Stock Market Today: Both equity indices had a sharp opening on Wednesday, a day after the markets observed a holiday for the Ambedkar Jayanti. Investor mood was boosted as the US-Iran war is reportedly ending. A fall in the price of crude oil below the 100-mark also sent bullish market signals. At 10:30 am, the BSE Sensex jumped 1,406.80 (1.83%) to 78,248. The NSE Nifty climbed 419.65, to 24,262.30. There was a sharp increase in the wealth of investors, as the cumulative market capitalisation of BSE-listed companies increased to ₹458 lakh crore as compared to 449 lakh crore in the previous session, which is an increment of 9 lakh crore.
Which Stocks Gained On Stock Market Today? Top Gainers
Sectoral indices were all performing positively showing a widespread rally. Nifty IT, Nifty Metals, Nifty PSU Bank, Nifty Media and Nifty Realty indexes led the gains of over 2.
InterGlobe Aviation, a Sensex constituent rose 4.51 percent to ₹4,628.80. UltraTech Cement increased by 3.56, Larsen and Toubro, Infosys and Bajaj Finserv, increased by 2.64, 2.49 and 2.37 respectively.
Asian Markets Reflect Optimism.
The wider Asian markets also improved and were trading higher which was indicative of a better global sentiment. Japan’s Nikkei 225 rose 0.49% to 58,162.84. South Korea’s Kospi surged 3.08% to 6,151.55, while Hong Kong’s Hang Seng Index gained 0.89% to 26,103.20.
Gold, Silver Rates
The price of gold and silver also stayed stable with prices staying close to a one-week high as traders remained on the defensive side as the US-Iran peace talks remained uncertain.
Spot gold was at 4,841.76 per ounce following its peak level since April 8 in the session. The June gold futures in the US increased by 0.3 percent to reach $4,866.50 per ounce. Spot silver edged up 0.4% to $79.87 per ounce.
Crude Oil Prices
The prices of crude oil fell further and this gave a great impetus to the market sentiment. Brent crude futures fell almost 0.40% to $94 per barrel, and follows a close to 5% decline on the last session.
Meanwhile, West Texas Intermediate crude dropped more than 1% to 90, after an 8 percent drop earlier in the day after Donald Trump said he might engage in diplomatic talks with Iran.
Why is Stock Market Rising Today?
Hope of the US-Iran Talks Soothes Markets
The news that there might be a resumption of the talks between the US and Iran boosted market sentiment. President Trump reportedly told Reuters that talks might resume in Pakistan in the next two days.
This is following the failure of the initial round of negotiations that took place over the weekend without any breakthrough.
Global Markets Rally
The equity markets across the globe were also improved on hope about the possible negotiations. The widest index of Asia-Pacific shares of MSCI that are not in Japan increased 1.5 percent to a six-week high. The Nikkei of Japan rose by 1 percent and South Korea rose by 3 percent.
US markets ended higher overnight, and the Nasdaq Composite increased 2% and the S&P 500 increased 1.2 percent, approaching its record closing high.
Rupee Strength Lends a Hand
The Indian currency was also strengthening which also supported the market sentiment. In early trade, the rupee appreciated by 12 paise against the US dollar and this was due to the easing of geopolitical tensions and a reduction in crude oil prices.
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
