Mumbai, Oct 26: Indian equity markets rebounded on Monday, with the Sensex gaining over 480 points and the Nifty closing above 22,750, as buying in metal, pharmaceutical and healthcare stocks lifted benchmark indices. However, elevated crude oil prices and a weakening rupee continued to pose risks to the broader market outlook.

The Sensex rose 482.92 points, or 0.66 per cent, to close at 73,606.75, while the Nifty gained 153.20 points, or 0.68 per cent, to settle at 22,753.20. Broader market indices also ended in positive territory. Healthcare, metal and pharmaceutical stocks led sectoral gains, rising over 1 per cent each, while FMCG, media, consumer durables and chemical stocks declined.

On the BSE, Eternal, Adani Ports, Kotak Mahindra Bank, Trent, ITC, Bharti Airtel, Tata Steel and Reliance Industries were among the major gainers. Bajaj Finance, HDFC Bank, Sun Pharma, HCL Technologies, Power Grid and Maruti Suzuki were among the laggards. On the NSE, Dr Reddy's Laboratories, JSW Steel, Max Healthcare, Hindalco Industries and Coal India were among the notable gainers, while Shriram Finance, Bajaj Finance, HDFC Life and HCL Technologies weighed on the index.

Brent crude was trading at around USD 114.65 per barrel, while the other crude oil benchmark quoted in the market update stood at around USD 101.07. Vikram Kasat, Chief Business Officer, Advisory and Dealing at PL Capital, said elevated oil prices and the rupee's weakness against the US dollar could add to inflationary pressures, squeeze corporate margins and affect foreign investor flows. He added that the sustainability of the market recovery would depend on corporate earnings, developments in West Asia and the US Federal Reserve's policy outlook.

Market analyst Vipin Dixena said the rebound was encouraging but insufficient to confirm that the market had established a durable bottom. He said the ongoing earnings season would be crucial in determining whether valuations adequately reflected prevailing risks. Dixena identified the 22,600–22,700 range as an important zone for the Nifty to sustain, with resistance around 22,700–22,800 and support at 22,300–22,400. (with ANI inputs)