Indian Equity Benchmarks Rise as Crude Oil Prices Fall and Global Bond Yields Soften

Mumbai: Indian equity benchmarks ended firmly higher as falling crude oil prices and softer global bond yields improved risk appetite. Buying in heavyweight and defensive stocks helped the market overcome weakness in the broader indices. The BSE Sensex climbed 564.03 points, or 0.76%, to settle at 74,858.99. The NSE Nifty 50 advanced 67.90 points, or 0.29%, to close at 23,414.30. Eternal, HCL Technologies and SBI Life Insurance Company were among the top Nifty gainers, providing significant support to the benchmark. The Nifty remained above 23,300, keeping its short-term recovery structure intact. Market analysts placed immediate resistance at 23,500–23,600. Support is expected at 23,300, followed by 23,200. A sustained move above the resistance zone could strengthen market momentum. Consumption and defensive sectors outperformed during the session. Nifty FMCG, Pharma, Healthcare, Realty and Consumer Durables recorded strong gains. Investors appeared to favour sectors considered relatively resilient during periods of global economic and geopolitical uncertainty. Metal and public-sector banking stocks faced selling pressure. The Nifty Metal and PSU Bank indices emerged as the major sectoral laggards. Broader markets also underperformed the frontline indices. The Nifty MidCap index declined 0.29%, while the Nifty SmallCap index slipped 0.07%. Crude oil prices have fallen nearly 7% over the previous two to three sessions to around $91.50 per barrel. Lower energy costs eased concerns surrounding inflation, corporate input expenses and India’s import bill. Softer global bond yields provided additional support to risk assets. Sentiment also improved ahead of upcoming US-China talks and renewed hopes of diplomatic engagement between the United States and Iran at the United Nations. The Indian rupee traded around 0.11% higher at 95.81 against the US dollar, supported by declining oil prices. Analysts expect the domestic currency to remain within a range of 95.45–96.15 in the near term.