At around 9:42 am, the BSE Sensex was up 505 points, or 0.62%, at 82,560, while the Nifty50 rose 144 points, or 0.58%, to 25,188.
Meanwhile, the MSCI World Index touched a record high, while Asian and emerging market stocks climbed to their highest levels since early 2022 on optimism around the ceasefire.
Among Sensex constituents, Titan, HCL Tech, Reliance Industries, HUL, Tata Steel, Power Grid, and Trent were the top gainers in early trade, rising up to 2%. On the other hand, Kotak Mahindra Bank and ICICI Bank were the only stocks to open in the red.
On the sectoral front, Nifty IT rose 0.8%, driven by gains in OFSS, Persistent Systems, LTIMindtree, and HCL Tech. Other sectors, including Auto, FMCG, Pharma, Consumer Durables, and Oil & Gas, also opened 0.5% to 1% higher.
Among individual stocks, Aurobindo Pharma gained 2.2% after its wholly-owned step-down subsidiary, CuraTeQ Biologics s.r.o., received marketing authorisation from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) for Dyrupeg, a biosimilar of pegylated filgrastim.Also Read| Jio Financial surges over 50% from March lows: Will the momentum sustain?
Experts View
“A significant feature of the recent market trend has been its resilience despite major challenges like the West Asian crisis. Even during the short India-Pak conflict, the market has been resilient. A significant contributor to this resilience has been FII buying during the crisis. Interestingly, FIIs have been selling, like yesterday, after the crisis blows over. On the other hand, DIIs have been sustained buyers in the market, thanks to the continuing inflows into mutual funds. This will impart resilience to the market even when FIIs sell on valuation concerns,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“The latest commentary from the Fed chief Jerome Powell indicates that there are risks to inflation from the uncertainty over tariffs and, therefore, rate cuts are likely only towards the end of the year,” Vijayakumar said.
Hardik Matalia, Derivative Analyst at Choice Broking, said, “After a positive opening, Nifty can find support at 25,000, followed by 24,900 and 24,800. On the higher side, 25,100 can be an immediate resistance, followed by 25,200 and 25,300.”
Global Markets
Asian stocks stabilised on Wednesday as crude oil hovered near multi-week lows, as a ceasefire between Israel and Iran buoyed sentiment, even as hostilities threatened to flare up again.
Japan’s Nikkei and Australia’s stock benchmark were flat, while Taiwan’s index gained 1%. Hong Kong’s Hang Seng rose 0.6% and mainland Chinese blue chips eased 0.1%.
U.S. stock futures were little changed. An MSCI index of global stocks held steady after climbing to a record high overnight.
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FII/DII Tracker
The Foreign institutional investors (FIIs) continued their selling on the second day on June 24 as they offloaded equities worth Rs 5,266 crore. On the other hand, Domestic institutional investors (DIIs) extended their buying on the second day, as they purchased equities worth Rs 5,209 crore on the same day.
Crude Oil
Oil prices climbed as investors assessed the stability of a ceasefire between Iran and Israel, but held near multi-week lows on the prospect that crude oil flows would not be disrupted.
Brent crude futures rose 85 cents, or 1.3%, to $67.99 a barrel at 0341 GMT, while U.S. West Texas Intermediate (WTI) crude gained 87 cents, or 1.4%, to $65.24.
Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
Rupee vs Dollar
The Indian rupee rose 5 paise to 86 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.12% to 97.97 level.
(With inputs from agencies)