Markets rebound on softening crude oil prices; Sensex jumps 790 points
The 50-share NSE Nifty climbed 197.55 points, or 0.83 per cent, to end at 24,021.65
Indian benchmark equity indices ended on a strong note on Wednesday, with the Nifty reclaiming the crucial 24,000 mark, supported by broad-based buying across sectors.
Investor sentiment improved further as geopolitical tensions continued to ease and Brent crude oil prices cooled to around USD 75 per barrel, reducing concerns over inflationary pressures and supporting risk appetite.
At close, the Nifty 50 gained 0.83 per cent or 197.55 points to settle at 24,021.65, while the Sensex advanced 1.04 per cent or 790.54 points to close at 76,991.22
On the sectoral front, all major indices ended in positive territory except Auto, Energy, Metal, and Power, according to Bajaj Broking Market Commentary.
Nifty IT and Realty emerged as the top gainers, rising nearly 2 per cent each, while the private bank index advanced 1.8 per cent, providing significant support to the benchmark indices. The rally reflected renewed buying interest in growth-oriented and rate-sensitive sectors.
The broader market also participated in the upmove, albeit at a relatively moderate pace. The Nifty Midcap 100 index gained 0.10 per cent, while the Nifty Smallcap 100 index advanced 0.40 per cent, indicating continued participation from broader market segments.
Nifty witnessed a strong rebound on Wednesday session to close above the 24,000 levels. In the daily chart it has formed a bullish piercing line candlestick pattern highlighting buying demand around the support area of 23,800 being the confluence of the previous gap area and 20- and 50-days EMA.
Nifty managed to hold above the support area of 23,800 and witnessed a pullback in today’s session. Going ahead, bias remains positive and index to head higher towards last week high of 24,190 levels in the coming session. Dips if any towards 23,900 should be used as a buying opportunity.
The key short-term support is placed at 23,500–23,600 zone being the recent breakout area and the key retracement of recent pullback. On the higher side major resistance is seen at 24,600 levels being the April high and the placement of the 200 days EMA.
