Stock market update: Sensex jumps 1,900 points, Nifty above 22,900 as West Asia tensions ease
Stock market update: Indian equity markets witnessed a strong rally on Wednesday as global sentiment improved on expectations of easing tensions in West Asia. Both benchmark indices opened significantly higher and continued to trade in the green during early hours.
The BSE Sensex surged by 1,899.53 points to reach 73,847.08, while the NSE Nifty climbed 572.55 points to 22,903.95 when the news was last filed.
All 30 constituent stocks of the Sensex were trading with gains, indicating broad-based buying across sectors. Major gainers included Trent, Bharat Electronics, Adani Ports, Bajaj Finance, InterGlobe Aviation and Larsen & Toubro.
The rally in Indian markets mirrored a positive trend in global equities, driven by optimism that geopolitical tensions in West Asia may ease in the near term. However, rising crude oil prices remained a point of concern for investors.
The global oil benchmark, Brent crude, was trading 1.29 per cent higher at $105.3 per barrel.
Market activity resumed on Wednesday after being closed on Tuesday on account of Mahavir Jayanti.
According to exchange data, foreign institutional investors (FIIs) offloaded shares worth Rs 11,163.06 crore on Monday. In contrast, domestic institutional investors (DIIs) provided support to the market by purchasing equities worth Rs 14,894.72 crore.
Analysts believe that continued domestic buying and positive global cues could help sustain the current momentum, though volatility may persist due to fluctuations in crude oil prices and geopolitical developments.
- With inputs from agencies
