Domestic equity benchmarks rallied more than 1 per cent in early trade on Monday as easing crude oil prices boosted investor sentiment, with Brent crude falling below $100 per barrel for the first time in over two weeks.
The Sensex surged 874 points or 1.15 per cent to hit an intraday high of 76,289, while the Nifty climbed 264 points or 1.11 per cent to 23,983 during morning trade.
Sectorally, Nifty Auto led the gains, rising over 2 per cent. Nifty PSU Bank and Nifty Private Bank indices also advanced up to 1 per cent. Nifty Oil & Gas, Realty,
Consumer Durables, Cement, and Chemicals traded firmly in positive territory.
Small-cap stocks outperformed the broader market, with Nifty Smallcap 50 and Nifty Smallcap 100 indices gaining over 1 per cent.
Broader benchmark-linked indices, including Nifty 100, Nifty 200 and Nifty 500, also rose around 1 per cent each.
Among laggards, Hindalco Industries emerged as the top loser on the Nifty, declining nearly 2 per cent. ONGC, Max Healthcare, NTPC, and Infosys also traded lower, shedding up to 1 per cent in early trade.
Market sentiment improved after US President Donald Trump said Washington and Tehran had largely negotiated a memorandum of understanding for a peace deal, raising hopes of reopening the Strait of Hormuz, a critical route for global oil and LNG shipments.
Analysts said easing crude oil prices, stronger-than-expected March-quarter earnings, and improving rupee stability supported the rally.
“The recent appreciation in the rupee from its lows is another encouraging sign, as currency stability could help revive foreign portfolio investor inflows,” experts said.
Brent crude dropped 6.16 per cent to $97.16 a barrel, while US WTI crude fell 6.5 per cent to $90.33 per barrel.
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