• Source:JND

Stock Market Today: The domestic equity indices rose significantly in the early trade on Wednesday amid positive global cues on the back of the resumption of US-Iran talks. At the time of writing, BSE Sensex was trading at 78,076.27, up 1228.70 points or 1.60 per cent. Nifty50 was quoted at 24,222.10, up 379.10 points or 1.59 per cent.

The sharp decline in crude prices fueled the bullish momentum in crude prices. The Brent Crude was trading at a level of $95 per barrel. 

In the early trade, except for ICICI Bank, all other stocks from the Sensex basket were trading in positive territory, with Indigo, L&T, TCS, Eternal, Infosys, Adani Ports, Asian Paints, Trent, HDFC Bank, Bajaj FinServ, Ultratech Cement, and Trent being the top gainers.  

"Hopes of resumption of US-Iran talks, Israel-Lebanon talks and a crash in Brent crude by 10 dollars in two days augur well for the market in the near-term. The resilience of markets worldwide, despite the IMF’s warning about a global recession if the conflict prolongs, is an indication that the market is discounting an end to the conflict soon," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

"In the extremely volatile scenario through which markets have been moving, it is important that investors remain invested. The benefit from sharp rebounds in the market will be lost to investors who sell out and keep away from the market," Vijaykumar added.

At the sectoral front, Nifty Fin Services, Nifty Bank, Nifty Auto and Nifty FMCG were up nearly 1.5 per cent, while Nifty IT was trading nearly 2.5 per cent higher.

The broader market followed suit as well amid massive buying interest. Nifty Small Cap 100 and Nifty Midcap 100 were up nearly 2 per cent. Nifty 100 was up 1.6 per cent and Nifty Next 50 quoted 2.09 per cent higher.


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