Sensex closes 109 points higher, Nifty above 24,050; IndiGo, M&M among top gainers

Sensex closed 109 points higher at 77,100.47 while Nifty 50 gained 34 points to settle at 24,056, led by IndiGo up 5%, M&M and Maruti Suzuki up about 4% each, and SBI, ICICI Bank, Kotak Mahindra Bank and HUL up around 1% each. The rally was driven by a sharp drop in oil prices to pre-Iran war levels after stranded tankers exited the Strait of Hormuz following an initial US-Iran peace deal. ICICI Direct's Dharmesh Shah expects Nifty to head towards 24,500 in the coming week, with support placed at around 23,800.