Mumbai (Maharashtra) [India], June 17 (ANI): Indian equity benchmark indices extended gains for the fourth consecutive session on Wednesday, supported by easing crude oil prices and positive global cues.

The BSE Sensex closed at 77,155.00 points, up 347.14 points. The NIFTY 50 index settled at 24,085.70 points, gaining 96.55 points or 0.4 per cent.

Market sentiment remained upbeat after international crude oil prices slipped below the USD 80-per-barrel level amid expectations of improved global energy supplies following progress in the US-Iran peace agreement. Lower oil prices are seen as positive for India, a major crude importer, as they help ease inflationary pressures and support corporate earnings.

Buying interest was visible across most sectoral indices, with information technology, defence, and select consumer-focused stocks leading the gains. Broader markets also outperformed, with midcap and smallcap indices ending in the green.

The US-Iran peace deal breakthrough raised hopes of the Strait of Hormuz reopening, sending Brent crude to a three-month low. Benchmark Brent crude was trading at around USD 79 per barrel at 16:11 IST and touched an intraday low of USD 78.13 per barrel, falling for the second consecutive session.

Abhishek Kumar, Market analyst and founder of SahajMoney, said, 'The rally through this week, extended into Wednesday's session, is primarily driven largely by progress on the US Iran peace accord expected to be signed in Switzerland. This breakthrough has cleared the way for the reopening of the Strait of Hormuz, sending Brent crude down to roughly USD 79 which is a three month low.'

According to Kumar, lower crude prices provide a significant tailwind for India. 'For an import dependent country like India, lower crude prices provide a significant tailwind by lowering the import bill, cooling inflation, and lifting earnings for oil sensitive sectors like paints, aviation, and tyres,' he said. Indian VIX stood at 13.36 as sentiment stayed constructive but watchful ahead of the ceasefire signing.

Among the sectoral indices, the recently added Consumer Durables index gained 2.11 per cent and IT rose 0.79 per cent, while PSU Banks provided steady support. In contrast, Auto and Metal sectors slipped under profit booking after recent gains.

Mahesh M Ojha, KC Securities, noted that corporate news also helped sentiment. 'As we have seen US and Iran deal going so Indian crude oil bill will be down that is major relief for Indian market perspective. After deal announcement, investor confidence is back and have seen buying in large.

The broader market showed mixed breadth as traders awaited geopolitical clarity. Sentiment remains constructive, with oil-sensitive sectors likely to stay in focus until the truce is formally signed. (ANI)