Noida, June 22 (APAC Media): Indian equity benchmarks Sensex and Nifty ended higher on Monday, extending gains in late trade, supported by strong buying in information technology stocks and selective strength in metals and auto counters.
The BSE Sensex rose by around 300 points, while the NSE Nifty 50 settled above the 24,100 level, reflecting improved investor sentiment after recent volatility in global markets.
Brent crude futures erased early gains on Monday after Qatar and Pakistan said US and Iranian officials had agreed on a roadmap to work toward a final deal within 60 days.
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The August Brent contract fell 0.39% to $80.27 a barrel, after earlier rising in Asian trading.
IT stocks were the key drivers of the rally, with major index constituents such as Infosys, Tata Consultancy Services, and HCL Technologies witnessing fresh buying interest.
Market participants attributed the upmove to expectations of steady demand in key export markets and a resilient earnings outlook for the sector.
Broader market sentiment remained mixed but tilted positive, with investors tracking global cues including US bond yields and geopolitical developments.
While foreign portfolio flows continued to show caution, domestic institutional investors provided support, helping indices stay in the green for most of the session.
Sectorally, the Nifty IT index outperformed, followed by marginal gains in metal and automobile stocks. FMCG and healthcare sectors, however, witnessed mild profit booking, which capped overall gains.
According to market analysts, the Nifty’s sustained move above the 24,100 mark indicates underlying resilience in domestic equities.
However, they cautioned that volatility may persist in the near term as investors await key macroeconomic data releases and central bank commentary from major economies.
In the broader market, mid-cap and small-cap indices moved in a narrow range with stock-specific action dominating trade.
Market breadth remained slightly positive, indicating a balanced participation between advancing and declining stocks.
Analysts expect stock-specific movements to continue in the coming sessions, with a focus on earnings visibility and global economic indicators.
Overall, trading sentiment remained cautiously optimistic, with domestic equities managing to extend gains despite uncertainty in global financial markets. (BSE)
–ENDS–
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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