Sensex gains 500 pts, Nifty above 23,400: Easing crude oil prices among key factors behind market rise

The latest market report highlights that The equity key market indices The two key benchmark indices advanced on Monday, supported by easing oil price marks, fresh foreign fund inflows and a positive trend in global markets.

At around 9:30 am, the Sensex was up 478.05 points or 0.64 percent at 74,773.01, while the broader Nifty advanced 58.25 points or 0.25 percent to 23,404.65.

Key factors behind market gain

1) Easing oil price marks: Brent crude, the global oil benchmark, declined 2.25 percent to USD 101.5 per barrel on hopes of a recovery in shipments from Saudi Arabia.

2) Foreign fund inflows: Foreign institutional market participants turned net buyers in Indian equities on Friday after selling for seven consecutive sessions, purchasing shares worth Rs 599 crore. Domestic institutional market participants additionally remained buyers, investing more than Rs 1,000 crore during the session. Equity market LIVE Updates

3) Positive global cues: Asian markets were trading elevated, with South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng index in positive territory. US markets ended mostly elevated on Friday.

"Asian markets are trading elevated in early session, with South Korea's Kospi gaining more than 1 percent, providing a supportive regional backdrop for Indian equities." Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth-tech firm, stated.

4) Value buying: Value buying was noted as market participants bought shares at softer marks. Last week, the Nifty and the Sensex logged a sixth straight weekly decline, their longest losing streak in six years.

Anand James, Chief Market Strategist at Geojit Investments, stated "Having touched within touching distance of the 23400 objective that we had set out for last week, a consolidation is anticipated. That stated, favoured view anticipates this phase to be short-lived and a climb to 23560 and beyond may be anticipated if dips are contained above 23280/260. In the meantime, we will wait for break past 23116 to re consider prospects of 22600-21800."