Nifty Tops 24,100, Sensex Rises 291 Points on Positive Global Cues
Indian stock markets extended their recovery on Monday, supported by easing tensions in West Asia and a decline in crude oil prices, with both benchmark indices ending in positive territory.
The Nifty 50 index closed at 24,102.90, gaining 89.80 points or 0.37 per cent. The BSE Sensex settled at 77,094.07, up 291.17 points or 0.38 per cent.
Market experts said investors remained focused on developments surrounding the US-Iran negotiations, while lower crude oil prices and strength in key sectors supported overall market sentiment.
He, however, cautioned that concerns over the progress of the monsoon could emerge as a risk factor for the economy.
How Could Monsoon Concerns Impact Indian Stock Market Momentum?
"However, concerns around the slow progress of the monsoon could lead to inflationary pressures, potentially impacting consumer sentiment and demand in agriculture-linked segments,” he said.
“While this may moderate near-term momentum, the broader outlook remains favourable, supported by a resilient earnings trajectory and continued policy backing, which underpin a constructive medium-term view," Nair added.
On the sectoral front, most NSE indices ended in the green. Nifty Media emerged as one of the top performers, rising 1.42 per cent, while Nifty Pharma gained 1.23 per cent.
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Nifty IT advanced 0.74 per cent, Nifty Metal rose 0.59 per cent and Nifty PSU Bank gained 0.51 per cent.
Nifty Auto closed 0.34 per cent higher, while Nifty Realty rose 0.22 per cent. Only Nifty FMCG and Nifty Consumer Durables ended the session in negative territory.
Meanwhile, crude oil prices continued to soften, providing relief to investors. Brent crude oil declined 1.87 per cent to $79.06 per barrel at the time of filing this report.
In the currency market, the Indian rupee traded around 94.66-67 against the US dollar.
What Do RBI FCNR Inflows Mean for the Indian Stock Market and Rupee Outlook?
Currency expert K N Dey told ANI that expectations of substantial foreign currency inflows through the RBI's FCNR(B) measures could support the domestic currency in the coming days.
"Today the rupee is trading at 94.66-67 at this moment. As seen, the US was closed on Friday, so there are no inflows coming in today. Also, with reports coming in that the RBI's FCNR could get in somewhere more than $50 billion, I think they would start coming any moment from maybe from as early as tomorrow onwards," he said.
"And possibility is there, if we get close to anywhere $50 billion, then the strength of the rupee will definitely be there. And there is a high chance that the rupee could trade in the range of 92.75 to 93.25 in the coming week," Dey added.
Precious metals also witnessed gains on Monday. Gold prices rose more than 1.2 per cent to Rs 1,49,032 per 10 grams for 24 karat gold, while silver prices climbed 1.99 per cent to Rs 2,37,825 per kg at the time of filing this report.
(With inputs from ANI)