Indian Share Market Today: Indian stock markets opened higher on Wednesday as global tensions eased. The Sensex gained 626.43 points, or 0.80 percent, to 79,055.38, and the Nifty gained 54.30 points, or 0.22 percent, to 24,669.20.
In early trade, the market rally was supported by realty and infrastructure stocks. Nifty Realty and Nifty Infra were the top gainers. Indices like Nifty India Defence, Nifty PSU Bank, Nifty Metal, Nifty Auto, Nifty Oil & Gas, Nifty Commodities, and Nifty PSE were also trading with gains. Nifty FMCG, Nifty Healthcare, Nifty Pharma, Nifty Private Bank, and Nifty Consumer Durables were in the red.
Markets rise after Scott Bessant’s statement
According to experts, the statement of US Treasury Secretary Scott Bessent is an important reason for the rise in the market, in which he had said that an agreement with Iran to reopen the Strait of Hormuz could be reached soon.
Scott Bessant’s statement has also led to a significant drop in crude oil prices, which is good for India’s economy, as the country imports more than 80 percent of its crude oil needs from abroad. Additionally, investors in the Indian market are awaiting the Reserve Bank of India’s Monetary Policy Committee (RBI-MPC) decision, which will be announced at 10 am.
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Most Asian markets were trading higher. Tokyo, Shanghai, Seoul, and Jakarta were in the green. Hong Kong was trading flat. US stock markets closed Tuesday’s session with strong gains, with the Dow Jones Industrial Average (JIP) gaining 1.71 percent and the technology index gaining 2.59 percent.
Fall in oil prices
In the international market, crude oil benchmark Brent crude was trading at $78.29 per barrel, down 1.35 per cent, and WTI crude was trading at $74.50 per barrel, down 1.68 per cent.
Foreign investors continued to be buyers in the Indian stock market. On Tuesday, foreign institutional investors (FIIs) invested ₹2,446.47 crore in the equity market, while domestic institutional investors (DIIs) withdrew ₹936.14 crore from the equity market.