches this level. A fall below 23,400 may lead to a sharper correction.
On the upside, a firm move above 23,800 could trigger a fresh short-term rally.
Experts emphasised that a clear breakout from the current range is necessary to determine the market’s next direction.
According to market participants, the current trend reflects a ‘buy-on-dips and sell-on-rallies’ approach.
A sustained upward movement is likely to depend on favourable geopolitical developments and softer crude oil prices. These factors could strengthen macroeconomic conditions and improve foreign investor sentiment.
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