Benchmark stock market indices closed higher for the second straight session on Wednesday as markets seemed to be in recovery mode after US President Trump’s remarks, signalling de-escalation in the West Asia war.
The S&P BSE Sensex jumped 1205.00 points to end at 75,273.45, while the NSE Nifty50 gained 394.05 points to close at 23,306.45.
Vinod Nair, Head of Research, Geojit Investments Limited, said that markets continued to build on the previous day’s momentum as global risk sentiment improved, with hopes of peace emerging on the radar.
“Potential diplomatic progress between the US and Iran—despite mixed geopolitical commentary—led to easing crude oil prices below $100, which was welcomed by the market. Early signs of normalisation in maritime movement through the Strait of Hormuz are likely to further support investor confidence, although it may be early to comment,”: he added.
After the closing bell, UltraTech Cement Ltd led the Sensex gainers, rising 4.39%. It was followed by Larsen and Toubro Ltd, which gained 4.00%. Bajaj Finance Ltd moved up 3.82%, while Titan Company Ltd added 3.50%. Trent Ltd also ended higher, rising 3.39%.
On the losing side, Tech Mahindra Ltd saw the sharpest fall, dropping 1.87%. Power Grid Corporation of India Ltd declined 1.42%, Tata Consultancy Services Ltd slipped 0.87%, Bharat Electronics Ltd was down 0.27%, and Infosys Ltd edged lower by 0.09% at the close.
Nair said that the domestic rally was broad-based, supported by value-driven buying across sectors.
“India’s valuation premium, which had remained elevated for some time, has corrected to more reasonable levels, offering investors greater comfort at current market levels,” he added.
