Stock Market News: Amidst the ongoing tension in West Asia, the positive signals from the US President had a positive impact on the Indian stock market. The domestic market closed strongly on Wednesday for the second consecutive day. BSE Sensex jumped 1,205 points to close at 75,273.45, while NSE Nifty 50 also rose by 394.05 points to 23,306.45.
Which top gainers?
At the end of trading, UltraTech Cement was the top gainer, whose shares rose by 4.39 percent. Apart from this, Larsen & Turbo was up by 4.00 percent, Bajaj Finance was up by 3.82 percent, Titan was up by 3.50 percent and Trent was up by 3.39 percent.
On the other hand, Tech Mahindra was among the biggest falling shares, with a weakness of 1.87 percent. Apart from this, a decline of 1.42 percent was seen in Power Grid, 0.87 percent in Tata Consultancy Services, 0.27 percent in Bharat Electronics and 0.09 percent in Infosys shares.
What do experts say?
Global oil benchmark Brent crude fell 5.07 percent to US $ 99.19 per barrel. Vinod Nair, Research Chief, Geojit Investments Limited, says that the stock markets remained bullish due to improvement in global risk perception and increasing expectations of peace in West Asia. Despite contradictions in statements by the US and Iran, possible diplomatic progress between the two countries pushed crude oil prices below $100, which was welcomed by the market.
The BSE Smallcap Select index of small companies rose 3.05 percent, while the Midcap index of medium companies rose 2.50 percent. In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with gains. At the same time, there was a bullish trend in the major markets of Europe during afternoon trading, while the American markets closed with a decline on Tuesday.
Hariprasad K, founder and research analyst of Livelong Wealth. If we believe, the main reason for the positive environment in the market is the signs of a possible pause in the US-Iran conflict. Expectations of a possible ceasefire and diplomatic efforts to reduce tensions have increased, leading to risk appetite in global markets. However, he also said that the situation still remains delicate due to contradictory statements.
Also read: Are petrol and diesel running out? Amidst Iran War, oil companies made this appeal to the people
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