Sensex-Nifty hit a ‘four and six’: Market surges on easing crude oil prices

Mumbai: Investor confidence was boosted by a sharp drop in crude oil prices amidst reports of potential talks between the US and Iran, leading to gains in Indian benchmark equity indices for the fourth consecutive day.
The Sensex closed 544.39 points (0.7 percent) higher at 78,639.03. Meanwhile, the Nifty saw even stronger gains following the introduction of the new Closing Auction Session (CAS); it closed up 391 points (1.6 percent) at 24,774.30.
Commenting on the Nifty’s technical outlook, experts noted that the 24,600 zone is currently acting as an immediate resistance area, where the index has repeatedly faced selling pressure.
An analyst stated, “A decisive and sustained breakout above this band could further strengthen bullish momentum and pave the way for a move towards the 24,800 level.”
A market expert remarked, “On the downside, the 24,500-24,400 area is expected to provide immediate support. Maintaining levels above this zone is crucial to sustain the ongoing recovery; a drop below 24,400 could trigger short-term profit-booking, potentially pushing the index towards the 24,300-24,200 support zone.”
Buying was witnessed across several major stocks, with InterGlobe Aviation, Infosys, and Tata Consultancy Services emerging as the top gainers on the Nifty index.
The rally in IT stocks played a pivotal role in lifting the broader market.
Positive momentum was also observed across the broader market segments; the Nifty Midcap index closed 1.21 percent higher, while the Nifty Smallcap index rose by 1.29 percent. Among sectoral indices, the Nifty IT, Nifty FMCG, and Nifty PSU Bank indices led the gains, benefiting from strong buying. In contrast, the Nifty Media index lagged behind during the session and closed in negative territory.
Market experts attributed this bullish sentiment primarily to easing concerns regarding crude oil prices. An analyst remarked, “The Q1 FY27 earnings season is progressing better than expected, with small-cap companies outperforming large-cap and mid-cap firms.”
A market expert noted, “Investors will be keeping a close watch on the upcoming RBI policy meeting for insights into inflation risks, liquidity conditions, and the future policy trajectory, although no change in interest rates is anticipated.”