Indian stock market closed in the green, with Sensex and Nifty ending the session with marginal gains after erasing most of the intraday gains on Sensex monthly expiry day.Sensex gained 109 points to close at 77,100.47, while Nifty 50 rose 34 points to end the session at 24,056. This came after the benchmark indices soared more than 1% in the afternoon before erasing gains. IndiGo shares jumped 5% to lead gains on Sensex, while Mahindra & Mahindra (M&M) and Maruti Suzuki shares rose nearly 4% each. State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank and Hindustan Unilever (HUL) shares followed, rising around 1% each. On the other hand, Power Grid shares led losses after falling over 2%.India VIX, which measures volatility in the market, declined 2.5% to 13.05. The broader market slipped into the red, with Nifty Smallcap 100 and Nifty Midcap 100 indices falling up to 0.5%. Sectorally, Nifty Auto jumped over 2% to lead gains, while Nifty Metal declined over 1%. Today’s gains were led by a sharp drop in oil prices, which fell to pre-Iran war levels as stranded tankers exited the Strait of Hormuz following an initial peace deal between the US and Iran. This comes after oil prices soared to as high as $120 per barrel earlier this year and remained above $100 per barrel for most of the time since the war in the Middle East broke out at the end of February, effectively shutting the Strait of Hormuz, a narrow 33-kilometre waterway connecting the Persian Gulf with the Gulf of Oman that handles over 20% of the world’s daily oil and gas shipments.What lies ahead?If one looks at the Nifty 50 constituents, it clearly indicates that whether an investor goes for banking, capital goods or even auto stocks, most of them are indicating 5% to 10% upside from the current market price, Dharmesh Shah from ICICI Direct told ET Now.“Things look positive from the current perspective as well as from the medium-term perspective. We expect Nifty to head towards 24,500 in the coming week, with strong support placed at around 23,800,” he added.
Sensex closes 109 points higher, Nifty above 24,050; IndiGo, M&M among top gainers
Indian stock markets closed with modest gains on Sensex monthly expiry day, as both indices erased significant intraday advances. Sensex added 109 points to 77,100.47, and Nifty 50 climbed 34 points to 24,056. Strong performances from IndiGo, M&M, and Maruti Suzuki bolstered the gains, while Power Grid shares saw notable declines. The broader market, however, dipped into the red.
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