Markets explode: US-Iran ceasefire sends Sensex soaring 2,800 points, Nifty jumps above 23,900
Indian stock markets opened strongly in the green on Wednesday, buoyed by the two-week ceasefire between the US and Iran, along with a sharp drop in oil prices.
The Nifty50 crossed 23,900, while the BSE Sensex rose over 2,800 points, News.Az reports, citing Indian media.
At 10:15 AM, Nifty50 was trading at 23,872.50, up 748 points or 3.24%, and Sensex stood at 77,193.16, up 2,576 points or 3.45%.
The market rally, marking the fifth consecutive session of gains, was fueled by the temporary ceasefire, lower crude prices, and other positive triggers. The upswing added over ₹12.92 lakh crore to the total market capitalization of BSE-listed companies, taking it to approximately ₹442 lakh crore.
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Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted, “The two-week ceasefire between the US and Iran has dramatically altered the near-term market scenario. The crash in Brent crude to $95 following the ceasefire has turned the market bullish. The agreed reopening of the Strait of Hormuz will embolden the bulls, aided by fair market valuations.”
He added, “RBI, supported by the crude crash, is likely to hold rates today, maintaining a neutral policy stance. The upside risk to inflation and downside risk to growth can now be managed effectively. The rupee is expected to strengthen, potentially halting the sustained FPI selling and encouraging short covering. Nifty may cruise toward 24,000 in the near term, with beaten-down financials poised for recovery. Crude-related sectors, including refineries, aviation, Gulf-exposed capital goods, paints, and adhesives, will perform strongly.”
On the Sensex, IndiGo led the gains with a 10% surge. Other major gainers included L&T, Adani Ports, Bajaj Finance, Bajaj Finserv, UltraTech Cement, Maruti Suzuki, Mahindra & Mahindra, Axis Bank, Eternal, and HDFC Bank, which rose between 5% and 7%. Only Tech Mahindra traded in negative territory, posting marginal losses.
The rally was broad-based, extending beyond large-cap stocks to midcap and smallcap segments. The Nifty Midcap 100 and Nifty Smallcap 100 indices both rose over 3%. Market breadth remained strong, with around 2,677 stocks advancing on the NSE compared to 105 declines and 40 unchanged.
By Nijat Babayev
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