9 hours ago
- Business
- New Indian Express
Markets gain for third straight session as Indian benchmarks rise
CHENNAI: Indian equity benchmarks rose on Thursday, extending their two-day rally amid hopes of a ceasefire between Israel and Iran, despite weak cues from Asian markets. BSE Sensex, which rose 502 points in the early trade, settled at 83116.14, up 360.63 points or 0.44% at 12.03 noon.
NSE Nifty climbed 131.60 points, reaching 25,376.35, marking a 0.57% gain for the session.
Both indices have risen nearly 1% over the previous two sessions, approaching nine-month highs.
Key drivers behind the rally have been hopes of a ceasefire between Israel and Iran, which has calmed geopolitical risk—and lifted global sentiment. Weakening dollar and bond market softness bolstered metals and commodity-linked stocks.
June monthly F&O contracts expire tomorrow, adding volatility especially near 25,400–25,500 levels. Cumulative foreign institutional investors (FIIs) selling of over Rs 9,500 crore in the past three sessions remains a headwind.
However, MSCI index was mixed, slipping 0.2% before firming modestly.
Sector action in India
Metals outperformed (+1%) benefiting from weak dollar dynamics. Financials & large-caps like HDFC Bank (+0.7%) and Reliance (+1.3%) advanced.
Defense stocks also gained 1–2%, fueled by global defense spending positivity.
But, June derivative contract expiry is tomorrow—expect last-hour swings. Despite rally, foreign capital is still leaving—a drag on near-term momentum.
Market experts expect the day to open positively, backed by the GIFT Nifty's 40‑point uptick and supportive global cues.
