Sensex jumps 640 points, Nifty ends above 24,000

Indian equity benchmarks ended the session on a strong note on Monday, with the Nifty decisively closing above the 24,000 mark, reflecting sustained buying interest despite elevated crude oil prices hovering above USD 106.

At the close, the Sensex advanced 639.42 points 0.83 percent to settle at 77,303.63, while the Nifty gained 194.75 points 0.81 percent to end at 24,092.70.

The resilience in the market was supported by strong investor sentiment and broad-based sectoral participation, even as global uncertainties and geopolitical developments continue to remain key overhangs.

On the sectoral front, the rally was broad-based with all major sectors ending in the green. Key contributions came from Pharma, Consumer Durables, Realty, Media, and IT stocks, which posted gains in the range of 2–3 percent, with no significant laggards during the session, as per Bajaj Broking Market Commentary.

Broader markets outperformed the benchmark indices, indicating improved risk appetite among investors. The Nifty Midcap index rose 1.47 percent, while the Small Cap index surged 1.90 percent, further highlighting the strength and participation across the wider market.

In terms of Nifty outlook, the Index formed a bullish candlestick pattern which remained contained inside previous session price range signaling consolidation and buying demand emerging from near the 20 days EMA.

Nifty on expected lines is witnessing consolidation in the broad range of 23,600-24,400 amid stock specific action as we progress through the quarterly earning session.

Within the consolidation a move above Friday’s high of 24,206 will open further upside towards the upper band of the range placed around 24,400 levels. On the lower side a breach below last week low of 23,813 will open downside towards the 23,600 levels.

Short-term support is positioned around 23,600–23,500 range being the confluence of the recent major low and 38.2 percent retracement of the last 3 weeks’ pullback (22,183-24,601).