India–N Z cheers markets, Sensex jumps 639 pts, Rupee gains

Indian equity benchmarks closed near the day’s high on improved investor sentiment after India-New Zealand FTA finalised in New Delhi. The agreement which sealed in the presence of Commerce Minister Piyush Goyal and his New Zealand counterpart Todd McClay removes tariffs on 100 per cent of India’s exports to New Zealand, and either sharply reduces or removes tariffs on 95 per cent of the country’s imports from New Zealand.
At the closing bell, the Nifty ended 0.81 per cent or 194.75 points higher at 24,092.70 and the Sensex settled 0.83 per cent or 639.42 points higher at 77,303.63.
Commenting on Nifty technical outlook, experts said that the 24,300–24,400 zone continues to remain a crucial resistance band. Adani Ports, Sun Pharma, NTPC, Tech Mahindra, Tata Steel were among the top gainers on Sensex. On the other side, Axis Bank, BEL, Trent and ICICI Bank were among top laggards on the 30-share pack.
Broader markets outperformed the benchmark indices during the session. The Nifty MidCap rose 1.55 per cent, while the Nifty SmallCap gained 1.96 per cent.
Rupee gains marginally against US Dollar
The rupee settled on a flat note, registering gains of just one paisa to close at 94.15 (provisional) against the US dollar on Monday, as rising global uncertainty, escalating tensions in West Asia and soaring crude oil prices weighed on investor sentiments. Forex traders said the INR/USD pair pared its initial losses, but the overall bias remains negative as FII sell-off and elevated crude oil prices restricted the gains for the local unit.
On the sectoral front, gains were led by the Nifty Pharma, Nifty Realty and Nifty IT indices. In contrast, the Nifty Private Bank and the Nifty Financial Services lagged behind the broader market.
Investor sentiments also improved as reports suggested a possible de-escalation in tensions involving Iran and the United States.