Sensex, Nifty rally for 4th straight session as lower crude oil price boosts sentiment
Mumbai, Aug 3 (IANS) Indian benchmark equity indices extended their gains for a fourth consecutive session, supported by improved investor sentiment after a sharp decline in crude oil prices amid reports of potential talks between the United States and Iran.
The Sensex surged 544.39 points, or 0.7 per cent, to close at 78,639.03. Meanwhile, the Nifty recorded a stronger advance, ending at 24,774.30, up 391 points or 1.6 per cent, following the introduction of the new Closing Auction Session (CAS).
Comemnting on Nifty technical outlook, experts said that the 24,600 zone now acts as the immediate resistance area, where the index has repeatedly faced supply.
“A decisive and sustained breakout above this band could strengthen bullish momentum further and pave the way for an advance towards the 24,800 mark,” an analyst stated.
“On the downside, the 24,500–24,400 region is expected to provide immediate support. Holding above this zone will be crucial to preserve the ongoing recovery, while a break below 24,400 could trigger short-term profit booking towards the 24,300–24,200 support zone,” a market expert mentioned.
Buying was seen across several heavyweight stocks, with InterGlobe Aviation, Infosys and Tata Consultancy Services emerging as the top gainers in the Nifty index.
The rally in information technology stocks played a key role in lifting the broader market.
The positive momentum also extended to the broader market segments. The Nifty MidCap index settled 1.21 per cent higher, while the Nifty SmallCap index gained 1.29 per cent.
Among sectoral indices, the Nifty IT, Nifty FMCG and Nifty PSU Bank indices led the advances, benefiting from strong buying interest. In contrast, the Nifty Media index was the biggest laggard of the session and ended in negative territory.
Market experts attributed the bullish sentiment largely to easing concerns over crude oil prices.
“The Q1FY27 earnings season continues to progress ahead of expectations, with small-cap companies emerging as the strongest performers relative to large- and mid-cap peers,” an analyst stated.
“Investors will closely watch the upcoming RBI policy meeting for commentary on inflation risks, liquidity conditions, and the future policy trajectory, although interest rates are widely expected to remain unchanged,” a market expert stated.
–IANS
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