Indian equities markets were on the rise with both National and Bombay stock exchanges making robust gains on the back of broad-based buying on easing tensions in the Middle East and a sharp decline in global crude oil prices.
The 50-stock Nifty soared 1.6% to 24,774.30 points in the last few minutes of the session after trading at around 0.8% more than the previous close for most of the day.
The BSE 30-stock Sensex however was more benign with a close just above 0.7% to 78,639.03 as the U.S.
President Donald Trump said he was open to negotiation with Iran and also supported by domestic reasons like healthier earnings season.
Of the 21 sectoral Nifty indices, 20 of them improved with just Nifty Media, an exception.
“The decline in crude oil prices, driven by expectations of renewed dialogue between the U.S. and Iran, provided relief to markets by easing concerns over inflation and corporate earnings.
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Most sectors ended in positive territory, led by IT and FMCG, while pharma witnessed profit booking following its recent gains and the latest Q1 results outcomes,” said Vinod Nair, Head of Research, Geojit Investments Limited.
The rupee strengthened against the US currency for the sixth consecutive session on Monday, closing higher by 12 paise at 95.31.
FII inflows and gains in domestic stock markets provided further support to the local unit, forex traders said.
RBI sells $14.9 billion during Jan-May to check excess volatility in rupee
