NEWS
Markets remain unfazed by Iran tensions, Sensex surges 1,200 points to close; find out how the market will fare on March 27
Stock Market Today: The BSE Sensex jumped 1,205 points to close at 75,273.45, while the NSE Nifty 50 also gained 394.05 points to reach 23,306.45.
Domestic markets closed with gains.
Stock Market News: Amid ongoing tensions in West Asia, positive signals from the US President had a positive impact on the Indian stock market. The domestic market closed with gains for the second consecutive day on Wednesday. The BSE Sensex jumped 1,205 points to close at 75,273.45, while the NSE Nifty 50 also gained 394.05 points to reach 23,306.45.
Which are the top gainers?
At the end of the trading, UltraTech Cement was the top gainer, whose shares rose by 4.39 percent. Apart from this, Larsen & Toubro gained 4.00 percent, Bajaj Finance by 3.82 percent, Titan by 3.50 percent, and Trent shares by 3.39 percent.
On the other hand, Tech Mahindra was the biggest loser, shedding 1.87 per cent. Power Grid fell 1.42 per cent, Tata Consultancy Services 0.87 per cent, Bharat Electronics 0.27 per cent, and Infosys 0.09 per cent.
What do experts say?
Brent crude, the global oil benchmark, fell 5.07 percent to $99.19 per barrel. Vinod Nair, research chief at Geojit Investments Ltd., said improving global risk sentiment and rising hopes for peace in West Asia kept stock markets buoyant. Despite contradictory statements from the US and Iran, crude oil prices fell below $100, a move welcomed by the market, as potential diplomatic progress between the two countries increased.
The BSE Smallcap Select index, representing smaller companies, rose 3.05 percent, while the Midcap index, representing mid-sized companies, rose 2.50 percent. Other Asian markets, including South Korea's Kospi, Japan's Nikkei, China's Shanghai Composite, and Hong Kong's Hang Seng, closed with gains. Major European markets traded higher during afternoon trading, while US markets closed lower on Tuesday.
Hariprasad K., founder and research analyst at Livelong Wealth, believes the positive sentiment in the market is primarily due to signs of a potential truce in the US-Iran conflict. A potential ceasefire and diplomatic efforts have raised hopes of de-escalation, leading to risk-taking in global markets. However, he added that the situation remains fragile due to conflicting statements.
