Sensex Opens 500 Points Higher, Nifty Jumps 0.58% After Israel-Iran Tensions Ease

Indian benchmark indices traded in green on Tuesday tracking recovery in global markets followed by deescalation of hostilities between Israel and Iran.

Sensex opened 511 points or 0.7 percent higher at 74,035 points. However, the 30-share benchmark has traded below the opening price afterwards on Tuesday.

On Monday, Sensex had closed lower at 73,524 points.

Nifty opened 136 points, or 0.58 percent higher, at 23,259 points. Similar to Sensex, the 50-share benchmark has been trading below the opening mark.

Out of the 3,103 stocks trading on the National Stock Exchange on Tuesday, 2,241 stocks advanced while 762 declined, showing the broader rally in the market.

Among the gainers of Nifty 50 lot, the stock of Trent remained at the top with a gain of 2.25 percent followed by Jio Financial Services which increased by 1.6 percent.

The stock of IndiGo also traded over 1.6 percent after unveiling its FY30 roadmap.

Banking stocks dominated the gainers chart with ICICI Bank, Axis Bank, and Kotak Mahindra Bank remaining in the pecking order.

Among the biggest losers, Wipro remained at the top with a decline of over 1.8 percent, followed by online food delivery major Eternal which lost 1.7 percent.

Information technology stocks again dominated the losers chart. While tech Mahindra lost over 1.5 percent, Infosys declined 1.3 percent. HCLTech and Tata Consultancy Services also traded in red.  

Among the sectoral indices, Nifty PSU Bank remained the biggest gainer with a surge of 1.7 percent. It was followed by Nifty Midsmall Financial Services and Nifty Auto.

The latest rally in the market followed favourable cues from the Asian peers as tensions between Iran and Israel eased.  

According to Aljazeera, Iran and Israel have halted their mutual attacks, but Tehran has warned that strikes will resume if Israel continues its “aggression”, including in Lebanon.

Meanwhile, the United States president Donald Trump has said that he was “very close to strong powerful deal”.