Indian stock markets rise for fourth straight day as oil prices drop and foreign buying picks up

Indian stock markets extended their winning streak to a fourth consecutive session, with the Sensex and Nifty rising over four percent across four sessions. The Sensex climbed 666 points, or 0.87 percent, to an intraday high of 76,358.79. The Nifty 50 advanced 170 points, or 0.7 percent, to 23,610.70.

Market Factors

Lower oil prices, improving foreign investor flows and strong corporate earnings lifted market sentiment. Brent crude traded around 105 dollars a barrel after falling seven percent in the previous session, backed by hopes of progress towards ending the war between the US, Israel, and Iran following talks involving Iran and Qatari mediators. Foreign portfolio investors turned net buyers on Monday by purchasing shares worth 31.15 billion rupees, while domestic institutional investors sold equities worth 3.92 billion rupees.

Technical Levels

Traders are closely monitoring technical levels ahead of the Nifty expiry session. Religare Broking said the immediate support base is around 23,200, with fresh put writing at the 23,200 and 23,300 strikes strengthening the downside cushion, while overhead hurdles sit at 23,500 and 23,600. Pabitro Mukherjee of Bajaj Broking noted the Nifty closed above its 50-day exponential moving average and the previous month's high of 23,175, placing short-term support at 22,800 to 23,000. Hitesh Tailor of Choice Broking identified immediate resistance at 23,200 and support at 22,850, recommending a selective buy-on-dips approach.

Context

Stock market indices in India fluctuate daily based on corporate earnings reports, foreign fund flows, and global macroeconomic indicators like crude oil prices and currency movements. Brokerage firms routinely analyze derivatives data, moving averages, and support or resistance levels to help investors understand short-term market trends.