Mumbai, July 6 (IANS) Indian equity benchmarks extended their winning streak to a fourth consecutive session on Monday, supported by strong buying in realty, auto, oil and gas stocks.

The Nifty closed 159.50 points, or 0.66 per cent, higher at 24,430.35, while the Sensex advanced 521.16 points, or 0.67 per cent, to settle at 78,285.07.

Commenting on Nifty technical outlook, experts said that the 24,500–24,600 zone will remain a crucial region to watch in the upcoming sessions, as a decisive move above this band could confirm the continuation of the ongoing bullish trend.

“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 Nifty constituents, HDFC Bank, Hindalco Industries and Oil and Natural Gas Corporation (ONGC) emerged as the top gainers, helping lift the benchmark indices.

The broader market also ended on a positive note. The Nifty MidCap index gained 0.45 per cent, while the Nifty SmallCap index outperformed with a 0.75 per cent rise.

Sectoral indices largely traded in the green, with the Nifty Realty index leading the gains and closing at a six-month high. The Nifty Auto index climbed to its highest level in a month, while the Nifty Oil and Gas and Nifty Consumer Durables indices also posted strong gains.

Experts said that the day’s rally marked the fourth straight session of gains for the benchmark indices, with sustained buying across rate-sensitive and cyclical sectors underpinning market sentiment.

“Market sentiment remains positive, supported by the decline in the India VIX, which reflects improving investor confidence,” an analyst stated.

“The rally was broad-based, with real estate, oil & gas, automobiles and consumer durables emerging as the top-performing sectors, each advancing around 1 per cent during the session, as buying interest remained widespread across the market,” as per the expert.

–IANS

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