Sensex jumps 1,695 pts, Nifty tops 23,600 as crude oil falls on easing Middle East tensions
Suspense Crime, Digital Desk : Market Closing Bell: Broader market outperform benchmark indices; BSE MidCap Select Index & BSE SmallCap Select Index up over 2.5% each. Benchmark indices Sensex and Nifty closed with massive gains on June 12 following a global rally triggered by falling crude oil prices, renewed hopes for a US-Iran diplomatic agreement and reported President Donald Trump cancellation of military strikes on Iran. The 30-share BSE Sensex rose by 1,695.40 points (2.30%) to close at 75,527.95, after fluctuating between 74,453.39 and 75,608.02. The 50-share NSE Nifty was up 461.30 points (1.99%) to end at 23,622.90. The broader market saw more gains than the benchmarks today, as the BSE MidCap Select Index and BSE SmallCap Select Index climbed over 2.5% each, gaining 450.58 points and 225.96 points, respectively.
International crude oil prices plunged with Brent crude, the global oil benchmark, falling 4.25% to trade at $86.54 per barrel in futures.
Top Gainers and Losers:
Bajaj Finance, Larsen & Toubro, Indigo, Titan, and HDFC Bank emerged as the top gainers in the 30-Sensex firms, with Bajaj Finance shares closing 5.56% higher. Tech Mahindra and Power Grid were among the major laggards, with TECHM shares ending 2.24% lower.
On Friday, 28 out of the 30 Sensex companies and 39 out of the 50 Nifty 50 companies closed in the green.
"A major positive for India was the sharp decline in crude oil prices. As concerns around supply disruptions and Strait of Hormuz risks eased, oil prices corrected significantly. Lower crude prices directly benefit India by reducing import costs, easing inflationary pressure and improving the broader macroeconomic outlook," said Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.
Rupee surges 77 paise:
In currency markets, the rupee strengthened by 77 paise against the dollar, closing at 95.08 (provisional). The currency opened at 95.40 and traded in the range of 94.95-95.53 during the day before settling at 95.08.
