Sensex gains 299 points, Nifty rises 118 points as equities rebound

…Nifty gained 117.80 points, or 0.5 per cent, to settle at 23,446.80. Commenting on the Nifty’s technical outlook, experts said that on the upside, the 23,450–23,500 zone is likely to act as the immediate resistance. “ A sustained move above 23,500 could strengthen the recovery and open the way towards 23,600, while failure to reclaim this zone could keep the index range-bound with a cautious bias ,” market watchers stated. “On the downside, 23,300 remains the immediate support zone, while the next and stronger support is placed around 23,200. Momentum indicators suggest that selling pressure is gradually…

…“A sustained move above 23,500 could strengthen the recovery and open the way towards 23,600, while failure to reclaim this zone could keep the index range-bound with a cautious bias,” market watchers stated. “ On the downside, 23,300 remains the immediate support zone, while the next and stronger support is placed around 23,200. Momentum indicators suggest that selling pressure is gradually easing ,” analysts added. The recovery was led by buying in metal and financial stocks. Shares of Tata Steel, Bajaj Finance and Hindalco Industries emerged as the top gainers in the Nifty index, helping the benchmarks end…

…Nifty IT index the worst-performing sector of the day. Market participants said stabilising crude oil prices and easing concerns over energy costs supported risk appetite, leading to a rebound in domestic equities. “ This constructive macro backdrop supported buying interest across the market, helping domestic equities track gains in Asian peers ,” experts stated.…

…cent, followed by auto, up 0.65 per cent. Despite escalation of conflicts in the Middle East and the Russia-Ukraine war, Brent crude declined to below $102 due to the increasing oil flow through the Strait of Hormuz. “ The US 10-year bond yields are hovering around 5 per cent posing a threat to equity markets. But equity markets are holding their ground taking cues from the robust growth in developed economies and expectations of good corporate earnings. In India, too, this pattern is playing out ,” an analyst said. Global markets remain mixed, with Asian equities gaining on technology strength while easing crude prices are offering some relief. In the previous session, Nifty surged 0.33 per cent, and its…