Sensex, Nifty Close Higher as IT, Pharma Stocks Surge; Crude Eases

Markets end higher as IT and pharma stocks lift Sensex, Nifty

Mumbai, June 22

The Sensex gained 291.17 points, or 0.38 per cent, to settle at 77,094.07. The Nifty also ended higher, rising 90 points, or 0.37 per cent, to close at 24,102.90.

Commenting on Nifty technical outlook, experts said that the 24,200 level continues to act as the immediate resistance zone.

"A sustained breakout above this level would reinforce bullish momentum and could pave the way for a further advance towards the 24,400 region, which remains the next significant upside target," an analyst said.

"On the downside, the 24,000-23,900 region continues to serve as a crucial support zone," as per the expert.

Market participants remained encouraged by the continued decline in global oil prices, which helped improve sentiment across sectors. The gains were largely driven by IT and healthcare-related stocks, which witnessed sustained buying throughout the trading session.

Among the top performers in the Nifty index were Cipla, Infosys, Tech Mahindra and Dr. Reddy's Laboratories. Strong gains in these stocks helped offset weakness in select consumer-oriented sectors.

The broader market also ended on a firm note. The Nifty MidCap index advanced 0.34 per cent, while the Nifty SmallCap index climbed 0.6 per cent, indicating continued investor interest beyond frontline stocks.

Sectoral indices presented a mixed picture. The Nifty IT, Nifty Pharma and Nifty Healthcare indices emerged as the biggest gainers, benefiting from sector-specific buying and positive sentiment. On the other hand, the Nifty FMCG and Nifty Consumer Durables indices ended lower, making them the worst-performing sectors of the day.

Analysts said that softer crude prices and selective buying in defensive and technology stocks supported the market, while investors remained cautious ahead of key domestic and global economic developments.

— IANS