MUMBAI: Indian equity markets rallied sharply on optimism over easing geopolitical tensions after US President Donald Trump indicated that the conflict with Iran could be nearing an end, boosting investor sentiment and risk appetite.
The benchmark indices ended the session on a strong note, with the Nifty rising 1.63 per cent, or 388.65 points, to close at 24, 231.30.
The Sensex also gained 1.64 per cent, or 1, 264 points, to settle at 78, 111.24.
Experts said that from a technical perspective, 24, 300-24, 400 remains a crucial resistance zone, and a decisive breakout above this range is required to extend the rally towards 24, 800–25, 000 levels.
“On the downside, immediate support is placed near 24, 000 mark, followed by a stronger base around 23, 900–23, 800, which is expected to act as a key demand zone, ” an analyst stated.
The rally was broad-based, with several heavyweight stocks leading the gains. Among the top performers on the Nifty were InterGlobe Aviation, Max Healthcare Institute, Power Grid Corporation of India and Eternal.