Indian equity markets opened the week on a positive note, with benchmark indices advancing in early trade on Monday as declining crude oil prices and easing geopolitical concerns in West Asia boosted investor confidence.

The BSE Sensex climbed more than 400 points, or 0.54 per cent, to an intraday high of 77,223, while the NSE Nifty 50 gained over 100 points, or 0.51 per cent, to trade above the 24,100 mark.

The rally was broad-based, with all major sectoral indices trading in positive territory. Technology stocks emerged as the strongest performers, with the Nifty IT index rising more than 1 per cent. Gains were also seen in the Nifty MidSmall IT & Telecom and Nifty Oil & Gas indices, which advanced around 0.8 per cent each.

Consumer durables, financial services, media and metal shares also traded higher, while auto, pharmaceutical, real estate and FMCG stocks registered modest gains.

Market participants attributed the upbeat sentiment to a combination of falling crude oil prices, a strengthening rupee and expectations that foreign fund outflows may moderate in the coming weeks.

Analysts said the decline in global oil prices suggested investors were becoming less concerned about the risk of a significant escalation in tensions across West Asia. Brent crude, the international benchmark, fell more than 2 per cent to $78.74 a barrel, while US West Texas Intermediate crude declined 3 per cent to $74.98 a barrel.

According to market experts, Brent crude remaining below the $80-a-barrel mark despite ongoing geopolitical uncertainty indicates that traders currently do not anticipate a major disruption to global energy supplies.

A firmer rupee and the prospect of renewed foreign capital inflows are also supporting market sentiment, they said. Investors continue to show interest in mid-cap and small-cap stocks amid expectations of stronger earnings growth, while banking shares remain fundamentally robust and continue to underpin broader market performance.

Among individual stocks, information technology counters led the gains. However, shares of IndiGo, Titan, Grasim Industries and Bharti Airtel were among the few laggards in early trade.

The positive opening mirrored gains across global markets, with investors closely monitoring developments in West Asia while taking comfort from the recent pullback in crude oil prices.

With IANS inputs