Sensex Jumps 500 Points; Wipro, Trent, Shriram Finance Lead Charge as Iran Talks Show Cautious Progress 

Mumbai, May 22: Domestic equities on Friday traded well into positive terrain at the half-day stage, with benchmark indices sustaining sharp gains as buying in financials and strength in global markets supported investors sentiments buoyed by cautious optimism around US-Iran talks over Tehran’s nuclear programme. 

The Sensex traded at 75,681.76, up 498.40 points or 0.66% and the Nifty 50 was at 23,796.65, higher by 141.95 points or 0.60% at 11:43 am. The broader market traded on a firm note throughout early trade with buyers keeping a grip on financial and selective consumer stocks despite weakness in healthcare, pharma and media stocks.

Gainers & Losers 

Among the top Nifty 50 gainers in morning trade, Wipro (WIPRO) led with its LTP at ₹205.10 against a previous close of ₹199.74, up 2.68%, followed by Trent (TRENT) at ₹4,256 versus ₹4,170.40, up 2.05%, Shriram Finance (SHRIRAMFIN) at ₹933.30 against ₹914.75, up 2.03%, Asian Paints (ASIANPAINT) at ₹2,648.80 versus ₹2,598.80, up 1.92%, and Axis Bank (AXISBANK) at ₹1,276.80 against a previous close of ₹1,253.30, up 1.88%. 

On the losing side, Max Healthcare (MAXHEALTH) was the sharpest decliner with its LTP at ₹1,037.30 against a previous close of ₹1,091.10, down 4.93%, followed by Power Grid (POWERGRID) at ₹295.45 versus ₹299.55, down 1.37%, ITC at ₹303.90 against ₹308.05, down 1.35%, ONGC at ₹292 versus ₹295.85, down 1.30%, and Sun Pharma (SUNPHARMA) at ₹1,866.90 against a previous close of ₹1,891.30, down 1.29%. 

Broader & Sectoral Markets 

Broader market indices were largely positive in morning trade, with the Nifty Microcap 250 rising 0.50% to 23,359.30 and the Nifty Smallcap 100 advancing 0.23% to 18,025, while the Nifty Midcap 100 edged up 0.08% to 61,352. On the sectoral front, Nifty Financial Services was the standout gainer, up 1.20% to 25,539.90, with Nifty Private Bank close behind at 1.16% to 26,291.55, Nifty Bank adding 0.94% to 53,940.30, and Nifty Core Housing advancing 0.83% to 15,106.90. Nifty Media was the worst-performing sector, down 1.23% to 1,378, while Nifty Healthcare fell 1.06% to 15,744.45.

Middle East Conflict 

Despite remaining at odds over Tehran’s uranium enrichment programme and control of the Strait of Hormuz, the United States and Iran are showing encouraging signs of forward movement in their peace negotiations. US Secretary of State Marco Rubio struck a measured but notably positive tone, telling reporters “there are some good signs,” while a senior Iranian source confirmed to Reuters that gaps between the two sides have narrowed meaningfully. The sticking points are well-known — uranium stockpile disposal and Hormuz tolls — but the very fact that both parties remain at the table and acknowledging progress represents a meaningful shift in the tenor of talks. Markets appear to be pricing in at least a partial diplomatic resolution, with risk appetite holding up well through the morning session. 

Oil 

Brent crude futures climbed $2.38 or 2.3% to $104.96 a barrel and US West Texas Intermediate gained $1.73 or 1.8% to $98.08 per barrel at 10:38 am. Both benchmarks slid about 2% on Thursday to their lowest close since January 30 as investors grew uncertain of whether Washington and Tehran could strike a deal this month. Oil prices are set to fall about 3% for the week. 

Asian Stocks 

Asian stocks traded mixed on Friday morning following mixed leads from Wall Street. Japan’s Nikkei 225 jumped 2.29% to 63,094.61, while Hong Kong’s Hang Seng added 0.43% to 25,496. Indonesia’s Jakarta Composite slumped 3.54% to 6,094.94 and Shanghai Composite traded down 0.14%. 

Morning Trade 

The BSE Sensex climbed 330.82 points or 0.44% to 75,514.18 in early trade, while the Nifty 50 rose 101.55 points or 0.43% to 23,756.25, building on Thursday’s flat close as global risk sentiment improved modestly overnight. 

Source:

• nseindia.com 
• bseindia.com