Indian stock markets extended sharp gains on Monday, with both benchmark indices Sensex and Nifty rising over 1% each. The rally was driven by the Iran-US peace deal and a decline in crude oil prices.
Market Performance
Nifty closed the session at 23,853.90, gaining 231 points or 0.98%, while Sensex ended at 76,264.33, up 736.38 points or 0.97%. Almost all sectors traded in the green, with Nifty Realty leading the pack, gaining over 3%. Financial services, auto, and cement sectors also saw strong gains, reflecting improved investor sentiment.
On the other hand, pharma and healthcare stocks lagged, with mid-cap and small-cap healthcare indices remaining under pressure. Top gainers on BSE included Trent, IndiGo, Bajaj Finserv, Maruti, Eternal, M&M, Bajaj Finance, Titan, and Infosys. Losers included NTPC, ICICI Bank, Tata Steel, Tech Mahindra, and Adani Ports.
Expert Views
Abhishek Kumar, founder of SahajMoney, a financial planner and SEBI RIA, said, "The equity market extended its relief rally on Monday, with the Sensex and Nifty 50 holding gains of nearly 1.2%. The trigger today was the confirmation of the US-Iran peace deal over the weekend, under which the Strait of Hormuz would reopen soon. This drove Brent crude down nearly 5% to about $83 and lifted the rupee to 94.68, its strongest level since May 8."
Market analyst Vipin Dixena noted, "Nifty has rebounded strongly and is now approaching the crucial 23,950-24,000 resistance zone. Price is trading above the 50-EMA, indicating short-term bullish momentum, but RSI is near overbought levels, suggesting some consolidation or profit booking is possible. The rally is being supported by easing geopolitical tensions and a sharp fall in crude oil prices, which is positive for India's economy. The trend remains bullish above 23,640, while a breakout above 24,000 can open the door for further upside. Support is at 23,640."
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