Stock Market
Dalal Street on fire: Sensex soars, Nifty rockets—here’s why!
Mumbai/IBNS: The Indian stock market opened on a strong note on Wednesday, staging a sharp rebound after weeks of losses triggered by tensions in the Middle East, media reports said.
At the opening bell, the BSE Sensex surged over 1,600 points and later extended gains to nearly 2,000 points. The NSE Nifty also held firm, rising more than 500 points within the first hour of trade.
The rally mirrored positive cues from global markets, particularly Wall Street. The S&P 500, Dow Jones and Nasdaq Composite climbed 2.5 percent, 2.9 percent and 3.8 percent respectively in the previous session.
Market sentiment was further boosted after Donald Trump indicated that the United States may scale down its involvement in Iran within the next two to three weeks, raising hopes of an easing in the ongoing conflict.
In an interview with the New York Post, President Trump said the US military campaign had significantly weakened Iran and would not continue for much longer.
“We’re not going to be there too much longer. We’re obliterating them right now… but we have more work to do in terms of eliminating their remaining offensive capability,” he said.
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