The rally in the Nifty 50 on Wednesday has made investors richer by Rs 2.15 lakh crore. Benchmarks recovered sharply as sentiment improved on optimism around easing tensions involving Iran. The NSE Nifty 50 rebounded 1.35% to 24,356.50, while the BSE Sensex rose 1.30% to 78,022.78.
The White House is nearing a one-page memorandum of understanding with Iran to end the conflict, Axios reported citing US officials. The proposed agreement aims to create a framework for more detailed nuclear talks, the report added. Meanwhile, Brent crude for July delivery fell 5.3% to $103.80 per barrel, while US West Texas Intermediate dropped 6.7% to $95.47.
During close the 30-share BSE bellwether gauge jumped 940.73 points, or 1.22%, to settle at an 77,958.52 on Wednesday. Nifty closed 1.24% higher at 24,330.95.
On Wednesday the market capitalisation of NSE-listed firms increased by Rs 2,14,984.76 crore to Rs 1,98,13,037.84 crore. The gains were led by IntergGlobe Aviation, Tata Motors PV, Shriram Finance, Trent and Asian Paints. On the other hand, ONGC, RIL, Power Grid, NTPC and L&T dragged the index.
The market capitalisation of BSE-listed firms also increased by Rs 1,66,290.66 crore to Rs 1,39,58,233.14 crore.
The Indian rupee strengthened further and appreciated by as much as 72 paise to 94.56 against the US dollar. However it closed at 94. against the US dollar, extending the opening gains.
"Notably, the buying interest aligned with the 20-day EMA on the daily chart, reinforcing its importance as a near-term support. Improving global cues, driven by optimism around a potential US–Iran deal, supported market sentiment. Additionally, a decline in the USDINR, crude oil prices, bond yields, and the volatility index contributed to the strong closing," said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.