Stock market rally: Sensex surges 1,172 pts, Nifty reclaims 22,850; Asian Paints, Titan lead gainers

Bouncing back from a steep sell-off in the previous session, domestic benchmark indices Sensex and Nifty opened in the green on Tuesday, tracking positive cues from global markets amid signs of de-escalation in the West Asia conflict

At 9:15 am, the BSE Sensex jumped 1172.10 points, or 1.61%, to 73,868.49. The NSE Nifty rose 363.95 points, or 1.62%, to 22,876.60.

Politics is proving to be as volatile as the market, with President Trump announcing a five-day halt to attacks on Iran and discussing 'productive' talks with Iranian leaders, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.

Among Sensex constituents, Asian Paints jumped 4.06% to Rs 2206.60. Titan Company gained 3.17%, while UltraTech Cement, Bharat Electronics (BEL) and Bajaj Finservrose 2.90%, 2.47% and 2.12%, respectively.

“Immediately Iran’s foreign ministry denied this. Later, they acknowledged that there are attempts to ‘get diplomacy going’ through the mediation of some countries. Brent crude crashed by 10% to $100 levels on news of positive initiatives to end the hostilities,” Vijayakumar said.

Broader Asian markets traded positively. Japan’s Nikkei 225 gained 0.77% to 51,910.42, while South Korea’s Kospi climbed 1.35% to 5,478.51, and Hong Kong’s Hang Seng advanced 1.52% to 24,744.70. 

Wall Street ended higher overnight, with all three major indices closing in the green. The S&P 500 advanced 1.15% to close at 6,581, while the Dow Jones Industrial Average rose 1.38% to settle at 46,208.47. The Nasdaq Composite also jumped 1.38% to 21,946.76.

In the previous session on Monday, the Sensex plunged 1836.57 points, or 2.46 per cent, to close at 72,696.39, while the 50-pack index slumped 601.85 points, or 2.60 per cent, to end at 22,512.65.

“Nifty needs to reclaim and sustain above the 23,500 zone, which remains a critical resistance band and a key hurdle for trend reversal. A sustained move above this level can open further upside towards 23,800–24,000 levels,” said Ponmudi R, CEO of Enrich Money.