Nifty surges past key resistance in CAS debut; crude slump, Iran talks lift sentiment
Nifty 50 closed at 24,774.30, up 390.70 points or 1.60%, after a 200-point surge in the closing minutes; Sensex rose 0.70% to finish at 78,639
The Nifty 50 index broke through a nearly four-month consolidation range on the first day of trading under the new Closing Auction Session (CAS) framework on Monday, surging to close at 24,774.30, up 1.60%. The Sensex followed suit, gaining 0.70% to close at 78,639. The rally was fueled by easing Middle East tensions, a sharp sell-off in crude oil prices, and the debut of the CAS mechanism.
Brent crude prices fell below $84 a barrel, while WTI crude dropped around 8% to near $80, after US President Trump chose diplomacy over military action against Iran. Fresh US-Iran talks commenced, reducing concerns of supply disruptions. The Nifty IT, Tourism, Banking, FMCG, and Metals sectors led gains, while the Nifty Media was the only notable laggard.
Grasim and TCS were the top gainers among individual stocks, while Apollo Hospitals and Sun Pharma ended lower. Gold prices rose modestly, with spot prices nearing $4,055 per ounce, supported by a weaker dollar. The rupee showed a positive bias against the dollar, gaining around 0.12%. Looking ahead, market participants will closely monitor the RBI's monetary policy decision, with expectations of potential rate hikes in September.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
