Sensex jumps 579 points, Nifty tops 24,175 as easing oil prices lift market mood

Mumbai, July 2 (IANS) Indian benchmark equity indices ended sharply higher on Thursday, supported by a decline in global crude oil prices after encouraging signs emerged from trade talks between the United States and Iran, boosting investor sentiment.

The Nifty closed at 24,175.70, gaining 169.85 points, or 0.71 per cent, while the Sensex advanced 579.48 points, or 0.75 per cent, to settle at 77,502.12.

Commenting on Nifty technical outlook, experts said that the index witnessed steady buying interest throughout the session and gradually advanced towards the 24,200 resistance zone.

“From a technical perspective, a sustained breakout above this band would reinforce bullish momentum and could pave the way for an advance towards the 24,400–24,450 region, where the 200-day EMA is positioned,” a market expert said.

“On the downside, the 24,000 psychological mark is expected to act as the immediate support zone,” the expert added.

Technology stocks led the rally, with Infosys, Tech Mahindra and Tata Consultancy Services emerging as the top gainers in the Nifty index. The strong performance helped the Nifty IT index register its biggest single-day gain since May 2025.

The broader market also participated in the uptrend. The Nifty MidCap index ended 0.48 per cent higher, while the Nifty SmallCap index outperformed with a gain of 1.25 per cent.

Among sectoral indices, the Nifty IT was the best performer of the day. The Nifty Auto, Nifty Consumer Durables and Nifty Realty indices also posted strong gains as positive global cues and easing concerns over oil prices lifted market sentiment.

“Easing energy prices and fresh India–Japan agreements in strategic areas such as AI, defence technology and energy security helped sustain domestic market optimism,” as per the analyst.

–IANS

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