Sensex gains 776 points, crude oil prices fall 7% as US-Iran pause military strikes
In intraday trading, the international benchmark Brent crude was down 7.9 percent at USD 89 and 11 cents a barrel. As of the latest statistics, West Texas Intermediate crude was down 6.9 percent at USD 83 and 14 cents per barrel
The price of crude oil fell by about 7 percent worldwide on Monday after the United States and Iran stopped their military strikes over the weekend.
In intraday trading, the international benchmark Brent crude was down 7.9 percent at USD 89 and 11 cents a barrel. As of the latest statistics, West Texas Intermediate crude was down 6.9 percent at USD 83 and 14 cents per barrel.
The sharp fall followed Iran's declaration that it would not launch any further attacks in exchange for the US ceasing military activities, which raised hopes that the situation may be resolved diplomatically.
Meanwhile, Indian benchmark indices ended sharply higher on Monday, snapping a five-session losing streak, supported by broad-based buying across sectors amid easing geopolitical tensions and a sharp decline in crude oil prices.
At close, the Sensex gained 776.01 points or 1.02% to settle at 76,835.78, while the Nifty 50 advanced 228.50 points or 0.96% to close at 23,995.95.
A pause in military strikes between the US and Iran boosted investor sentiments, helping the market open on a strong note with the Nifty reclaiming the 23,900 level. Although the benchmarks traded in a narrow range for most of the session, strong buying in the final hour lifted the Nifty back towards the 24,000 mark, enabling the indices to close near their day's highs.
On the sectoral front, Nifty Media emerged as the top-performing sector, rising 2.4 percent, followed by Nifty IT, which gained 2.3 percent. Nifty Realty climbed 2.2 percent, while Auto and Pharma advanced 1.6 percent and 1.5 percent, respectively.
Among the other sectors, FMCG gained 1.0 percent, Bank Nifty rose 0.7 percent, and Infrastructure added 0.66 percent, reflecting broad-based buying across the market. The broader market also ended firmly in positive territory, broadly in line with the benchmark indices, as per Bajaj Broking Market Commentary.
Going ahead, formation of higher high and higher low on a sustained basis and holding above 24,000 levels will signal a pullback towards 24,300- 24,350 levels in the coming sessions.
On the downside, a move below Monday’s gap area (23823-23891) will signal weakness and open downside towards the key support area of 23,500-23,600, being the confluence of the trendline support joining lows of April and June 2026, bullish gap area of June 15, 2026 and 61.8 percent retracement of the recent up move from 23,070-24,530.
