Stock Market Rally Reason: Sensex and Nifty 50 staged a sharp rebound on Wednesday (April 15) amid hopes of a resolution to the Middle East war between the US and Iran. The rally made investors wealthier by Rs 9.41 lakh crore as market capitalisation of BSE-listed companies surged to Rs 4,58,55,016.77 crore.
The Sensex index climbed 1,263.67 points or 1.64 per cent to settle at 78,111.24. During the day, it zoomed 1,422.85 points or 1.85 per cent to 78,270.42.
The Nifty 50 index added 388.65 points, or 1.63 per cent, to settle at 24,231.30.
Middle East War Resolution: The rally in Sensex and Nifty was driven by US President Donald Trump's comment that the US-Iran war is "close to over". "Optimism was driven by expectations of renewed US-Iran negotiations, which helped ease concerns around potential oil supply disruptions and triggered a decline in crude prices. Market sentiment strengthened further after US President Donald Trump indicated that a second round of discussions could be on the table," according to Bajaj Broking Research.
Crude Oil Price Falls: Brent crude, the global oil benchmark, was trading at USD 95.72 per barrel, up by 0.98 per cent.
Gaurav Garg, Analyst, Lemonn Markets Desk, said that the resumption of peace talks lifted sentiment globally and eased fears of a prolonged Strait of Hormuz disruption.
Value Buying: A heavy buying was seen in blue-chip stocks, with 28 out of 30 Sensex closing in the green. Among the 30-Sensex firms, InterGlobe Aviation, Eternal, Power Grid, Adani Ports, Tech Mahindra and Tata Consultancy Services were the major gainers.
Bharti Airtel and ICICI Bank were the laggards.
Dollar Index: The dollar index, which gauges the greenback's strength against a basket of six currencies, eased to trade at 97.95. Rupee, however, settled 9 paise lower at 93.44 against USD.
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