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Indian equity benchmark indices extended their winning run for a fourth straight trading session on Monday, supported by broad-based buying in realty, automobile, oil and gas, and consumer durable stocks amid improving investor sentiment.

 

The NSE Nifty50 ended the session 159.50 points, or 0.66 per cent, higher at 24,430.35, while the BSE Sensex climbed 521.16 points, or 0.67 per cent, to settle at 78,285.07.

 

Market experts said the Nifty continues to trade with a positive bias, with the 24,500-24,600 zone emerging as the next key resistance area. A decisive breakout above this range could pave the way for a further extension of the ongoing uptrend.

"On the downside, the 24,200 level is expected to act as immediate support in case of any profit booking, followed by the 24,000 psychological zone, which remains the crucial zone," an analyst said.

Among the Nifty50 stocks, HDFC Bank, Hindalco Industries and Oil and Natural Gas Corporation (ONGC) were the top gainers, contributing significantly to the benchmark indices' upward movement.

 

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The broader market also ended the day in positive territory. The Nifty MidCap index rose 0.45 per cent, while the Nifty SmallCap index outperformed the broader benchmarks, advancing 0.75 per cent.

Sectoral performance remained largely positive, with the Nifty Realty index emerging as the top performer and closing at its highest level in six months. The Nifty Auto index also touched a one-month high, while the Nifty Oil and Gas and Nifty Consumer Durables indices registered healthy gains.

According to market participants, the sustained rally reflected continued buying interest across rate-sensitive and cyclical sectors, helping the benchmark indices register their fourth consecutive day of gains.

Analysts said investor sentiment remained upbeat, supported by easing volatility and improving risk appetite. "Market sentiment remains positive, supported by the decline in the India VIX, which reflects improving investor confidence," an analyst said.

They added that the rally was broad-based, with real estate, oil and gas, automobiles and consumer durables emerging as the best-performing sectors during the session, each gaining around 1 per cent as buying interest remained widespread across the market. The overall market breadth also remained favourable, indicating continued participation from both large-cap and broader market stocks.