Mumbai, July 9: Indian equity benchmarks rose sharply on Thursday, tracking positive Asian cues, even as the escalation in Iran war kept investors’ sentiment guarded.

The BSE Sensex jumped 464.69 points or 0.61% to 76,968.29 and the Nifty 50 advanced 131.20 points or 0.55% to 24,013.25 in opening deals. Shares rallied tracking strong Asian moves led by Japan’s Nikkei 225 even as U.S. markets ended mixed on Wednesday. Investors now look forward to Q1 FY27 earnings season for sustaining gains in equities.

Gainers & Laggards

Eternal (ETERNAL) topped the Nifty gainers chart, climbing 2.58% to Rs 294.1 against Wednesday’s closing price of Rs 286.7. Titan (TITAN) shares came next with a rise of 2.13% to Rs 4,668.7 from Rs 4,586.4. It was followed by Adani Enterprises (ADANIENT) up 1.47% to Rs 3,091.6 from Rs 3,046.9, Coal India (COALINDIA) rose 1.22% to Rs 434.3 against Rs 429.05 and Asian Paints (ASIANPAINT) up 1.19% to Rs 2,697.6 against Rs 2,665.9.

Infosys (INFY) was the top loser on Nifty, slipping 2.5% to Rs 1,042.6 against Rs 1,069.3. It was followed by Dr Reddy’s (DRREDDY) which fell 2.41% to Rs 1,316.5 against Rs 1,349. Tech Mahindra (TECHM) shares down 1.97% to Rs 1,400.7 from Rs 1,428.8. HCLTech (HCLTECH) eased 1.89% to Rs 1,124 against Rs 1,145.6 and TCS (TCS) shed 1.59% to Rs 2,024.7 against Rs 2,057.5.

Broader Markets & Sectoral Performance

The broader market indices traded higher across the pack with Nifty Microcap 250 up 1.22%, Nifty Midcap Select rising 0.92% and Nifty Midcap 100 adding 0.82%. Meanwhile, the indices that completed less than a percent gain included Nifty 50 up 0.44%, Nifty 100 rose 0.47% and Nifty 200 up 0.54%, relatively weaker despite trading in the green. On the sectoral front, the Nifty Consumer Durables index jumped over 1%, rising 1.92%. Nifty Realty gained 1.04% and Nifty Cement rose 0.81%. Nifty IT was the lone loser trading 1.81% lower. Nifty Metal and Nifty Oil & Gas too were lagged with a rise of 0.05% and 0.19%, respectively.

Middle East Conflict

Iran conflict was back in focus overnight after the U.S. military struck Iran again on Wednesday to keep the Strait of Hormuz open to shipping. Iran retaliated with a second straight day of attacks on Kuwait and Bahrain. Overnight on Wednesday, the U.S. military carried out strikes against Iran’s Islamic Revolutionary Guard Corps in retaliation for Tuesday’s attacks on three cargo ships transiting the strategic waterway. The assaults targeted Iran’s southern coast, including a facility in the port city of Bandar Abbas. President Donald Trump told reporters on Wednesday that he believes “the deal they signed on June 17″ had effectively collapsed, though he doesn’t foresee Iran returning to full-scale war. Kuwait’s Defense Ministry said several missiles and drones had been intercepted. Qatar raised its security alert level for a time on Wednesday.

Asian Markets on Thursday Morning

Asian shares were mixed during Thursday’s early session as Japan’s Nikkei 225 jumped 2.04% to 68,180.55 while Hong Kong’s Hang Seng rose 0.22% to 24,251.87. Pakistan’s KSE 100 index tanked 2.48% to 181,629.37 and Indonesia’s Jakarta Composite declined 1.89% to 5,873.37. Australia’s ASX All Ordinaries shed 0.61% to 8,924.60. China’s Shanghai Composite edged down 0.13% to 3,965.71 and Malaysia’s KLCI slipped 0.21% to 1,679.44.

US Markets on Wednesday

Major U.S. indexes closed mixed on Wednesday as geopolitical worries persisted on strong Iran headlines. The Dow declined 576.76 points or 1.09% to 52,348.39. The S&P 500 dropped 21.14 points or 0.28% to end at 7,482.71. The Nasdaq Composite bucked the downtrend, rising 51.96 points or 0.20% to close at 25,870.65. The NYSE Composite index closed lower by 226.36 points or 0.94% at 23,790.60, as selective tech strength failed to lift broader weakness.

Oil Prices

Oil prices rose on Thursday after fresh U.S. strikes on Iran dimmed expectations for a quick reopening of the Strait of Hormuz shipping channel. Brent crude was up 78 cents, or 1%, at $78.80 a barrel as of 00: 54 GMT while U.S. West Texas Intermediate crude was up 74 cents, or 1.01%, at $74.26. Both benchmarks gained by more than $1 after Wednesday’s settlement. Despite the spike, crude oil prices were still well off last month’s high above $120 a barrel.

Indian Markets on Wednesday

Indian markets had recorded their sharpest single-day drop in more than three months on Wednesday as escalating Iran-U.S. tensions sparked global risk-off trade. The Sensex slumped 1,677.12 points or 2.15% to settle at 76,503.60, while the Nifty 50 index nosedived 516.65 points or 2.12% to close at 23,882.05, below the key psychological mark of 23,900. However, market breadth was negative with 3,070 losers and 1,023 gainers, while 159 stocks ended unchanged.

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