New Delhi: Stock investors became richer by Rs 9.66 lakh crore on Friday following a strong rally in shares fuelled by a global surge and a 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 surged 1,775.47 points, or 2.40 per cent, 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.
The market capitalisation of BSE-listed companies surged by Rs 9,66,538.35 crore to Rs 4,62,00,318.80 crore (USD 4.84 trillion).
“Indian equities witnessed a strong turnaround session today, with the Nifty-50 surging nearly 2 per cent and reclaiming the 23,600+ 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 across risk assets,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
The biggest trigger for today’s move was the sudden shift in tensions in West Asia, he said.
“Expectations of a potential diplomatic resolution between the US and Iran, along with the cancellation of planned military action, reduced fears of a wider conflict,” Hariprasad added.
A major positive for India was the sharp decline in crude oil prices, he further said.
US President Donald Trump said that a deal to end the war with Iran is nearly complete and is 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 at the Oval office on Thursday afternoon, said Vice President J D Vance is expected to attend the signing ceremony which could take place in Europe as soon as this weekend.
The US president said he has spoken to leaders of Middle Eastern countries, including Qatar, the UAE, Saudi Arabia, Bahrain, Kuwait and Pakistan, regarding the latest round of negotiations.
Later, addressing a tele-rally in favour of Georgia Lt Governor Burt Jones, who is running for the post of Governor, Trump declared that the US has ended the war with Iran.
“I don’t know if you heard, but we ended the war with Iran today (Thursday), and they have agreed never to have a nuclear weapon, something that we insisted on. That was the whole purpose,” Trump said.
Among the 30 Sensex firms, Bajaj Finance, Larsen & Toubro, InterGlobe Aviation, Titan, HDFC Bank and Eternal were among the biggest winners.
Tech Mahindra, Power Grid and HCL Tech were the only laggards from the pack.
Brent crude, the global oil benchmark, dropped 2.91 per cent to USD 87.75 per barrel.
The BSE SmallCap Select index jumped 2.75 per cent and MidCap Select index climbed 2.66 per cent.
