Indices extend rally amid easing geopolitical tensions
Mumbai: Benchmark indices Sensex and Nifty surged nearly 1 per cent on Wednesday, powered by widespread buying and a positive trend in global equities amid easing tensions in the Middle East following a ceasefire between Iran and Israel. Besides, intense buying market heavyweights HDFC Bank, Infosys and Reliance Industries supported domestic equities, traders said.
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. As many as 2,821 stocks advanced while 1,207 declined and 134 remained unchanged on the BSE.
'Benchmark indices extended their winning streak for a second consecutive session on Wednesday, closing decisively in the green as investor sentiment got a boost from the Israel-Iran ceasefire, which alleviated geopolitical overhang.
The Nifty kicked off trade on a buoyant note, subsequently oscillated in a narrow band with a positive undertone...,' according to Bajaj Broking market commentary.
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.
'Markets maintained their positive tone and gained nearly a per cent, supported by favourable global cues. A strong handover from the US markets triggered a gap-up start, which was further fuelled by buying interest in select heavyweight stocks,' Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Meanwhile, Mukesh Ambani and Gautam Adani have partnered to sell automotive fuels by leveraging each other's fuel retail networks -- marking the second business collaboration between the two billionaire industrialists. Ambani's fuel venture with UK's BP, Jio-bp, will set up petrol and diesel dispensers at CNG retail outlets of Adani Total Gas Ltd (ATGL).
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