Nifty crosses 23,800 for first time since August on falling crude prices, earnings boost
FMCG was the standout sector, gaining over 3 per cent, led by Marico, which jumped 10 per cent to ₹878.40 after reporting a 29.16 per cent year-on-year rise in Q2FY27 consolidated profit.
The Nifty index rose above 23,800 for the first time since August 2026 on Tuesday, driven by falling crude oil prices, strong corporate earnings, and returning foreign investors. The Sensex also climbed 1.62 percent to 76,918 points. Siddhartha Khemka of Motilal Oswal Financial Services attributed the rally to easing crude prices and hopes of de-escalation in West Asia due to progress in Iran-Qatar talks.
FMCG companies, particularly Marico, led the gains with a 10 percent jump. ITC saw a 2.8 percent increase despite an 18.7 percent year-on-year decline in net profit. Capital market stocks surged over 4.5 percent, with Angel One gaining nearly 8 percent. BSE Ltd and Tata Consumer Products also had strong performances. PSU banks and metals were among the weakest performers.
Technical analysis showed the Nifty had moved above its 100-day EMA for the first time since August 2026 and closed above the 61.8 percent Fibonacci retracement level. The rupee strengthened for a third day, trading around 94.70 against the dollar. Crude oil rebounded after a limited US strike on Qeshm Island, but gold and silver hit fresh lows.
The next resistance for the Nifty is expected to be between 23,950 and 24,000, near the 200-day EMA. Analysts noted the outcome of the US midterm elections on Tuesday would be a key factor for the rally's continuation.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
