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The Indian benchmarks rebounded on Monday after 5 consecutive sessions in the red amid a third consecutive night without US strikes on Iran, supported by active Iran-Oman negotiations to reopen the Strait of Hormuz. Sensex rallied 776.01 points or 1.02% to finish at 76,835.78 and the Nifty ended just shy of the 24,000 mark at 23,995.95 with a gain of 0.96%. Bank Nifty closed 393.70 points or 0.69% higher. India VIX eased 8%.
The Nifty Midcap 100 index climbed 1.11%, and the Smallcap 100 index jumped 1.31%. A sharp jump in the rupee also boosted sentiment. The Indian rupee also surged 63 paise to settle at Rs. 95.90 per dollar.
Brent crude futures fell 7.93% to $89.11 per barrel. US West Texas Intermediate (WTI) declined 7.05% to $83.01 per barrel. Today’s session was driven by the easing of oil prices, reducing inflation concerns and lifting investors' sentiment.
Investor sentiment remained selective, with buying interest concentrated in consumer-facing and financial stocks. Eternal emerged as the top gainer after a strong rally, while IndiGo, Infosys, Bajaj Finance, and Max Health also advanced on optimism surrounding earnings resilience and sector-specific growth prospects.
On the other hand, energy stocks came under pressure, with ONGC leading the losses as oil prices fell over 7% below $90. HDFC Life traded lower, while banking heavyweights HDFC Bank and Union Bank also witnessed mild selling.
Sentiment improved after a temporary pause in hostilities between the United States and Iran appeared to hold. The US military halted two weeks of strikes on Friday as diplomats sought to give peace talks 'some space.'
Iran has also refrained from military operations against regional targets in recent days and said it would reciprocate following a China-led effort to revive stalled diplomatic talks in Pakistan. The prospect of reduced geopolitical tensions, alongside lower oil prices and gains across Asian markets, helped lift Indian equities.
Analysts see immediate support around the 23,700 level, while a break below 23,650 could trigger further downside. A decisive close above 24,000-24,130 is needed to improve the near-term outlook. Immediate resistance is 24,000; a sustained break above this could trigger a rally toward 24,200 in the near-term.
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