Indian shares rally as Middle East tensions ease
INDIAN shares rose on Wednesday, tracking a global risk-on rally, after tensions in the Middle East eased following a fragile ceasefire between Israel and Iran.
The Nifty 50 added 0.63% to 25,204.6 points and the BSE Sensex rose 0.67% to 82,600.44 as of 10:24 a.m. IST.
All 13 major sectors logged gains. The broader smallcaps and midcaps gained 1.3% and 0.5%, respectively.
Index heavyweights HDFC Bank and Reliance Industries rose about 1% each.
Global equities rallied, with the MSCI World Index hitting a record high, and Asian and emerging market stocks climbing to their strongest levels since early 2022.
The move came after Iran and Israel signaled an end to the hostilities following a public scolding from U.S. President Donald Trump over ceasefire violations.
'The ceasefire has sparked a relief wave across global markets, and Indian equities are surfing that momentum,' said Devarsh Vakil, head of prime research at HDFC Securities.
Still, analysts warned that sustained gains will depend on clarity in global trade dynamics and strength in corporate earnings.
Among individual stocks, Multi Commodity Exchange rose 4.3% after UBS reiterated 'buy' and raised target price, citing robust volume growth due to price volatility in key commodities amid geopolitical uncertainties.
Indian Hotels gained 2.3% after JPMorgan initiated coverage at 'overweight' rating and forecasted a 16% upside in the next 12 months on strong fundamentals.
Indiamart Intermesh jumped about 6% after Nuvama raised its rating on the stock by two notches to 'buy' from 'reduce' and raised its price target to a street-high 3,800 rupees from 2,100 rupees, pointing to signs of a demand upcycle.
Titan Company rose 2% after Macquarie reiterated 'outperform' and raised target price, citing buoyant jewellery sales in the June quarter due to healthy demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
37 minutes ago
- The Star
Cricket-IPL's Royals owner accuses former co-owner of blackmail in UK court
LONDON (Reuters) -Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the club. London-based venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement agreement. The case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a "blackmail attempt". Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, "in due course it will be exposed". Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker said. He added in court filings that Kundra emailed Badale "out of the blue" last month, alleging he had been "misled and defrauded of the rightful value of my 11.7% stake". The email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI). Kundra added, however, that he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise". Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale "did not realise cheating me of the true value would cost him dearly". Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging statements. Kundra's lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit. "It is not an admission that anything improper has been done or is being threatened," McCormick said. (Reporting by Sam Tobin, editing by Ed Osmond)
New Straits Times
3 hours ago
- New Straits Times
Ringgit rises against greenback, major currencies at close
KUALA LUMPUR: The ringgit ended firmer today, supported by easing geopolitical tensions and weaker United States (US) economic data that continued to pressure the greenback. At 6pm, the local rose to 4.2335/2405 versus the greenback from Tuesday's close of 4.2410/2465. SPI Asset Management managing partner Stephen Innes said that the sustained ceasefire between Israel and Iran has dampened safe-haven demand for the US dollar. "In addition, the US consumer confidence index deteriorated by 5.4 points in June, falling to 93.0 from 98.4 in May," he told Bernama. Innes said that Federal Reserve chair Jerome Powell's recent cautious remarks, interpreted as keeping the door open to a possible rate cut, had pushed US treasury yields lower, providing some relief to Asian currencies. "Although trading remained subdued, the ringgit held on to modest gains at the close," he added. At the closing, the ringgit traded higher against a basket of major currencies. It appreciated against the Japanese yen at 2.9070/9120 from 2.9256/9296, escalated versus the British pound to 5.7631/7726 from 5.7707/7782, and improved against the euro to 4.9113/9194 from 4.9225/9289 yesterday. The local note traded mixed against its Asean counterparts. It advanced vis-a-vis the Singapore dollar to 3.3061/3121 from 3.3130/3178, and appreciated against the Thai baht to 12.9584/9858 from 12.9793/13.0021 at Tuesday's close. Meanwhile, it eased against the Indonesian rupiah to 259.7/260.2 from 259.3/259.7, and slipped against the Philippine peso to 7.46/7.48 from 7.41/7.44, previously.
The Star
5 hours ago
- The Star
Bursa Malaysia higher at midday
KUALA LUMPUR: Bursa Malaysia ended today's morning session firmer amid improved sentiment and risk appetite following the development of a ceasefire between Israel and Iran. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.38 points, or 0.42 per cent, to 1,520.67 from Tuesday's close of 1,514.29 The FBM KLCI, which opened 4.38 points firmer at 1,518.67, moved between 1,518.01 and 1,524.71 during the session. The broader market was positive with 493 gainers outnumbering 308 decliners, while 431 counters were unchanged, 1,211 untraded and 25 suspended. Turnover stood at 1.81 billion units worth RM1.06 billion. ActivTrades trader Anderson Alves said risk appetite remained resilient as Asian equities trended higher following the ceasefire announcement, despite reports of violations by both sides earlier. "Market players will closely monitor Middle East developments for any signs of renewed geopolitical volatility," he said. Among the heavyweights, Maybank gained three sen to RM9.83, Public Bank was flat at RM4.31, Tenaga Nasional rose two sen to RM14.28, CIMB added three sen to RM6.80, and IHH Healthcare increased 12 sen to RM6.71. Among the most active stocks, NexG was flat at 35.5 sen, Reservoir Link decreased 5.5 sen to 25.5 sen, MYEG put on one sen to 93 sen, Tanco was unchanged at 94 sen, and Green Ocean trimmed 2.5 sen to 23.5 sen. On the index board, the FBM Emas Index garnered 64.78 points to 11,352.81, the FBMT 100 Index climbed 63.37 points to 11,135.69, and the FBM Emas Shariah Index rose 70.20 points to 11,294.35. The FBM 70 Index bagged 165.45 points to 16,244.43 and the FBM ACE Index put on 47.75 points to 4,465.46. By sector, the Financial Services Index appreciated 43.03 points to 17,721.50, the Industrial Products and Services Index added 1.06 points to 150.03, the Plantation Index slipped 9.95 points to 7,219.08, and the Energy Index ticked up 1.36 points to 729.25. - Bernama
