Sensex, Nifty rise for 4th day on US-Iran peace deal
Stock market benchmark indices Sensex and Nifty ended higher on Wednesday, taking their winning run to the fourth straight session, buoyed by softening crude oil prices following a peace deal between the US and Iran.
The 30-share BSE Sensex climbed 347.14 points, or 0.45 per cent, to settle at 77,155.62. During the day, it jumped 410.51 points, or 0.53 per cent, to 77,218.99.
The 50-share NSE Nifty rallied 96.55 points, or 0.40 per cent, to end at 24,085.70. Intraday, the benchmark advanced 119.05 points, or 0.49 per cent, to 24,108.20.
Among the 30 Sensex firms, Trent jumped the most, by 7.06 per cent. Bharat Electronics, Eternal, Tata Steel, Infosys, Titan and Bharti Airtel were also among the winners. Bajaj Finserv, Axis Bank, Kotak Mahindra Bank, and Mahindra & Mahindra were among the laggards.
Brent crude, the global oil benchmark, traded at around $79.10 per barrel.
“Continued weakness in crude oil prices, driven by easing geopolitical tensions around the Strait of Hormuz, has kept investor sentiment buoyant,” Vinod Nair, Head of Research, Geojit Investments Limited, said. In four days, the BSE benchmark has jumped 3,323.07 points, or 4.50 per cent, and the Nifty surged 924.1 points, or 3.98 per cent.
“Markets extended their winning streak for the fourth consecutive session on Wednesday, supported by favourable global cues and sustained buying across sectors.
The continued easing in crude oil prices and expectations of a status quo from the US Federal Reserve in its upcoming policy meeting supported overall risk sentiment,” Ajit Mishra — SVP, Research, Religare Broking Ltd, said. The BSE MidCap Select index jumped 1.20 per cent and SmallCap Select index went up by 0.31 per cent. Sectorally, Capital Goods surged 2.76 per cent, Industrials (1.83 per cent), PSU Bank (1.80 per cent), Consumer Durables (1.39 per cent), Power (1.19 per cent) and Metal (1.15 per cent).
