Stock Market Updates: Sensex Gains 500 Points, Nifty Near 24,200; PSU Banks, Auto Lead

The Nifty50 and Sensex traded higher on Wednesday, supported by easing crude oil prices amid growing hopes of a possible agreement between the United States and Iran.

Investor sentiment improved after US President Donald Trump said that “Project Freedom” — an initiative aimed at ensuring safe passage for ships through the Strait of Hormuz — would be temporarily paused as Washington evaluates the possibility of reaching a deal with Iran.

The Nifty50 was trading 174.45 points, or 0.73%, higher at 24,207.70, while the Sensex gained 517.39 points, or 0.67%, to trade at 77,551.22.

Among the top gainers on the Nifty50 were Mahindra & Mahindra, InterGlobe Aviation and Tata Motors.

Broader markets also remained upbeat, with the Nifty MidCap and Nifty SmallCap

indices rising 0.91% and 1.01%, respectively.

Global Cues 

Global markets also traded firmly after signs of easing geopolitical tensions boosted risk appetite.

In Asia, South Korea’s Kospi extended its record rally and surged 5.6%, while Hong Kong’s Hang Seng and Australia’s S&P/ASX 200 advanced 1.04% and 0.81%, respectively.

Overnight, US markets ended sharply higher. The S&P 500 gained 0.81%, the Dow Jones Industrial Average rose 0.73%, and the Nasdaq Composite climbed 1.03%.

Meanwhile, Brent crude prices fell 1.49% to $108.23 per barrel on the Intercontinental Exchange, as traders priced in the possibility of a diplomatic resolution between the US and Iran.

In the commodities market, gold and silver futures gained 1.46% and 2.29%, respectively.