Markets held firm through the first half of Monday’s session, with the Sensex trading at 78,719.67, up 625.03 points or 0.80 per cent, and the Nifty 50 at 24,588.35, up 204.75 points or 0.84 per cent, as of 1.30 PM. The gains, which built on a strong gap-up open, were underpinned by a sharp fall in crude oil prices and improving global risk sentiment following US President Donald Trump’s decision to allow direct diplomatic talks with Iran to resume, raising hopes of a resolution over the blockaded Strait of Hormuz.The breadth of the rally was wide. Of 4,204 stocks traded on the BSE, 2,943 advanced and 1,031 declined, with 230 unchanged. A total of 149 stocks hit 52-week highs against 43 at 52-week lows, while 208 stocks were locked in upper circuits compared to 123 in lower circuits, a market-wide signal of buying strength rather than a narrow index-driven move.IndiGo led the Nifty 50 gainers by afternoon trade, rising 4.03 per cent to ₹5,379.50 from a previous close of ₹5,171.00, benefiting directly from the sharp fall in aviation fuel costs as crude retreated. Shriram Finance gained 3.43 per cent to ₹1,082.60 from ₹1,046.70, extending its morning advance as credit-sensitive financials continued to attract buying. Infosys added 3.27 per cent, trading at ₹1,167.10 against a previous close of ₹1,130.10, with volumes of over 57 lakh shares underlining strong institutional interest. TCS rose 3.06 per cent to ₹2,438.00 from ₹2,365.60, with value traded crossing ₹45,000 lakhs. Bajaj Finserv held its gains with a 2.80 per cent rise to ₹2,085.90 from ₹2,029.10.The emergence of IT heavyweights Infosys and TCS in the top gainers list by midday marked a shift from the morning session, where financial services dominated. The IT sector had been the top sectoral performer last week, surging 6.6 per cent, and Monday’s price action suggested that momentum was being carried forward into a new week.WTI crude oil pulled back sharply to the $79–80 per barrel range, down nearly 6 per cent from recent highs, as the prospect of the Strait of Hormuz reopening eased supply concerns. MCX Crude Oil opened with a gap-down near ₹7,640, decisively breaking below the ₹8,000 mark. The rupee extended its gains on the back of lower energy prices and improved risk appetite, trading near ₹95.1 against the US dollar, after breaking below its long-term ascending trendline, a technical development that analysts said reinforced near-term positive momentum for the currency.On the commodity front, MCX Gold was up 0.27 per cent on the day, with immediate resistance at ₹1,44,000–1,44,300 and support at ₹1,43,300–1,43,000. MCX Silver gained 0.51 per cent, holding above ₹2,18,600, with resistance seen at ₹2,19,500–2,20,500. COMEX Gold maintained a cautiously positive bias in a broad consolidation range, with immediate resistance at $4,160–4,180 and support near $4,090–4,070.On the losing side, Sun Pharmaceutical Industries continued its slide, down 1.56 per cent to ₹1,959.50 from a previous close of ₹1,990.50, moderating somewhat from the sharper 2.36 per cent decline seen at the open. Apollo Hospitals fell 1.08 per cent to ₹8,860.00 from ₹8,957.00. Bharti Airtel dropped 1.01 per cent to ₹1,952.10 from ₹1,972.00, with over 29.5 lakh shares changing hands. Cipla slipped 0.76 per cent to ₹1,462.00 from ₹1,473.20, while ONGC declined 0.65 per cent to ₹240.95 from ₹242.53 as the energy counter tracked lower crude prices.The pharmaceutical sector’s underperformance stood in contrast to the broader advance, with Sun Pharma and Cipla both in the red through the midday session. Apollo Hospitals, representing the healthcare services space, also fell, pointing to a sector-specific drag rather than broader defensiveness.Bank Nifty opened with a gap-up near 57,628 and was trading above its 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages, though the 57,800–58,000 zone was emerging as the key resistance band to watch in the second half. Analysts had flagged 57,400–57,300 as the pivot support, and the index held comfortably above that level through midday.On the Nifty 50, the 24,600 level remained the immediate resistance zone, with Ponmudi R, CEO of Enrich Money, noting before the open that ...”a decisive and sustained move above 24,600 would reinforce bullish momentum and could pave the way for an advance towards the 24,800–25,000 region.”The RSI on the Nifty was last seen near 63, above the neutral zone but not yet in overbought territory, leaving technical room for a further upside in the second half of the session.Market participants were also keeping one eye on Wednesday’s Reserve Bank of India Monetary Policy Committee decision. Rate-sensitive sectors, particularly banking and financials, were in focus as investors positioned ahead of the policy statement, with the RBI’s commentary on inflation and liquidity expected to shape near-term sentiment more than the rate decision itself, which markets broadly expect to keep unchanged.Published on August 3, 2026