Mumbai: Stock markets rebounded Monday with the benchmark Sensex gaining 291 points following a decline in crude oil prices and supportive global cues amid hopes of diplomatic progress in US-Iran talks.
The 30-share BSE Sensex climbed 291.17 points, or 0.38 per cent, to settle at 77,094.07. During the day, it jumped 522.66 points, or 0.68 per cent, to 77,325.56.
The 50-share NSE Nifty surged 89.80 points, or 0.37 per cent, to end at 24,102.90.
Fresh foreign fund inflows and buying in blue-chip Reliance Industries and HDFC Bank aided the recovery, according to analysts.
Among Sensex shares, Tech Mahindra, Sun Pharma, Reliance Industries, Infosys, Bharat Electronics and Bajaj Finserv were the major winners.
Asian Paints, Titan, Power Grid and Trent were among the laggards.
Brent crude, the global oil benchmark, declined 1.66 per cent to USD 79.23 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,859.07 crore on Friday, according to exchange data.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index ended higher, while Hong Kong’s Hang Seng index settled lower.
“Indian equity markets advanced alongside regional peers as global sentiment strengthened after the first round of US-Iran negotiations ended on a constructive note. The continuation of technical talks through the week has reinforced hopes of further diplomatic progress, keeping investor optimism cautious but supportive,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Markets in Europe were trading mostly lower. US markets were closed Friday for the Juneteenth holiday.
The US and Iran have agreed on a roadmap aimed at reaching a final agreement within 60 days following two days of talks at the Swiss resort of Burgenstock, according to a joint statement issued by mediators Pakistan and Qatar on Monday.
“The market traded within a narrow range, albeit with a positive bias, as investors continued to assess the progress of US-Iran negotiations. Overall sentiment remained constructive, supported by outperformance in utilities, banking, and healthcare sectors,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
On Friday, the Sensex dropped 607.08 points, or 0.78 per cent, to settle at 76,802.90. The Nifty declined 154.90 points, or 0.64 per cent, to end at 24,013.10.
PTI
