Indian equity indices were higher in Tuesday’s session as tensions in West Asia eased on the announcement by US President Donald Trump of a ceasefire. The NSE Nifty 50 lost pace after passing 25,200, while the Sensex is up nearly 200 points falling to 82,200.
In line with the overall markets, Bank Nifty surged 550 points or over a per cent to 56,600. The Nifty Midcap 100 was up 460 points or 0.80% higher at 58,670.
“The dramatic developments in West Asia culminating in President Trump’s announcement of a ceasefire indicate that the worst of the conflict is over. The sharp reactions in the crude oil and stock markets suggest the geopolitical situation is limping back to normalcy. Nifty, which has been stuck in the 24,500-25,000 range, will now decisively break out on the upside. But whether it will sustain at higher levels will depend on developments on the trade front,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Despite the volatility and the pullback towards close, the inside bar formation yesterday leaves us with hope that the ongoing upside trajectory may persist. Momentum continues to be absent, but the 25,200-460 objective looks possible nevertheless. The 24,825 region, from where we had anticipated a swing higher yesterday, will continue to be a key support, but we prefer to push the downside marker to 24,940,” said Anand James, Chief Market Strategist at Geojit Investments.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Adani Ports, Shriram Finance, UltraTech Cement, M&M, and Jio Financial Services. The top movers in the Nifty 50 were HDFC Bank, Reliance Industries, L&T, M&M, and ICICI Bank as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included NTPC, ONGC, and BEL were the only laggards in the morning trade.
Iran–Israel conflict
Trump announced that Israel and Iran have reached a tentative ceasefire agreement, expected to begin around midnight Washington time on Monday. Trump made the announcement on his social media platform, Truth Social, just days after authorising airstrikes on Iran’s nuclear sites. He referred to the recent hostilities as “THE 12 DAY WAR” and praised both nations for their efforts to halt the fighting.