Indian equity markets opened on a strong note on Tuesday as investor confidence returned following US President Donald Trump’s claims of peace talks with Iran.
The BSE Sensex surged nearly 1,000 points to 73,800 in early trade, while the NSE Nifty jumped over 300 points to 22,900. Today marks the weekly expiry of the Nifty.
The index had lost around 600 points on Monday, with market capitalisation shrinking by ₹15 lakh crore, but is expected to stage a recovery today.
Banking stocks led the gains, with the Nifty Bank index rising nearly 1,000 points to approach the 52,900 mark.
Investor sentiment has improved after a week of uncertainty triggered by the ongoing war in Iran. While the markets are witnessing a positive trend, crude oil prices remain elevated.
Analysts see 23,000 as a key immediate support level for the Nifty, followed by resistance in the 23,200–23,300 zone.
The performance of the Nifty Bank will largely depend on HDFC Bank, where sentiment continues to remain subdued.
Oil-sensitive sectors are also expected to remain in focus after overnight price movements.
Mark Matthews of Bank Julius Baer & Co noted that Iran has profound distrust for Trump and would not settle for a temporary pause but would instead seek a complete and ironclad agreement.
He added that markets are not yet fully convinced but expressed hope for a possible ceasefire between the two sides soon.
“The global oil prices would likely come down to the $60 per barrel range only in the next three months,” he said.
Also read: Crude oil prices set to stay above $100 per barrel amid Iran war
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