- Indian indices rose due to global cues, easing crude.
- US-Iran peace talks improved global sentiment, boosting markets.
- Crude prices fell sharply; gold and silver advanced.
Indian benchmark indices ended higher on Monday, supported by positive global cues, softer crude oil prices and easing geopolitical concerns in West Asia.
The BSE Sensex closed at 77,094, gaining 291 points, while the NSE Nifty 50 settled at 24,102, up 89 points, as of 3:00 PM.
In the 30-share BSE Sensex, among the top gainers were stocks such as Tech Mahindra, Sun Pharmaceuticals, Infosys, Reliance and Bharat Electronics Limited. Meanwhile, among the laggards were stocks like Asian Paints, Titan, Trent, ITC and Power Grid.
In the broader markets, the Nifty Microcap 250 rose 0.85 per cent as volatility declined. Sectorally, the Nifty Media index gained 1.42 per cent and the Nifty Consumer Durables Index fell 0.55 per cent.
Market sentiment remained positive through the session as investors tracked declining oil prices and developments surrounding talks between the United States and Iran. Domestic equities also drew support from the strengthening rupee and moderating foreign fund outflows, according to market participants.
Previously, during the early morning session, the Sensex traded near 77,200, up around 400 points, while the Nifty was close to 24,100, gaining 73 points at around 9:15 AM.
Easing Oil Prices Support Equities
Domestic equities remained in positive territory through the session.
The Sensex rose more than 400 points, or 0.54 per cent, to touch an intraday high of 77,223 during morning trade. The Nifty climbed over 100 points, or 0.51 per cent, to an intraday level of 24,137.
Market participants tracked easing crude prices and signs of improving geopolitical conditions in West Asia. According to market experts, domestic equities have also been supported by rupee appreciation and moderating foreign fund outflows.
Analysts noted that Brent crude remaining below $80 a barrel despite geopolitical uncertainties suggests that markets do not expect a major escalation in the conflict. They added that expectations of fresh capital inflows and a stronger rupee could continue to support sentiment.
Mid- and small-cap shares continued to attract investor interest amid expectations of stronger earnings growth, while banking stocks, particularly those in the Bank Nifty index, remained fundamentally strong, analysts said.
Also Read: Gold Silver Rate Today (June 22): Metals Rally, Check Latest Rates In Delhi, Mumbai, Chennai, More
Asian Markets Rally On Iran Peace Progress
Asian markets traded higher as investors reacted positively to developments in peace talks between the United States and Iran.
Japan’s Nikkei 225 advanced 2.05 per cent, while South Korea’s Kospi gained 1.07 per cent in early trade.
Wall Street Ends Higher Ahead Of New Week
US equities ended higher in the previous session.
The Dow Jones Industrial Average rose 0.48 per cent, while the S&P 500 gained 1.08 per cent.
The Nasdaq Composite outperformed, ending the session 1.91 per cent higher.
US-Iran Talks Boost Global Risk Appetite
The United States and Iran agreed on a roadmap aimed at reaching a final agreement within 60 days after two days of talks held at the Swiss resort of Burgenstock.
The joint statement announcing the development was issued by mediators Pakistan and Qatar on Monday.
Progress in diplomatic negotiations helped improve investor sentiment globally and contributed to the decline in crude oil prices.
Also Read: West Bengal Raises DA By 20%; State Employees To Get 38% Allowance From October
Crude Slides While Precious Metals Advance
In the commodities market, Brent crude fell more than 2 per cent to $78.74 per barrel, while US West Texas Intermediate crude declined 3 per cent to $74.98 per barrel.
Brent crude’s June futures contract traded 1.45 per cent lower at $79.40 per barrel on the Intercontinental Exchange.
Gold futures rose 0.86 per cent, and silver futures gained 1.72 per cent.
Gold prices recovered from a more than one-week low as declining oil prices and progress in US-Iran talks improved sentiment. However, expectations of higher interest rates following hawkish signals from the US Federal Reserve continued to weigh on the metal’s outlook.
Oil prices surrendered earlier gains as investors welcomed signs of diplomatic progress between the United States and Iran.
