The Middle-East ceasefire has fresh infused confidence in investors, making them richer by ₹9.70 lakh crore in just three days of market rally as the Iran-Israel ceasefire continued to hold ground.
The effect of easing geopolitical tensions was apparent on the Indian stock markets, with the 30-share BSE Sensex jumping 1.21 per cent or 1,000.36 points to settle at 83,755.87. In the last three days, the benchmark has already surged 1,859.08 points, which amounts to 2.27 per cent.
Intra-day dealings on Thursday saw the Sensex surging 1,056.58 points or 1.27 per cent to 83,812.09.
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The three-day market rally has led to the market capitalisation of BSE-listed firms jumping by ₹9,70,200.71 crore to ₹4,57,52,700.57 crore (USD 5.34 trillion).
Gaurav Garg, an analyst at Lemonn Markets Desk said, “Indian equity markets extended their gains on Thursday supported by strength in metal stocks and easing geopolitical concerns. With geopolitical tensions easing and macroeconomic indicators stabilizing, the broader market appears to be regaining confidence.”
Sensex stocks Tata Steel, Bajaj Finance, Bharti Airtel, Adani Ports, Eternal, HDFC Bank, Bajaj Finserv, NTPC, Reliance Industries and Axis Bank were among the major gainers, although Trent, State Bank of India, Tech Mahindra and Maruti were among the laggards.
As many as 2,097 stocks advanced while 1,900 declined and 156 remained unchanged on the BSE.
Vinod Nair, head of research at Geojit Investments Limited said the benchmark indices had clearly reflected strong investor confidence that was due to the Middle East ceasefire.
“The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions. FIIs continued to pare holdings due to the narrowing yield spread between US and Indian 10-year bonds; DIIs emerged as net buyers, buoyed by improving liquidity conditions and a rebound in domestic consumption," he said.
The BSE midcap gauge climbed 0.56 per cent, and smallcap index went up by 0.12 per cent.
Among BSE sectoral indices, metal jumped 2.28 per cent, oil & gas (1.88 per cent), energy (1.68 per cent), commodities (1.39 per cent), financial services (1.25 per cent), utilities (1.24 per cent) and power (1.13 per cent).
On the other hand, IT, realty and BSE-focused IT were the laggards.
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