Market Open: Sensex Rallies 1,169 Pts, Nifty Advances 343 pts on Optimism over Iran War Peace Talks 

Mumbai, 15 April: India’s benchmark BSE Sensex rallied 1,169.49 points or 1.52% to 78,017.06 and the NSE Nifty 50 advanced 342.80 points or 1.44% to 24,185.45 during opening deals on Wednesday, both logging their strongest hourly gains in four sessions.

Market indices opened with healthy gap-up gains in early trade Wednesday after US President Donald Trump said that peace talks aimed at ending Iran war could restart in Pakistan in as soon as two days — providing relief to risk assets worldwide and inspiring buying interest across Indian indices during the first hour of trade. The possibility of talks resuming between Washington and Tehran, which looked remote just two days ago after the weekend talks fell apart and US effectively blockaded Iranian ports, fueled buying across index heavyweights sending the Sensex above 78,000.

Asian Markets

Market mood was also improved by stronger Asian peers, with the Pakistan KSE 100, Indonesia JSX Composite and Japan’s Nikkei 225 snapping green through Wednesday’s morning session. India bulls lapped up geopolitical risk off and positive moves overseas, buying aggressively enough to convert Gift Nifty strength into a gap-up opening on Dalal Street.

Stocks to Watch

Top performing stocks include IndiGo (+4.87% ₹4,642.90), Hindalco (+3.64% ₹1,013.85), Shriram Finance (+3.46% ₹1,038.85), Infosys (+2.94%) and TCS (+2.84%). IndiGo was the top gainer on the Nifty during morning trade Wednesday, climbing towards record highs along with broader travel and consumption stocks as the risk-on mood took hold. Buying interest picked up across financials, metal stocks and IT services, while the rupee stabilised against the dollar. Hindalco and Shriram Finance were the next biggest gainers among Nifty constituents, rising with the sector. The only stocks pulling the Nifty lower during the morning were Dr. Reddy’s Laboratories (-2.54% ₹1,204.50), ONGC (-0.66% ₹165.80) and Coal India (-0.38% ₹216.90). Sensex closed lower on Monday amid concerns over Iran war and rising crude oil prices.

Oil Prices

Oil prices extended losses for a second consecutive day on Wednesday with Brent crude trading at $94.27 per barrel, down 4.6% on Tuesday. US West Texas Intermediate (WTI) crude was down 7.9% on Tuesday and last traded at $90.24 per barrel. Both benchmarks have come off sharply since Trump said peace talks between Washington and Tehran could resume in Pakistan within the next couple of days.

Sources:

• bseindia.com
• https://www.nseindia.com/market-data/top-gainers-losers