Indian equity benchmarks ended Monday’s session on a strong note, extending early gains as easing crude oil prices, positive global cues and sustained domestic buying supported market sentiment. Election results were being declared for four states and one union territory today. While the counting process continues, trends indicated the BJP establishing a lead in West Bengal, Assam, and Pondicherry.
Reacting to the elections, both benchmarks ended higher, backed by broad-based buying across sectors and improved risk appetite amid hopes of de-escalation in West Asia.
The BSE Sensex settled for the day at 77,269, rallying more than 350 points, while the NSE Nifty50 closed trading above 24,100, climbing a little over 100 points.
Markets maintained their upward momentum through the session after opening sharply higher in early trade. At one point during the day, the Sensex was up over 700 points, while the Nifty comfortably held above the 24,000 mark, reflecting sustained buying interest across frontline stocks.
West Asia Developments, Oil Prices In Focus
Global cues remained supportive, particularly due to easing concerns around crude oil prices.
Brent crude softened amid indications of efforts to facilitate safe passage for vessels stranded in the Strait of Hormuz. This development helped alleviate immediate fears of supply disruptions, offering relief to oil-importing economies like India.
At the same time, ongoing US-Iran engagements and diplomatic exchanges continued to influence market sentiment, keeping investors alert to further developments.
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Strong Market Breadth Signals Broad Participation
Market breadth remained firmly positive, reflecting widespread buying interest.
A large number of stocks advanced on the exchanges, with several hitting fresh highs during the session, highlighting the strength of the rally and participation across segments.
Global And Domestic Triggers Support Sentiment
Apart from geopolitical cues, supportive global markets and strong domestic indicators also aided sentiment.
Asian markets traded higher during the day, while record GST collections in India added to optimism around the domestic economic outlook.
