Sensex Jumps Over 1,300 Points, Nifty Above 24,280 Mark As Hopes Of Peace Talks Gain Pace

Domestic equity indices traded in green on Wednesday, rising around 1.7 percent each amid rising hopes of renewed talks between the United States and Iran.

Sensex was trading at around 78,160 points with a gain of 1.7 percent. Earlier, the index opened higher at 77,981 points compared to the previous close of 76,847 points.

Nifty, on the other hand, was hovering at around 24,245 points, up about 1.68 percent. The index opened 1.3 percent higher at 24,163 points compared to the previous close of 23,842 points.

The Nifty Midcap 100 and Smallcap 100 indices jumped more than 2 percent each.

Market capitalisation of BSE firms rose to Rs 458 lakh crore compared to Rs 449 lakh crore in the previous session. This added over Rs 9 lakh crore to investors’ wealth.

With a rise of 4.8 percent, the stock of India’s biggest airline operator IndiGo was the top gainer among the Nifty 50 group, followed by automobile major Tata Motors Passenger Vehicles (rising 4 percent), Hindalco (rising 3.6 percent), and Zomato’s Eternal (rising 3.5 percent).

Information technology stocks like Tata Consultancy Services (up 2.3 percent), Infosys (up 2 percent), and Wipro (up 2 percent) also gained.

One of the main reasons for the rally in the market was rising hopes of the resumption of talks between the United States and Iran to reach a long-standing solution to the conflict.

US President Donald Trump has indicated that the peace talks may resume in Pakistan over the next two days.

Also, crude oil prices have continued to ease for the second consecutive day to reach around $95 per barrel.

This led to positive sentiment in global markets. Japan’s Nikkei was also up over 1 percent, while South Korea’s Kospi was trading 3 percent higher on positive global cues.