Mumbai, May 25 (IANS) Indian equity benchmarks rallied sharply on Monday, tracking gains in global markets amid hopes of easing geopolitical tensions after US President Donald Trump said negotiations with Iran were progressing constructively.

The Sensex surged 1,073.61 points, or 1.42 per cent, to close at 76,488.96, while the Nifty jumped 312.4 points, or 1.32 per cent, to settle at 24,031.7, reclaiming the crucial 24,000 mark.

Commenting on Nifty technical outlook, experts said that 24,100 now acts as the immediate resistance level, followed by the 24,300–24,350 zone where significant Open Interest (OI) build-up is visible.

“On the downside, the 23,950–24,000 band has now turned into an important immediate support zone after the successful breakout and sustained closing above this range,” an analyst stated.

“Sustained strength above this level could support further upside momentum, while failure to hold above the breakout range may lead to renewed consolidation in the near term,” an analyst added.

Among the top gainers on the Nifty index were Adani Enterprises Limited, Eicher Motors Limited, Larsen & Toubro Limited and Bajaj Finance Limited.

Market sentiment improved after Trump stated that talks between the United States and Iran were advancing in a positive direction.

He also reportedly told negotiators not to rush into a deal, saying that time was on Washington’s side.

The comments raised hopes of a possible easing of hostilities in West Asia, supporting global risk appetite.

The broader market indices also ended firmly in the green. The Nifty MidCap index rose 0.94 per cent, while the Nifty SmallCap index gained 1.37 per cent during the session.

Sectorally, banking stocks led the rally, with the Nifty PSU Bank, Nifty Private Bank and Nifty Bank indices outperforming the broader market.

On the other hand, the Nifty IT, Nifty FMCG and Nifty Healthcare indices lagged behind, though they also ended with gains.

Meanwhile, Rupee traded strongly positive near 95.22, gaining around 0.45 per cent, as improving sentiment around the US–Iran conflict supported risk assets and eased pressure on crude oil prices.

–IANS

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