Markets

Sensex rallies over 500 points, Nifty reclaims 12,100

A view of the BSE building in Mumbai. | File

A view of the BSE building in Mumbai. | File   | Photo Credit: Paul Noronha

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Global markets rebounded after the U.S. offered to embrace peace with the Iranian leadership in a bid to de-escalate tensions in the Middle East

Equity benchmark BSE Sensex rallied over 500 points in opening session on Thursday as global markets rebounded after the U.S. offered to embrace peace with the Iranian leadership in a bid to de-escalate tensions in the Middle East.

After hitting a peak of 41,318.18, the 30-share BSE index was trading 449.56 points or 1.10% higher at 41,267.30. Similarly, the broader NSE Nifty surged 134.05 points or 1.11% to 12,159.40.

SBI was the top gainer in the Sensex pack, rising up to 2.19%, followed by IndusInd Bank, Bharti Airtel, Tata Steel, ICICI Bank, L&T, Axis Bank, Reliance Industries and HDFC twins.

On the other hand, TCS was the sole stock trading in the red.

In the previous session, Sensex ended 51.73 points, or 0.13%, down at 40,817.74, while Nifty shed 27.60 points, or 0.23%, to finish at 12,025.35.

Meanwhile, on a net basis, foreign institutional investors sold equities worth ₹515.85 crore, while domestic institutional investors purchased shares worth ₹748.40 crore on Wednesday, data available with stock exchanges showed.

According to traders, domestic investors turned positive as global equities rebounded after U.S. President Donald Trump offered to embrace peace with Iran.

Claiming that no Americans were harmed in the attack by Iran on U.S. bases in Iraq, Trump called on Iran to “work together” to eliminate the Islamic State.

In a direct message to the Iranian leaders and the people, Trump said the United States was “ready to embrace peace with all who seek it.”

Bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2%.

Exchanges on Wall Street too ended on a positive note on Wednesday.

Brent crude futures rose over 0.69% to $65.89 per barrel.

Meanwhile, the rupee appreciated 22 paise to 71.47 against the U.S. dollar in the morning session.

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Printable version | Jan 27, 2020 2:17:31 AM | https://www.thehindu.com/business/markets/sensex-rallies-over-500-points-nifty-reclaims-12100/article30521014.ece

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