Stock Market
Markets on fire: Sensex surges, Nifty nears 24,000 amid falling crude prices
Mumbai/IBNS: The Indian stock market rallied on Wednesday morning with the BSE Sensex jumping over 400 points and the Nifty nearing the 24,000-mark in early trade, media reports said.
Though gains were later trimmed, the Sensex was still trading over 200 points higher while the Nifty remained in the green.
Markets Defy West Asia Tensions
The rally came despite fresh tensions in West Asia after the United States launched new strikes on Iran on Tuesday.
According to BBC, the US targeted missile sites and boats in southern Iran that were allegedly attempting to place mines.
Crude Oil Prices Decline
Meanwhile, global crude oil prices declined, offering support to investor sentiment.
Brent crude for July delivery slipped 0.5 percent to USD 99.13 per barrel, while WTI crude for July settlement dropped 0.9 percent to USD 93.09 per barrel, NDTV Profit reported.
Positive Asian Cues Lift Sentiment
The Indian market also tracked positive momentum across Asian equities, which helped offset concerns over the geopolitical developments in West Asia.
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