New Delhi,sep 21
Indian benchmark indices closed higher on Monday, with the Nifty 50 gaining 0.29 per cent and the Sensex rising 564 points, as easing crude oil prices, lower bond yields and hopes of diplomatic engagement supported investor sentiment. The NIFTY 50 index closed at 23,414.30, with a surge of 67.90 points or 0.29 per cent, while the BSE SENSEX closed at 74,858.99, with a gain of 564.03 points or 0.76 per cent.Vinod Nair, Head of Research, Geojit Investments, said improving sentiment ahead of the upcoming US-China talks, renewed hopes of diplomatic engagement between the US and Iran at the UN, along with declining oil prices and bond yields, provided relief to investors.”The easing of concerns around inflation and energy costs has supported a broad-based recovery across sectors and supported overall market sentiment,” Nair said.He added that the earnings cycle appeared to be turning positive, while relatively attractive valuations in select pockets of the market continued to support a constructive medium-term outlook for equities.”However, in the near term, geopolitical developments and interest-rate expectations will remain key variables influencing investor behaviour and market direction,” Nair said.Among sectoral indices on the NSE, only the Nifty PSU Bank and Nifty Metal indices closed lower, declining 0.05 per cent and 0.62 per cent, respectively. The Nifty Auto index gained 0.21 per cent, while Nifty FMCG rose 1.19 per cent. Nifty IT gained 0.03 per cent, Nifty Media rose 0.19 per cent and Nifty Pharma jumped 1.27 per cent.Brent crude oil prices fell below USD 102 per barrel and were trading at USD 101.94 per barrel at the time of reporting.
