Kolkata: Indian stock market surged on Friday fuelled by hope of a truce in West Asia following US president Donald Trump’s cancellation of large-scale
attacks on Iran. BSE Sensex jumped almost 1,000 points as trading began, Nifty 50 was up almost 280 points. At 9:20 am, Sensex was trading at while Nifty 50 was at 74,833.66, up 1.36% or 1,001.11 points while Nifty 50 was at 23,445.55, up 1.23% or 283.95 points. On Thursday, BSE Sensex closed at 73,832.55, down 0.20% or 150.63 points while Nifty 50 closed at 23,161.60, down 0.23% or 53.35 points.
According to Reuters, in early trade in Asia, Brent futures fell $1.21 or 1.3% to reach $89.17 a barrel, while US West Texas Intermediate crude was $1.23, or 1.4%, and trading at $86.48. On a weekly basis, both varieties were trading lower — Brent by 4.2%, WTI by 4.4%. The decline in crude oil prices on Friday was attributed to US president Donald Trump cancelling plans to launch vigorous attacks against Iran as he threatened to take control if its oil assets as the country did in Venezuela.
Asian markets rally
On Friday morning, the Asian indices were trading in the green. Around 9 am, GIFT Nifty was up 0.27%, 3.28%, Straits Times was up 0.47%, Hang Seng was up 1.93%, Taiwan Weighted was up 2.57%, KOSPI was up 8.19%, Jakarta Composite was up 2.67% and Shanghai Composite was up 1.56%.
In the US, stocks displayed their best performance in two months after Donald Trump announced that he won;t carry out his treat of large scale attacks on Iran. S&P 500 jumped 1.8%, and Dow Jones Industrial Average jumped 1.9% and the Nasdaq composite rallied 2.5%.
Prominent gainers and laggards
In the Sensex 30 basket all stocks except TECHM was in the green. The biggest gainers were LT, INDIGO, ETERNAL, BAJFINANCE, MARUTI, TRENT, BAJAJFINSV, HDFCBANK, BEL, ULTRACEMCO, KOTAKBANK, ASIANPAINT and TATASTEEL.
The rupee rose by a massive 60 paise to touch 95.25 against the US dollar in early trade. The fall in the crude oil prices and the hopes of a solution to the US-Iran conflict propped it up.
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