Our Business Correspondent
Indian equity benchmarks closed higher on Monday, supported by easing crude oil prices and renewed foreign institutional investor (FII) inflows, as investors embraced risk assets amid improving global sentiment. Buying in heavyweight stocks led by Reliance Industries, Infosys and HDFC Bank helped the Nifty reclaim the 24,100 mark, although gains were capped by weakness in FMCG and consumer durable counters.
The BSE Sensex advanced 291 points, or 0.38 per cent, to close at 77,094.07, while the Nifty 50 rose 89.8 points, or 0.37 per cent, to settle at 24,102.90. Broader markets outperformed the benchmark indices, with the BSE MidCap and SmallCap indices gaining 0.43 per cent and 0.76 per cent, respectively, reflecting strong participation beyond frontline stocks.
Market breadth remained positive, with advancing stocks significantly outnumbering decliners on the BSE. Investor confidence was further reflected in the India VIX, which fell 1.29 per cent to 12.80, indicating lower expectations of near-term volatility.
Sentiment received support from softer oil prices after reports suggested progress in diplomatic efforts between the United States and Iran, easing concerns over potential supply disruptions. Brent crude slipped below $80 per barrel, providing relief to energy-importing economies such as India.
On the macroeconomic front, RBI data showed India’s foreign exchange reserves declined by nearly $10 billion to $671.6 billion in the week ended June 12, primarily due to a sharp drop in gold reserves. However, foreign currency assets, the largest component of reserves, registered a modest increase.
Among sectoral movers, healthcare stocks outperformed after broker upgrades and corporate developments boosted investor interest. Cipla surged nearly 5 per cent after a global brokerage reaffirmed its bullish stance, while Sun Pharma gained following its acquisition announcement. Engineering and infrastructure-linked stocks also remained in focus amid a series of large order wins across power, railways and energy segments.
Investors will now monitor global inflation trends, crude oil movements, foreign fund flows and developments from the Maharashtra Legislature’s monsoon session for further market cues. The primary market also remained active, with the IPO of Turtlemint Fintech Solutions garnering moderate investor interest ahead of its closing on June 23.