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Market Commentary

Benchmark indices opened with a strong gap - up on 25 May and maintained their positive momentum throughout the session, as optimism over progress in U.S .- Iran peace talks triggered a sharp correction in crude oil prices below $96 per barrel and supported a marginal recovery in the Indian Rupee . The positive global cues helped the Nifty close above the 24 ,000 mark .

* At close, the Sensex was up 1073 .61 points or 1.42 percent at 76 ,488 .96 , and the Nifty was up 312 .40 points or 1.32 percent at 24 ,031 .70 .

* On the sectoral front most of the sector traded in positive and contributed with major gain noted from Nifty PSU and PVT banks, Auto, Realty major sector closed positive while the only laggard is noted in Nifty FMCG sector

* Buying is noted across the market with broader market closed on a positive note with Nifty Midcap gained 0 .94 % whereas the Nifty Small cap advanced 1.37%

* Gift Nifty signals a flat opening for the Indian market . Volatility is likely to be high on account of the Monthly expiry . We expect Nifty spot to trade in the range of 23 ,800 - 24 ,250 .

Global Updates

* Wall Street cash equity exchanges remained completely closed on Monday in observance of the Memorial Day federal holiday . However, underlying Globex index futures ticked steadily higher in holiday -thinned offshore trading, directly pricing in the unwinding energy shock on top of Friday's record close .

* Global markets absorbed a major deflationary shock over the past 24 hours as U.S . and Iranian officials moved toward a landmark peace deal . A draft agreement to permanently reopen the Strait of Hormuz triggered a sharp unwind of geopolitical risk premiums, sending Brent crude below the $100 mark to $94 .88 per barrel .

* Asian regional benchmarks are flashing minor consolidative profit -taking this morning as regional desks digest the historic multi - percentage runs recorded earlier in the week Nikkei 225 (Japan) Ticked down 0 .47 % (- 304 .37 points) to trade at 64 ,853 .60 , experiencing a healthy technical pause after testing historical milestones . make it crisp

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