GG News Bureau
Mumbai, 24th June: Domestic equity benchmarks opened on a robust note Tuesday, echoing a global relief rally after US President Donald Trump announced a complete ceasefire between Israel and Iran, easing concerns of a prolonged Middle East conflict.
The BSE Sensex jumped 1.04%, or 851.66 points, to 82,748.45, while the NSE Nifty climbed 1.03%, or 256.15 points, to 25,228.05 in early trade.
Asian markets mirrored the upbeat mood. South Korea’s KOSPI rose 2.08%, Hong Kong’s Hang Seng gained 1.94%, Japan’s Nikkei advanced 1.07%, and China’s Shanghai Composite added 1%. The sharp rally in equities and the drop in oil prices were seen as signs of easing geopolitical risk.
“The dramatic developments in West Asia culminating in President Trump’s announcement of a ceasefire indicate that the worst of the conflict is over,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “Crude and equity markets are reacting positively, suggesting the situation is limping back to normalcy.”
On his Truth Social platform, Trump congratulated Israel and Iran, calling the agreement the end of “THE 12 DAY WAR,” and praised both nations for their “stamina, courage, and intelligence.”
Supporting this sentiment, WTI crude futures slipped to $66.50, indicating a potential de-escalation in Middle East tensions. “Markets appear to be shifting towards a bullish bias,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The broader market indices were also in the green, with Nifty Midcap 100 gaining 0.71% and Nifty Smallcap 100 up 0.67%.
Sectorally, Nifty Auto surged 1.37% and Nifty Oil & Gas rose 0.87%. Top Nifty gainers included Adani Ports (up 3.61%), Shriram Finance (2.77%), Mahindra & Mahindra (2.3%), Ultratech Cement (2.19%) and JIO Financial Services (2%).
Market experts believe Nifty, which had been consolidating in the 24,500–25,000 range, may now break out decisively. However, the sustainability of this rally will hinge on developments related to global trade, particularly the status of reciprocal tariffs that pause on July 9.
“Investors should focus on reasonably valued domestic cyclicals like financials, aviation, telecom, and capital goods,” said Vijayakumar, citing lower risk and long-term growth prospects in those sectors.
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