Stock market today: Sensex gains 300 points, Nifty 50 ends above 24,100; what moved the stock market today?

Stock market today: The domestic equity market ended with modest gains on Monday, 22 June, as reports of progress in US-Iran peace talks and a decline in crude oil prices bolstered investor risk appetite.

The Sensex ended 291 points, or 0.38%, higher at 77,094, while the Nifty 50 settled at 24,102.90, up 90 points, or 0.37%. The mid and small-cap segments also ended with modest gains; the Nifty Midcap 100 and the Nifty Smallcap 100 indices rose by 0.34% and 0.60% higher, respectively.

The overall market capitalisation of BSE-listed firms rose to above ₹480 lakh crore from ₹477.5 lakh crore in the previous session, making investors richer by nearly ₹3 lakh crore in a single session.

The Indian stock market saw selective buying in most sectors amid reports of progress in US-Iran talks.

Media reports said the first round of talks between the US and Iran concluded with significant progress on Monday, and further negotiations will continue through the week.

According to Reuters, officials from Qatar and Pakistan stated that progress was made in the first round of talks on a roadmap to reach a final deal in 60 days.

"The market traded within a narrow range, albeit with a positive bias, as investors continued to assess the progress of US–Iran negotiations. Overall sentiment remained constructive, supported by outperformance in utilities, banking, and healthcare sectors. This strength was largely driven by a more selective, sector- and stock-specific investment approach," noted Vinod Nair, Head of Research, Geojit Investments.

Stocks such as Reliance, HDFC Bank, Infosys, and ICICI Bank were among the top contributors to the gains in the Sensex and the Nifty 50.

Crude oil benchmark Brent Crude fell about 2% to trade below $80 per barrel, driven by hopes that the US and Iran will finalise a deal soon and that the Strait of Hormuz will reopen.

Meanwhile, the rupee declined 37 paise to close at 94.70 per dollar amid a rise in the US dollar and benchmark bond yields.

Some 27 components of the Nifty index ended higher, among which Cipla, Tech Mahindra, and Dr. Reddy's Laboratories ended at the top.

On the flip side, Asian Paints, Titan Company, and Nestle India ended as the top laggards in the index.

Barring Nifty FMCG (down 0.41%) and Consumer Durables (down 0.55%), all sectoral indices ended higher.

Nifty Media, Pharma, and Healthcare indices rose over 1% each, while Oil and Gas and IT rose by up to 1%.

Nifty Bank and Financial Services rose by 0.43% and 0.58%, respectively.