Indian equity markets traded higher on Thursday in early deals amid hopes of easing tensions in West Asia after Iran said it was reviewing latest proposal to end the conflict.
In the morning trade, Sensex jumped as much as 0.83 per cent or 627 points to hit an intraday high of 75,945, while Nifty traded 0.84 per cent or 200 points higher at 23,859.
On the sectoral front, realty stocks led the gains, with the Nifty Realty index rising 1.5 per cent. Nifty Cement advanced 1 per cent, while chemicals, auto and media indices also traded higher. PSU Bank and metal stocks too remained in positive territory during the session, with all sectoral indices trading in the green.
Meanwhile, from the 50-share benchmark pack, Infosys, Nestle India, Trent, SBI Life Insurance, Sun Pharma, Tata Consumer Products and ONGC were among the top laggards.
Category-wise, smallcap and midcap shares outperformed the benchmarks in early trade. The Nifty Microcap 250 climbed over 1 per cent, while the Nifty Smallcap 500 and Nifty Midcap 150 indices gained up to 1 per cent.
Meanwhile, India VIX declined over 4 per cent to around 18, signalling easing volatility.
Moreover, market sentiment improved after Iran said it was reviewing Washington’s latest proposal to end the conflict, raising hopes of easing geopolitical tensions in West Asia.
The remarks came after US President Donald Trump indicated that Washington was willing to wait a few days for Tehran’s response, while also warning of renewed attacks if negotiations failed.
In the commodities market, international benchmark Brent crude rose 1.32 per cent to $106.41 per barrel, while US WTI crude jumped nearly 2 per cent to $100.11 per barrel.
Global market sentiment also remained positive. Asian stocks traded in the green, with Japan’s Nikkei rising over 3 per cent, South Korea’s KOSPI surging more than 7 per cent, and Hong Kong’s Hang Seng trading marginally higher.
In the US, Wall Street ended on a bullish note, with the S&P 500 closing 1 per cent higher and the Nasdaq settling 1.54 per cent up.
(IANS)
