Mumbai, April 8 -- Equity benchmark indices Sensex and Nifty ended nearly 4 per cent higher on Wednesday, following an impressive rally in global markets and a drop in crude oil prices, after the US and Iran announced a ceasefire.
Rallying for the fifth day in a row, the 30-share BSE Sensex jumped 2,946.32 points or 3.95 per cent to settle at 77,562.90. During the day, it surged 3,018.96 points or 4 per cent to 77,635.54.
The 50-share NSE Nifty soared 873.70 points or 3.78 per cent to end at 23,997.35. It rallied 901.5 points or 3.89 per cent to 24,025.15 during intra-day trade.
From the Sensex pack, InterGlobe Aviation jumped the most by 8.22 per cent. Larsen & Toubro, Bajaj Finance, Mahindra & Mahindra, Axis Bank and Maruti were also among the prominent gainers.
Tech Mahindra, Sun Pharma and Power Grid were the laggards.
Brent crude, the global oil benchmark, tumbled 13.89 per cent to USD 94.09 per barrel.
Energy markets reacted sharply to the ceasefire developments, he said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,692.11 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 7,979.50 crore.
Vinod Nair, Head of Research, Geojit Investments Limited, said, "The interim ceasefire is seen as a step toward broader regional stability. India benefits immediately from the reopening of the Hormuz Strait, which has pushed oil prices below USD 100 and reduced downside risks to FY27 EPS growth."
The sharp improvement in sentiment has driven a notable decline in the 10-year bond yield and strengthened the rupee, while the RBI's status quo stance has further supported financials, he added.
Published by HT Digital Content Services with permission from Millennium Post.