Mumbai: Indian stock markets ended higher on Monday, supported by strong buying in information technology and pharmaceutical stocks. Falling crude oil prices also improved investor confidence and lifted overall market sentiment.
The BSE Sensex rose 291.17 points, or 0.38 percent, to close at 77,094.07.
The NSE Nifty also gained 90 points, or 0.37 percent, to settle at 24,102.90.
IT and Pharma Stocks Drive Gains
The market rally was mainly led by strong buying in IT and healthcare-related stocks.
Top gainers on the Nifty included Cipla Ltd, Infosys Ltd, Tech Mahindra Ltd and Dr Reddy's Laboratories Ltd.
Strong gains in these heavyweights helped offset weakness seen in consumer-focused sectors.
Crude Oil Fall Boosts Sentiment
Investors remained positive due to the continued fall in global crude oil prices.
Lower oil prices are seen as beneficial for India because they help reduce inflation, ease pressure on import bills and support the rupee.
Analysts said softer crude prices encouraged fresh buying across several sectors.
Broader Market Remains Strong
The broader market also ended in the green, showing continued investor participation beyond large-cap stocks.
The Nifty MidCap index rose 0.34 percent, while the Nifty SmallCap index gained 0.60 percent.
This indicates that investors continued to show interest in mid-sized and smaller companies.
Key Levels to Watch
Market experts said the 24,200 level remains the immediate resistance zone for the Nifty.
A strong breakout above this level could push the index towards 24,400, which is seen as the next major upside target.
On the downside, the 24,000-23,900 zone remains a crucial support area.
Analysts believe selective buying in defensive and technology stocks may continue, though investors are expected to remain cautious ahead of key domestic and global economic developments.
