Market end five-day losing streak; Sensex soars over 775 points, Nifty surges nearly 230 points

Indian benchmark equity indices rallied on Monday ending their fivesession losing streak as global crude oil prices fell sharply easing concerns about supply disruptions after the United States and Iran paused their military strikesThe 30share BSE Sensex surged 77601 points or 102 per cent to settle at 7683578 while the 50share NSE Nifty soared 22850 points or 096 per cent to end at 2399595A pause in military strikes between the US and Iran boosted investor sentiment helping the market open on a strong note with the Nifty reclaiming the 23900 level Although the benchmarks traded in a narrow range for most of the session strong buying in the final hour lifted the Nifty back towards the 24000 marks enabling the indices to close near their days highs Bajaj Broking Research saidLast week the Sensex had lost 2091 points or 268 per cent while the Nifty had shed 56685 points or 233 per cent On Friday the 30share BSE Sensex declined 33162 points or 043 per cent to settle at 7605977 while the 50share NSE Nifty dipped 10215 points or 043 per cent to end at 2376745Who led the packAmong the Sensex pack bank stocks like Axis Bank and HDFC Bank were the laggards HDFC Banks stocks which have been on a decline since last Monday after the bank reported a shrinkage in its net interest margin during the first quarter of FY27 were trading 041 per cent lower than the previous closeEternal InterGlobe Aviation Infosys Bajaj Finance and Asian paint were among the gainers Eternal the parent company of food delivery platform Zomato was the biggest gainer as its shares rose 563 per cent while InterGlobe Aviations shares the parent of the airlines IndiGo jumped 494 per cent from the previous closeThe macroeconomic cuesThe sharp correction in crude oil prices along with a decline in longterm bond yields has also raised hopes of a durable resolution supported by signs of long unwinding Key central bank policy meetings this week led by the Fed US Federal Reserve BoE Bank of England and BoJ Bank of Japan may provide greater flexibility to maintain the status quo on interest rates On the domestic front a narrowing rainfall deficit is adding comfort to the inflation outlook supported by betterthanexpected Q1 earnings and a positive business outlook Vinod Nair Head of Research Geojit Investments saidAccording to news agency PTI Brent crude the global oil benchmark tanked 940 per cent to USD 8764 per barrelGoing ahead geopolitical developments and direction in crude oil prices are likely to be key drivers in the near term Meanwhile the Q1FY27 earnings season is gathering pace and is expected to drive stockspecific action alongside increased activity in the primary market Siddhartha Khemka Head of Research Wealth Management Motilal Oswal Financial Services saidIn Asian markets South Koreas KOSPI Japans Nikkei 225 index and Hong Kongs Hang Seng index ended higher while Foreign Institutional Investors FIIs offloaded equities worth Rs 389277 crore on Friday as per PTIWith PTI inputs