India's Equity Market Hits 5-Month High on Crude Slump, IT Stocks Lead Gains

The Indian equity market ended Monday's session strongly, with the Nifty 50 closing at its highest level in five months. The benchmark index rose 390.70 points or 1.6% to settle at 24,774.30, while the Sensex climbed 544.39 points or 0.7% to 78,639.03.

The rally was supported by a sharp decline in Brent crude oil prices, which dropped 5.1% to $83.4 per barrel following US President Donald Trump's announcement that talks with Iran would take place on Monday but without specifying a deadline for an agreement.

Among the sectoral indices, IT stocks led the gains, surging 3.28%, as investors continued to accumulate technology stocks due to encouraging June quarter earnings and improving deal momentum. In contrast, the Nifty Media index declined 3.09% after a three-session rally, making it the only sectoral loser.

Market breadth remained firmly positive on the National Stock Exchange (NSE), with out of 3,505 stocks traded, 2,360 advanced, 1,027 declined and 118 remained unchanged. The Nifty Midcap 100 index gained 1.21% to hit a record high, while the Nifty Smallcap 100 index advanced 1.29% to its highest level in nearly 20 months.