Market Rallies On Ceasefire Hopes, Sensex Jumps Nearly 2,950 Points In Biggest Surge This Year
MUMBAI — Indian stock markets surged Wednesday in their strongest rally of the year so far, with benchmark indices posting sharp gains amid easing global tensions and steady domestic policy signals.
The Sensex jumped 2,946.32 points, or 3.95 percent, to close at 77,562.90, while the Nifty rose 873.70 points, or 3.78 percent, to settle at 23,997.35. The gains marked the fifth consecutive session of advances for both indices.
Investor sentiment improved significantly as geopolitical concerns showed signs of easing, coupled with policy stability at home.
Market participants pointed to technical levels for the Nifty, with analysts identifying the 23,700–23,600 range as a key near-term support zone.
“A breakdown below this range could trigger profit booking. On the upside, a decisive breakout above the 24,500 resistance zone is required to confirm continuation of the current uptrend and unlock further upside potential,” an analyst said.
Among the top gainers in the Nifty index were Shriram Finance, Tata Motors Passenger Vehicles, and Adani Enterprises, all of which saw strong buying interest.
Broader markets also rallied, with the Nifty MidCap index rising 4.03 percent and the Nifty SmallCap index climbing 4.39 percent.
Sectorally, real estate and automobile stocks led the advance, with the Nifty Realty and Nifty Auto indices posting the strongest gains. The Nifty IT index lagged behind, recording the smallest increase among sectors.
On the domestic front, the Reserve Bank of India supported market confidence by keeping key interest rates unchanged in its April monetary policy review.
The central bank’s Monetary Policy Committee held the benchmark repo rate at 5.25 percent and maintained its neutral policy stance. The Marginal Standing Facility rate and the Standing Deposit Facility rate were also left unchanged at 5 percent and 5.5 percent, respectively.
Global cues added to the positive momentum after President Donald Trump announced that the United States would pause a planned attack on Iran’s infrastructure for two weeks, raising hopes of reduced geopolitical tensions.
Analysts said the combination of stable domestic policy and improving global conditions helped drive the strong rally in Indian equities. (Source: IANS)
