Sensex jumps 1,695 pts, Nifty ends above 23,600 amid global stocks rally as US ends war with Iran
On the weekly front, the BSE benchmark jumped 1,284.61 points, or 1.73 per cent, and the Nifty surged 256.2 points, or 1 per cent.
In Asian markets, South Korea’s Kospi jumped 4.63 per cent, while Japan’s Nikkei 225 index went up by 2.81 per cent. Shanghai’s SSE Composite index and Hong Kong’s Hang Seng also ended higher.
European markets also traded in the positive territory. US markets ended significantly higher on Thursday.
“Indian equities witnessed a strong turnaround session today, with the Nifty-50 surging nearly 2 per cent and reclaiming the 23,600+ zone, marking one of the strongest bullish moves in recent sessions. The rally was driven by a sharp improvement in global risk sentiment, easing geopolitical concerns and renewed confidence across risk assets,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
The biggest trigger for today’s move was the sudden shift in tensions in West Asia, he said.
“Expectations of a potential diplomatic resolution between the US and Iran, along with the cancellation of planned military action, reduced fears of a wider conflict,” Hariprasad added.
A major positive for India was the sharp decline in crude oil prices, he further said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,987.09 crore on Thursday, according to exchange data.
In the previous session, the 30-share BSE Sensex declined 150.63 points, or 0.20 per cent, to settle at 73,832.55. The Nifty edged lower by 53.35 points, or 0.23 per cent, to end at 23,161.60.
