Bull Market Resurgence on Dalal Street: Sensex Surges 1,074 Points, Nifty Reclaims 24,000

Indian Benchmark Indices Extend Gains, Nifty Crosses 24,000 Mark

Indian benchmark indices started the week on a strong note, extending last week's gains, driven by a sharp decline in crude oil prices amid optimism over a potential US-Iran deal. Positive global cues and appreciation in the Indian rupee further boosted investor sentiment.

The Sensex opened higher and extended gains through the session, with the Nifty 50 crossing the 24,000 mark in late-hour trade amid broad-based buying across sectors and strong participation from broader markets. At close, the Sensex was up 1073.61 points or 1.42 percent at 76,488.96, and the Nifty was up 312.40 points or 1.32 percent at 24,031.70.

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Broader markets also ended higher, with the Nifty Midcap index rising 0.9%, while the Nifty Smallcap index gained 1.3%. The Indian rupee extended its winning streak for a third consecutive session, ending 47 paise higher at 95.23 per US dollar compared with Friday's close of 95.70 per dollar.

Top gainers on the Nifty included Eicher Motors, L&T, Bajaj Finance, Adani Enterprises, and Tata Motors Passenger Vehicles. Losers were Max Healthcare, ONGC, Hindalco, Infosys, and Bajaj Auto. All sectoral indices ended in the green, with oil & gas, auto, PSU bank, private bank, and realty up 1-2%.

Nearly 150 stocks touched their 52-week high on the BSE, including HFCL, Torrent Pharma, JB Chemicals, Angel One, Vodafone Idea, Polycab, Navin Fluorine, Manappuram Finance, and Anand Rathi. In stock-specific action, shares of Hindalco Industries declined 1% after the company reported a 50.9% year-on-year fall in consolidated net profit to ₹2,597 crore. Shares of Eicher Motors gained 6% after the automaker posted an 11.6% increase in Q4 consolidated net profit.

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Shares of Indian Railway Finance Corporation (IRFC) surged 2.4% after the company signed a ₹13,527 crore refinancing deal for the Hyderabad Metro project. Glenmark Pharmaceuticals shares rose 2.4% after one of its subsidiaries entered into a settlement agreement with state attorneys general in the United States. Meanwhile, shares of Park Medi World added 7% after the company's board approved the acquisition of V3 Healthcare.

Additionally, RBL Bank shares added nearly 3% after Emirates NBD Bank announced an open offer to acquire up to 41.55 crore shares from public shareholders. Ashok Leyland shares added nearly 4% on order of 715 vehicles from VRL Logistics.

Technical Outlook

Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty has reclaimed both the 20EMA and the 50EMA, indicating a strong sign of sustained recovery in market sentiment. The bullish crossover in the RSI is further supporting the positive momentum in the market.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, predicted that the zone of 23,930 - 23,900 is expected to act as immediate support for the index. On the upside, the 24,200 level will be a crucial resistance zone. A sustained move above 24,200 could trigger a sharp upside rally, potentially driving the index towards the 24,350 mark.