Sensex rallies to over 8-month high on Iran-Israel ceasefire
MUMBAI: Stronger indications of an Israel-Iran ceasefire lifted investor sentiment on Dalal Street Wednesday, pushing sensex to over its eight-month high mark. Easing crude oil prices and short covering by speculators who were cutting their losses also helped the rally in the late session, market players said.
At close, sensex was at 82,756 points, up 700 points or 0.9% while nifty on NSE was at 25,245 points, up 200 points or 0.8%. Both indices are at over eight-month high levels.
Vinod Nair, head of research, Geojit Investments, said the rally was supported by easing geopolitical tensions in West Asia and cooling crude prices. "While (foreign funds) continue to withdraw capital, positive global cues are helping sustain market momentum. Domestically, a good monsoon forecast and moderating inflation are further underpinning the optimism."
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