Markets log gains for 2nd day; Sensex, Nifty surge nearly 1 pc on global rally
Mumbai, Benchmark indices Sensex and Nifty surged nearly 1 per cent on Wednesday, tracking a rally in global markets amid signs of easing tensions in the Middle East following a ceasefire between Iran and Israel.
Extending its previous day's rally, the 30-share Sensex jumped 700.40 points or 0.85 per cent to settle at 82,755.51. During the day, it surged 760.8 points or 0.92 per cent to 82,815.91.
Similarly, the wider gauge NSE Nifty climbed 200.40 points or 0.80 per cent to 25,244.75.
"Indian equity markets have staged a recovery, supported by easing geopolitical tensions in the Middle East and a moderation in crude oil prices. While FIIs continue to withdraw capital, positive global cues are helping sustain domestic market momentum. Domestically, a favourable monsoon forecast, and moderating inflation are further underpinning the optimism," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex pack, Titan, Mahindra & Mahindra, Infosys, Power Grid, Tata Consultancy Services and Bharti Airtel were among the major gainers.
On the other hand, Bharat Electronics, Kotak Mahindra Bank and Axis Bank were the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled higher.
European markets were trading on a mixed note in mid-session trade.
US markets ended significantly higher on Tuesday.
Global oil benchmark Brent crude climbed 1.21 per cent to USD 67.95 a barrel.
Foreign Institutional Investors offloaded equities worth ₹ 5,266.01 crore on Tuesday, according to exchange data. Domestic Institutional Investors bought stocks worth ₹ 5,209.60 crore.
On Tuesday, the Sensex settled in the green, climbing 158.32 points or 0.19 per cent to 82,055.11. On similar lines, the Nifty rose by 72.45 points or 0.29 per cent to end at 25,044.35.
This article was generated from an automated news agency feed without modifications to text.
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