Stock market closed: Trump’s statement brought momentum back in the stock market, Sensex rose 1,372 points; know the condition of Nifty
Mumbai. Local stock markets regained momentum on Tuesday with benchmark BSE Sensex rising 1,372 points, while NSE Nifty gained 400 points. Domestic markets were on the rise, along with gains in other Asian markets after US President Donald Trump announced the temporary postponement of plans to attack Iran’s energy infrastructure. The 30-share BSE Sensex closed at 74,068.45, up 1,372.06 points or 1.89 percent.
During trading, at one point it had climbed as high as 1,793 points. NSE Nifty based on fifty shares closed at 22,912.40 points with a gain of 399.75 points or 1.78 percent. Larsen & Toubro, InterGlobe Aviation, Eternal, Asian Paints, Bajaj Finance and UltraTech Cement were major gainers among the Sensex companies. On the other hand, shares of Power Grid and State Bank of India declined.
Trump said on social media that he has extended the deadline for Iran to reopen the Strait of Hormuz. He also said he was postponing attacks on Iranian energy sites for five days. The Strait of Hormuz is a strategically important sea route located between the Persian Gulf and the Gulf of Oman.
Hariprasad, research analyst and founder of Livelong Wealth, said, “Indian stock markets witnessed a positive bounce. The markets closed on a positive note after heavy selling in the previous session. This surge was mainly due to softening risk sentiment. “Early signs of a possible easing of US-Iran tensions have helped restore some investor confidence.”
He also said that it is important to see this surge in context. “After a sharp decline, this kind of bounce is not unusual,” Hariprasad said. This indicates buying and buying at lower levels to complete the deal. Investors usually use such fluctuations to buy good stocks at relatively attractive prices….”
There was a rise in other markets of Asia also. South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in profit. Europe’s major markets were mostly in the red in afternoon trading. American markets closed with gains on Monday. Global oil benchmark Brent crude rose 1.96 percent at $101.9 a barrel.
According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 10,414.23 crore on Monday. However, domestic institutional investors (DIIs) bought shares worth Rs 12,033.97 crore. The Sensex fell 1,836.57 points on Monday to close at 72,696.39 points and the Nifty fell 601.85 points at 22,512.65 points.
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