Sensex Jumps 438 Points, Nifty Rises 0.5% In Early Trade On Hopes Of Peace Agreement

Indian benchmark indices extended rally on Tuesday.

Sensex opened 262 points higher at 76,526 points. The 30-share benchmark further surged to 76,702 points which is 0.5 percent higher than the previous closing level of 76,264 points.

Nifty also opened higher at 23,923 points compared to the previous close of 23,853 points. Similar to Sensex, the 50-share benchmark further surged to 23,972 points, higher by 0.5 percent compared to the previous closing level.

Out of the 3,114 stocks trading on the National Stock Exchange on Tuesday, 1,892 stocks advanced while 1,110 declined.

Among the gainers of Nifty 50 lot, information technology stocks dominated the pecking order.

The stock of HCLTech was the biggest gainer among the lot with a surge of 3.10 percent. Other IT stocks like Tata Consultancy Services, Tech Mahindra, Infosys and Wipro also remained among the top gainers.

Stocks of FMCG companies also gained. While Tata Consumer climbed over 2.5 percent, Hindustan Unilever surged 1.4 percent. Nestle India also gained 2.4 percent in the early trade. ITC also remained among the top gainers.

The losers chart was dominated by metal stocks. Hindalco was the biggest loser with a decline of over 3 percent while JSW Steel and Tata Steel shed 0.9 percent and 0.6 percent, respectively.

The stocks of automobile companies also declined. While Tata Motors Passenger Vehicles was down by 0.88 percent, Maruti Suzuki was trading with a loss of 0.3 percent.

Eicher Motors and Mahindra & Mahindra also remained among the losers.
Among the sectoral indices, Nifty IT remained the biggest gainer with a surge of 1.4 percent. It was followed by Nifty Media which increased 1.2 percent.

The rally in the market is a result of the announcement of the United States-Iran peace deal.

However, the contours of the deal are still debatable. While it is being reported that the talks on Iran’s nuclear programme have been deferred, the US President Donald Trump has recently said that the Gulf nation has agreed to not acquire the nuclear weapons in the future.