Indian benchmark indices surged in early trade on Tuesday after US President Donald Trump suggested the West Asia conflict involving Israel and Iran could end soon. The Sensex jumped over 590 points while Nifty crossed 24,180 as global sentiment improved
Nifty and Sensex climbsafter Trump indicates that West Asia War might end soon. File pic
Hours after Donald Trump indicated that the West Asia War might end anytime soon, the Indian benchmark indices opened with significant gains on Tuesday.
The BSE Sensex, during the early trade, rose by 591.41 points, or 0.76 per cent, to reach 78,157.57 at 9:17 am, whereas the NSE NIFTY 50 climbed 158.20 points, or 0.66 per cent, to 24,186.25, reported ANI.
Furthermore, the main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 gained 1.05 per cent and the Nifty Smallcap 100 added 1.32 per cent.
All sectoral indices open in green
As per IANS, all sectoral indices traded in green except Nifty IT as well as oil and gas, down 0.54 per cent and 0.47 per cent, respectively. Nifty auto, pharma and consumer durables were among the top gainers, up 1.47 per cent, 1.28 per cent and 1.95 per cent, respectively.
Market participants, while expressing their views on the sudden surge, said that "near-term resistance for Nifty is placed between 24,200 and 24,250, while strong support is seen in the 23,900–23,950 range. Resistance for Bank Nifty is seen between 56,300 and 56,400, while support is located in the 55,700–55,800 zone, as per IANS.
Expert opinions
Ajay Bagga, banking and market expert, said, 'The market is currently operating on 'headline risk'.' While the rally is welcome, we must remain cautious. The Strait of Hormuz remains a logistical bottleneck, and any 'official' confirmation--or contradiction--of Trump's de-escalation claims could send oil back toward the triple digits," as per ANI.
While highlighting the impact of global turmoil, he further added, "Global markets are witnessing a dramatic pivot this morning as the 'Trump Effect' once again dictates the tempo of risk assets," Bagga noted, adding that the shift in market narrative occurred after President Trump asserted that the military operation is "very far ahead of schedule" and "very complete, pretty much", as cited by ANI.
Trump suggests the West Asia War might end anytime soon.
US President Donald Trump suggested that the US-Israel conflict with Iran could end soon, triggering a decline in crude oil prices and the US dollar, helping restore risk appetite across global markets.
(With inputs from ANI and IANS)
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