The stock market saw a strong rally on Wednesday morning. The BSE Sensex surged 2,709 points to reach 77,325.58, while the NSE Nifty rose 799.25 points to 23,922.90.
The sharp rise came after US President Donald Trump paused the bombing of Iran for two weeks and agreed to a 10-point peace plan proposed by Tehran. The deal includes a condition that Iran will immediately open the Strait of Hormuz.
Following the ceasefire news, the Indian Rupee strengthened by 50 paise to 92.56 against the US dollar in early trade.
Several stocks recorded strong gains. Titan Company shares rose up to 6% on the NSE. Other top gainers included GACM Technologies Ltd (12.20%), InterGlobe Aviation Ltd (10%), Aditya Birla Real Estate Ltd (9.04%), Hindustan Petroleum Corporation Ltd (7.68%), and Adani Enterprises (nearly 6%).Global markets also performed well. Japan’s Nikkei 225 climbed 5.28%, South Korea’s KOSPI gained 5.61%, Hong Kong’s Hang Seng Index rose 3.04%, and Taiwan’s Weighted Index increased by 3.72%. India’s GIFT Nifty also jumped over 3%, indicating a strong start for the domestic market.
Crude oil prices dropped sharply after the ceasefire announcement. Brent crude fell about 15.19% to $92.67 per barrel, while WTI crude declined 15.02% to $96.03 per barrel. The fall in oil prices is expected to reduce inflation and ease market concerns.
Overall, the stock market surged strongly as falling crude oil prices and easing geopolitical tensions boosted investor confidence.