Bourses jump nearly 2% as Trump halts strikes on Iran’s energy infra

Mumbai: Benchmark stock indices Sensex and Nifty rebounded by nearly 2 per cent on Tuesday, tracking a relief rally in Asian peers after US President Donald Trump announced a temporary halt on strikes targeting Iranian energy infrastructure.

The 30-share BSE Sensex jumped 1,372.06 points or 1.89 per cent to settle at 74,068.45. During the day, it soared 1,793 points or 2.46 per cent to 74,489.39.

The 50-share NSE Nifty surged 399.75 points or 1.78 per cent to end at 22,912.40.

From the 30-Sensex firms, Larsen & Toubro, InterGlobe Aviation, Eternal, Asian Paints, Bajaj Finance and UltraTech Cement were the biggest winners.

Power Grid and State Bank of India were the only laggards from the pack.

Trump said on social media that he has extended the deadline for Iran to reopen the Strait of Hormuz, the strategically located shipping lane between the Persian Gulf and the Gulf of Oman, and that he will hold off strikes against Iranian energy sites for five days.

Asian markets rebounded, with South Korea’s benchmark Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ending sharply higher.

Markets in Europe were trading mostly lower. The US market ended higher on Monday.

Investors’ wealth surged by Rs 7.56 lakh crore to Rs 4,22,78,312.77 crore ($4.50 trillion). The BSE MidCap Select index jumped 2.77 per cent and SmallCap Select index climbed 2.29 per cent.

All sectoral indices ended higher. Services surged 3.46 per cent, followed by BSE MidSmall Private Banks Quality Tilt (2.99 per cent), industrials (2.98 per cent), Private Banks index (2.63 per cent), consumer durables (2.46 per cent), Bankex (2.40 per cent), consumer discretionary (2.39 per cent), financial services (2.34 per cent), auto (2.30 per cent) and commodities (2.19 per cent).

A total of 2,968 stocks advanced, while 1,295 declined and 168 remained unchanged on the BSE.

Brent crude, the global oil benchmark, jumped 1.96 per cent to $101.9 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,414.23 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 12,033.97 crore.

On Monday, the 30-share BSE Sensex dived 1,836.57 points or 2.46 per cent to settle at 72,696.39. The Nifty tanked 601.85 points or 2.60 per cent to end at 22,512.65.