Mumbai: The Indian equity markets made notable gains in the early trade on Tuesday after US President Donald Trump indicated that war with Iran may be approaching an end.
As of 9.29 am, Sensex added 413 points, or 0.53 per cent, to reach 77,979 and Nifty gained 112 points, or 0.47 per cent to reach 24,140.
Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 gained 1.05 per cent, and the Nifty Smallcap 100 added 1.32 per cent.
All sectoral indices traded in green except Nifty IT as well as oil and gas, down 0.54 per cent and 0.47 per cent, respectively. Nifty auto, pharma and consumer durables were among the top gainers, up 1.47 per cent, 1.28 per cent and 1.95 per cent, respectively.
Near-term resistance for Nifty is placed between 24,200 and 24,250, while strong support is seen in the 23,900–23,950 range. Resistance for Bank Nifty is seen between 56,300 and 56,400, while support is located in the 55,700–55,800 zone, market participants said.
Trump suggested that the US–Israel conflict with Iran could end soon, triggering a decline in crude oil prices and the US dollar, helping restore risk appetite across global markets.
Oil prices dipped over 10 per cent before partial rebound after Trump said he was considering seizing control of the Strait of Hormuz, also adding that the war is “complete” and will be over “very soon”, according to multiple reports.
In Asian markets, China’s Shanghai advanced 0.39 per cent, and Shenzhen added 1.57 per cent, Japan’s Nikkei moved up 2.35 per cent, and Hong Kong’s Hang Seng Index surged 1.76 per cent. South Korea’s Kospi gained 4.8 per cent.
The US markets ended in green overnight as Nasdaq added 1.38 per cent. The S&P 500 gained 0.83 per cent, and the Dow Jones advanced 0.5 per cent.
In the near term, markets are likely to remain volatile with investors closely tracking geopolitical developments, crude oil trends, and global risk sentiment for clearer directional signals, analysts said.
On March 9, foreign institutional investors (FIIs) in India net sold equities worth Rs 6,345 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 9,013 crore.
(IANS)
