Sensex jumps 500 points: Why is stock market rising today?
Dalal Street continued its upward momentum for the second day on Wednesday over positive global cues. While Sensex jumped 500 points, Nifty went past the 25,200 mark, over ceasefire between Iran and Israel.The S&P BSE Sensex jumped 529.55 points to 82,584.66, while the NSE Nifty50 added 151.55 points to 25,195.90 as of 10:08 am."After the confirmation of ceasefire between Israel and Iran and also the de-escalation of geopolitical tension in the West Asia, helping the markets to recover and also crude oil prices have been coming down significantly which is favorable to India. That is the reason markets are swinging at a higher note," said Director - Equity strategy , WealthMills securities Pvt ltd.advertisement
Iran and Israel have indicated that their aerial conflict has come to a halt, at least temporarily, following public criticism from U.S. President Donald Trump for breaching the ceasefire he had declared."We need to see clearly NIFTY to hold on to the level of 25,000. That is very important. It is a psychological and sentimental level for the market. If NIFTY could able to sustain this level, we can see some kind of a upside on NIFTY as well as Sensex but the markets need to sustain these levels to make up any other up move from this level," he added.Titan led the early gainers with a 1.60% jump, followed by Hindustan Unilever up 1.20%, PowerGrid gaining 1.03%, Infosys rising 0.91%, and HCL Technologies adding 0.91%.On the losing side, Bharat Electronics Limited dropped 0.61% and Kotak Mahindra Bank fell 0.33% in an otherwise positive opening session.advertisementThe broader market indices opened positively with Nifty Midcap 100 gaining 0.46%, Nifty Smallcap up 1.09%, while India VIX fell 2.38%.All sectoral indices opened in positive territory led by Nifty FMCG rising 0.88%, followed by Nifty IT up 0.82%, Nifty Consumer Durables gaining 0.70%, Nifty Auto adding 0.64%, Nifty Oil & Gas up 0.61%, Nifty Healthcare rising 0.57%, Nifty Pharma gaining 0.51%, Nifty Metal adding 0.44%, Nifty Financial Services up 0.34%, Nifty Media rising 0.31%, Nifty Realty gaining 0.19%, Nifty Private Bank up 0.16%, and Nifty PSU Bank advancing 0.30%.There were no sectors in the red as the market witnessed broad-based buying across all segments. FMCG and IT led the rally while all other sectors participated in the positive opening session on Wednesday.- EndsMust Watch
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