Indian Stock Market Surges Amid Easing Tensions in the Middle East
The recent reduction in tensions in the Middle East, particularly around the Hormuz Strait, has sparked a wave of optimism in India, leading to a significant rally in the stock market. As trading commenced on Wednesday, the market experienced a remarkable surge, with investors gaining ₹5 lakh crore within a short period. By the time of reporting, the benchmark index, Sensex, had crossed the impressive milestone of 900 points, reaching an intraday high of 77,879.68, which also boosted the BSE market capitalization to ₹471 lakh crore.
Around 11 AM, the Sensex climbed by 953.59 points or 1.24%, hitting 77,840.50, while the broader Nifty index rose by 289.10 points or 1.2%, reaching 24,284.80. The market showed a positive trend, with approximately 2,155 stocks advancing, 1,229 declining, and 174 remaining unchanged. All 16 major sectoral indices were trading in the green, with Nifty Smallcap 100 and Nifty Midcap 100 indices recording gains of 0.96% and 0.76%, respectively.