Daijiworld Media Network - Mumbai
Mumbai, Mar 24: Benchmark equity indices BSE Sensex and NSE Nifty rebounded sharply in early trade on Tuesday, tracking gains in global markets after Donald Trump announced a temporary halt on strikes targeting Iranian energy infrastructure.
The 30-share Sensex surged 1,516 points to 74,212.47, while the 50-share Nifty climbed 386.95 points to 22,899.60 in early deals.
Among Sensex firms, major gainers included InterGlobe Aviation, Asian Paints, Eternal, Adani Ports, Trent and Larsen & Toubro, while Power Grid was the only laggard.
Market sentiment improved after Trump extended the deadline for Iran to reopen the strategically crucial Strait of Hormuz and paused potential strikes for five days, signalling possible de-escalation in the ongoing Middle East conflict.
Asian markets also traded higher, with indices such as Japan’s Nikkei 225, South Korea’s Kospi, China’s SSE Composite and Hong Kong’s Hang Seng registering gains, while US markets had closed in positive territory on Monday.
Analysts said the rally was driven by easing geopolitical tensions and a pullback in crude oil prices, which improved investor sentiment and reduced immediate inflation concerns.
Brent crude, the global oil benchmark, was trading around $104.1 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 10,414.23 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 12,033.97 crore.
On Monday, the Sensex had plunged 1,836.57 points to close at 72,696.39, and the Nifty dropped 601.85 points to settle at 22,512.65.