Mumbai, Aug 6: Indian benchmark equity indices closed higher on Thursday, supported by easing crude oil prices and strong buying interest in PSU banks and chemical stocks. The positive movement reflected improved investor confidence amid favourable domestic and global cues.
The Sensex gained 374 points, or 0.48 per cent, to settle at 78,954.76, while the Nifty edged up 11.35 points to close at 24,636.00.
Market experts said falling crude oil prices provided support to equities as lower import costs could help ease inflationary pressures and improve the outlook for the economy. Investors also tracked global market trends and sector-specific developments during the session.
Among major Nifty stocks, Reliance Industries, State Bank of India and Bharat Electronics emerged as key gainers, supporting the broader market recovery.
Sector-wise, PSU banks and chemical stocks remained in focus, with both segments witnessing strong buying activity. However, some pressure was seen in real estate, media and automobile stocks, which ended lower during the session.
The broader market showed mixed trends, with mid-cap stocks facing some profit booking, while small-cap stocks managed to stay positive.
Analysts said the Nifty’s immediate support level remains around 24,600, while the 24,700 zone is expected to act as a near-term resistance level. Market participants are likely to keep a close watch on crude oil movements, global developments and upcoming economic indicators.
Experts believe that while short-term market movements may remain influenced by external factors, India’s strong economic fundamentals and corporate growth prospects continue to support the long-term outlook for equities.