Indian stock markets, including the Sensex and Nifty, extended their rally for a fourth consecutive day, driven by softening crude oil prices following a significant peace deal between the US and Iran, boosting investor confidence.
Photograph: Shailesh Andrade/Reuters
Key Points
- Indian benchmark indices, Sensex and Nifty, recorded their fourth consecutive day of gains, buoyed by positive market sentiment.
- A peace deal between the US and Iran led to a softening of crude oil prices, which was a primary catalyst for the market rally.
- The 30-share BSE Sensex climbed 347.14 points (0.45%) to 77,155.62, while the 50-share NSE Nifty rallied 96.55 points (0.40%) to 24,085.70.
- Brent crude, the global oil benchmark, traded lower at approximately $79.10 per barrel, reflecting easing geopolitical tensions.
Stock market benchmark indices Sensex and Nifty ended higher on Wednesday, taking their winning run to the fourth straight session, buoyed by softening crude oil prices following a peace deal between the US and Iran.
The 30-share BSE Sensex climbed 347.14 points, or 0.45 per cent, to settle at 77,155.62. During the day, it jumped 410.51 points, or 0.53 per cent, to 77,218.99.
Market Performance Overview
The 50-share NSE Nifty rallied 96.55 points, or 0.40 per cent, to end at 24,085.70. Intraday, the benchmark advanced 119.05 points, or 0.49 per cent, to 24,108.20.
Among the 30 Sensex firms, Trent jumped the most, by 7.06 per cent. Bharat Electronics, Eternal, Tata Steel, Infosys, Titan and Bharti Airtel were also among the winners.
Bajaj Finserv, Axis Bank, Kotak Mahindra Bank, and Mahindra & Mahindra were among the laggards.
Impact of Global Oil Prices
Brent crude, the global oil benchmark, traded at around $79.10 per barrel.
“Continued weakness in crude oil prices, driven by easing geopolitical tensions around the Strait of Hormuz, has kept investor sentiment buoyant,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Global Market Trends and FII Activity
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index ended higher, while Hong Kong’s Hang Seng index settled lower.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 749.18 crore on Tuesday after a day’s breather, according to exchange data.
