Mumbai: Indian stock markets witnessed a powerful rally on Friday, with benchmark indices surging nearly 2 per cent amid growing optimism over a possible peace agreement between the United States and Iran, which boosted investor confidence across global markets.
The benchmark BSE Sensex jumped 1,695.40 points, or 2.30 per cent, to close at 75,527.95. The index opened at 74,709.27 and touched an intraday high of 75,608.02 before ending near its peak.
Meanwhile, the Nifty 50 gained 461.30 points, or 1.99 per cent, to settle at 23,622.90. The index opened at 23,412.55 and climbed to an intraday high of 23,645.35 during the trading session.
Market sentiment received a major boost after Donald Trump stated that Washington had reached a “great settlement” with Iran and that only the finalisation of the agreement remained. The remarks fuelled hopes of easing geopolitical tensions, raising expectations of greater stability in global energy markets and improved investor confidence.
Analysts said the Nifty’s breakout above key resistance levels has strengthened the market outlook. According to technical experts, a sustained move above 23,800 could open the path towards the psychologically important 24,000 mark. On the downside, the 23,550–23,500 zone is now expected to act as a crucial support level.
Among the top gainers on the Nifty were Shriram Finance, Bajaj Finance and Larsen & Toubro.
The broader market also participated strongly in the rally. The Nifty MidCap index advanced 2.43 per cent, while the Nifty SmallCap index climbed 2.8 per cent, reflecting widespread buying interest.
Sector-wise, real estate and financial stocks led the gains. The Nifty Realty and Nifty Financial Services indices surged more than 3 per cent each, outperforming other sectors. In contrast, the Nifty IT index lagged behind the broader market and emerged as the session’s weakest-performing sector.
The strong rally indicates renewed investor optimism, with market participants closely monitoring global developments and their potential impact on economic growth and financial markets.
With inputs from IANS