Although the benchmark indices opened higher, they traded positively throughout the session and ultimately closed green.
Indian equity benchmarks, Sensex and Nifty50, pared most of their gains from the day's high as the initial euphoria about a possible end to the US-Iran hostilities faded in the second half.
At the closing bell, the BSE Sensex closed higher by 1,186 points (up 1.6.%)
Meanwhile, the NSE Nifty closed 348 points higher (up 1.6%)
Trent, Adani Ports, and Bhart Elec are among the top gainers today.
NTPC, Sun Pharma, and Bharti Airtel, on the other hand, were among the top losers today.
The GIFT Nifty was trading at 22,773, higher by 340 points at the time of writing.
The BSE 150 Midcap index is trading 2.2% higher, and the SE 250 SmallCap index is trading 3.4% higher.
Sectoral indices are trading positively today, with stocks in the metal sector and the services sector witnessing buying.
The rupee is trading at Rs 93.3 against the US$.
Gold prices for the latest contract on MCX are trading 1% higher at Rs 1,52,290 per gram.
Meanwhile, silver prices were trading 0.4 % lower at 2,39,914 per 1 kg.
Four reasons why Indian share markets are rising:
#1 US-Iran tensions May Ease
There are signs that the US-Iran conflict could end soon, which is boosting market sentiment. Donald Trump said that the US may stop military action within a few weeks. This has made investors more hopeful and reduced uncertainty.
#2 Global markets are rising
Stock markets around the world are showing strong gains, which supports Indian markets too. Major indices like the Nasdaq Composite and S&P 500 have risen sharply. Positive global cues encourage investors to remain optimistic.
#3 Dollar and Bond Yields Fall
The US Dollar Index and US bond yields have dropped recently. This helps emerging markets like India as it improves liquidity. Lower yields often draw in foreign investors to equities.
#4 Stocks Look Cheaper Now
After a recent market correction, valuations have become more reasonable. The Nifty 50 had fallen significantly, making quality stocks more affordable. Investors are stepping in to buy at these lower levels.
Dmart Shares Climb on Expansion Milestone
Shares of Avenue Supermarts came into focus after the company achieved the milestone of its total store count to 500.
Avenue Supermart said it has opened 12 new outlets in different states. With this, the total number of stores has reached 500.
Avenue Supermarts, the company behind DMart, was founded by billionaire investor Radhakishan Damani and is owned by his family. The retail chain offers everyday household and personal products and operates across several states, including Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab, and Rajasthan.
Power Mech Gains After Hindustan Zinc Deal
Shares of Power Mech came into focus after the company said that it has secured an order worth Rs 1.09 billion (bn) from Hindustan Zinc for operation and maintenance services.
According to the exchange filing, the contract includes the full operation and maintenance of a 91.5 MW captive power plant and its transmission line to the main receiving substation.
Power Mech Projects Limited will handle the project on its own, with completion expected in 48 months.
Founded in 1999, the company is an engineering and construction firm that provides comprehensive services. These services include the erection, testing, and commissioning of boilers, turbines, and generators, as well as civil work and plant maintenance.
The company works on ultra mega, supercritical, and subcritical thermal power projects.
Comments
Log in or sign up to join the conversation.