The 30-share BSE Sensex jumped 1,899.53 points to 73,847.08 in early trade. The 50-share NSE Nifty surged 572.55 points to 22,903.95
All 30 Sensex firms were trading higher. Representational pic
Equity benchmark indices Sensex and Nifty surged in early trade on Wednesday, tracking a sharp rally in global markets on hopes of a potential de-escalation in the ongoing West Asia conflict.
The 30-share BSE Sensex jumped 1,899.53 points to 73,847.08 in early trade. The 50-share NSE Nifty surged 572.55 points to 22,903.95.
All 30 Sensex firms were trading higher, with Trent, Bharat Electronics, Adani Ports, Bajaj Finance, InterGlobe Aviation and Larsen and Toubro emerging as the major gainers.
In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading sharply higher. The Kospi jumped nearly 7 per cent, while the Nikkei 225 index climbed over 4 per cent.
“There are indications of de-escalation of the war from statements issued by the Iranian authorities. The Iranian president’s ‘openness to ending the war’ and confirmation from the Iranian foreign minister that ‘messages were exchanged with the US’ indicate that the war might end soon. This view is reflected in declines in crude prices and US bond yields,” V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said.
The US markets ended significantly higher on Tuesday. The Nasdaq Composite index surged 3.83 per cent, the S&P 500 jumped 2.91 per cent, and the Dow Jones Industrial Average climbed 2.49 per cent.
“The momentum is largely being driven by a decisive improvement in global risk sentiment, following encouraging signals around potential de-escalation in the ongoing West Asia conflict,” Hariprasad K, Research Analyst and Founder of Livelong Wealth, said.
Brent crude, the global oil benchmark, traded 1.29 per cent higher at USD 105.3 per barrel.
Stock markets were closed on Tuesday on account of Shri Mahavir Jayanti.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 11,163.06 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 14,894.72 crore.
On Monday, the Sensex had tumbled 1,635.67 points, or 2.22 per cent, to settle at 71,947.55, while the Nifty had slumped 488.20 points, or 2.14 per cent, to end at 22,331.40.
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