Indian equity indices picked pace in Wednesday’s session as tensions in West Asia eased after Iran and Israel’s ceasefire. The NSE Nifty 50 trades over 150 points higher above 25,200, while the BSE Sensex was up 650 points at 82,700.
In line with the overall markets, Bank Nifty was up 0.26% at 56,600. The Nifty Midcap 100 opened 247 points or 0.42% higher at 58,869.
“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 VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
On Tuesday, the markets formed a bearish candle on the daily chart, which indicates further weakness if it breaks the 25,000 level. “However, crossing the 25,320 level will be purely positive. We believe 25,000 will act as a key support zone for day traders,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Titan, Nestle India, Hero MotoCorp, Tata Consumer Products, and Hindustan Unilever. The top movers in the Nifty 50 were Reliance Industries, HDFC Bank, Infosys, Titan, and L&T as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included Kotak Mahindra Bank, SBI Life Insurance, and Bharat Electronics, which were the laggards in the morning trade.
Iran–Israel conflict
Tehran reported explosions on Tuesday, shortly after U.S. President Donald Trump announced a ceasefire in the region. Iranian President Masoud Pezeshkian, through the Nournews agency, said Iran would continue to observe the ceasefire but would respond if Israel violates it.