This morning, the Indian stock market opened in the green amid positive global cues and stabilising markets as the Iran-US ceasefire holds into its second week. The BSE Sensex gained 500 points, adding 0.64 per cent to 78,613 as of 9:30 am. The Nifty 50 also rose by 0.66 per cent to 24,375 in early trade on Thursday.
Asian markets have finally started extending their positive trade for the second consecutive day after the US hinted at a possible second round of talks with Iran on Wednesday.
Markets in Japan, South Korea, Australia, Taiwan, and China are currently trading 1.2 per cent higher compared to the previous session. A similar trend is witnessed in Indian markets as both indices gained on their previous session’s close, building on positive global cues.
The Nifty 50 and Sensex advanced 1.6 per cent on Wednesday to hit a one-month high after the US said talks with Iran could resume soon in Pakistan.
The Trump administration expressed optimism about reaching a deal to end the war with Iran, while warning of increasing economic pressure against Tehran if it remains defiant.
Analysts note that markets tend to absorb negative developments after a certain point. It appears that Nifty has already priced in much of the recent volatility. The index is believed to have formed a strong base around the 22,000 level, making a retest of those lows unlikely in the near term.
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