Nifty closed at 24,765.90, up 1.17 percent or 285.40 points. Meanwhile, Sensex closed at 80,015.90, up 899.71 points or 1.14 per cent.
“The market is not completely out of trouble yet, and the current move should be considered only a pullback as long as Nifty trades below 25,200 levels,” said an analyst.
“On the downside, immediate support lies at 24,600, and a break below this level could take the index further towards 24,400,” said a market expert. According to reports, if America presents another good proposal, Iran may be ready to give up its nuclear program, after which the market sentiment improved.
This development increased the hope of reducing tension in the area, which also increased the ability to take global risks.
Top gainers on Nifty included Adani Ports & Special Economic Zone, Hindalco Industries and Larsen & Toubro, which witnessed strong buying during the session.
The broader market also performed well and outperformed the benchmark indices. Nifty Midcap 100 closed 1.52 per cent higher, while Nifty Smallcap 100 rose 1.58 per cent.
Sectorally, metal stocks led the rally, with the Nifty Metal index rising 2.3 per cent. Stocks from other sectors like oil & gas and construction also witnessed heavy buying during the day.
Experts said the positive momentum in the market reflects an improvement in investor sentiment amid hopes that geopolitical tensions may ease and support global financial markets.
Meanwhile, India VIX cooled sharply, falling nearly 16 per cent to below the 18 mark. Experts said that further reduction in volatility will support bullish sentiment.
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