New Delhi, June 12 (PTI) Equity investors got richer by Rs 9.66 lakh crore on Friday following a sharp rally in stocks driven by a global rally and sharp correction in crude oil prices.
The 30-share BSE Sensex jumped 1,695.40 points, or 2.30 per cent, to settle at 75,527.95. During the day, it rose 1,775.47 points, or 2.40 percent, to 75,608.02.
The 50-share NSE Nifty ended sharply higher by 461.30 points, or 1.99 per cent, at 23,622.90.
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The market capitalization of companies listed on the BSE increased by Rs 9,66,538.35 crore to Rs 4,62,00,318.80 crore ($4.84 trillion).
“Indian stocks today witnessed a sharp turnaround in the session, with the Nifty-50 rising nearly 2 per cent and reclaiming the 23,600-plus zone, marking one of the strongest bullish moves in recent sessions. The rally was driven by a sharp improvement in global risk sentiment, easing geopolitical concerns and renewed confidence in risk assets,” said Hariprasad K, Research Analyst and Founder, Livelong Wealth.
The biggest trigger for today’s move was the sudden shift in tensions in West Asia, he said.
“Expectations of a possible diplomatic resolution between the United States and Iran, along with the cancellation of planned military action, reduced fears of a broader conflict,” Hariprasad added.
A major positive for India was the sharp decline in crude oil prices, he added.
US President Donald Trump said a deal to end the war with Iran is almost complete and expected to be signed over the weekend in Europe, as he called off military strikes on the Islamic Republic hours after threatening to take control of its oil industry.
Trump, speaking to reporters in the Oval Office on Thursday afternoon, said Vice President JD Vance is expected to attend the signing ceremony, which could take place in Europe this weekend.
The US president said he has spoken with leaders of Middle Eastern countries, including Qatar, the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait and Pakistan, about the latest round of negotiations.
Later, at a telephone rally for Georgia Lt. Gov. Burt Jones, who is running for governor, Trump declared that the United States has ended the war with Iran.
“I don’t know if you heard, but today (Thursday) we ended the war with Iran and they agreed to never have a nuclear weapon, something we insisted on. That was the purpose,” Trump said.
Among the 30 Sensex companies, Bajaj Finance, Larsen & Toubro, InterGlobe Aviation, Titan, HDFC Bank and Eternal were among the biggest gainers.
Tech Mahindra, Power Grid and HCL Tech were the only stragglers in the group.
Brent crude, the world’s oil benchmark, fell 2.91 percent to $87.75 a barrel.
The BSE SmallCap Select index rose 2.75 per cent and the MidCap Select index rose 2.66 per cent. PTI SUM SUM SIR
This report is automatically generated from PTI news service. ThePrint assumes no responsibility for its content.
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