Mumbai, March 24 (IANS) Indian stock markets ended the session on a strong note, with benchmark indices closing near their day’s highest levels, supported by gains in auto and banking stocks.

Positive sentiment among investors was also driven by hopes of easing geopolitical tensions between the United States and Iran, despite mixed signals from both sides.

The Nifty rose sharply by 399.75 points, or 1.78 per cent, to settle at 22,912.40. The Sensex also posted solid gains, climbing 1,372.06 points, or 1.89 per cent, to close at 74,068.45.

Experts said that from a technical standpoint, the Nifty is showing early signs of a short-term recovery, supported by easing geopolitical pressures and a gap-up opening.

“On the downside, 22,700 now acts as an immediate support backed by OI build-up, while the 22,500–22,600 zone continues to be a critical demand area where buying interest is expected to emerge,” an analyst stated.

Broader markets mirrored the upbeat mood. The Nifty MidCap index advanced 2.60 per cent, while the Nifty SmallCap index gained 2.63 per cent.

Among sectors, media stocks led the rally, with the Nifty Media index rising over 3 per cent. Auto and banking stocks also performed well, contributing significantly to the market’s overall gains.

On the other hand, the pharma sector lagged behind other indices, registering the smallest increase of the day.

Analysts said that the market rally reflected improved investor confidence, supported by both sectoral strength and easing concerns over global geopolitical risks.

–IANS

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