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News Topical, Digital Desk : The stock market is witnessing a strong rally during the third trading session of the week. The domestic stock market is getting a boost today due to the news of geo-political tensions in the Middle East and the strength of global markets. This is the reason why on Wednesday, June 25, Nifty - Sensex opened with a gain of about half a percent and this gain was seen to continue till the afternoon session.
The market is getting support from IT and energy stocks. By 12:00 pm, Nifty was seen trading above 25,200 with a gain of about 165 points. Similarly, Sensex was seen trading at 82,633 with a jump of 580 points.
If we look at the special stocks, Titan, HCL Technologies, RIL, HUL, Tata Steel, Power Grid and Trent are supporting the market. At the same time, weakness is seen in Kotak Mahindra Bank and ICICI Bank. OFSS, Persistent Systems, LTIMindtree and HCL Tech are bullish from the IT sector. There is buying in auto, FMCG, pharma, consumer durables and oil & gas sectors.
What is the big reason for the rise in the market today? 1. Support from global markets There was a positive trend in major Asian markets. South Korea's Kospi, China's Shanghai Composite and Hong Kong's Hang Seng were trading with gains. However, Japan's Nikkei 225 was slightly down. The US markets closed with gains on Tuesday, and Wall Street futures also showed a rise on Wednesday morning.
2. Strength in Rupee The Indian Rupee strengthened by 13 paise and was trading at 85.92 against the US Dollar. Hopes of a ceasefire between Israel and Iran and a strong opening of the domestic stock market supported the Rupee.
3. Crude Oil Prices Investors are keeping an eye on crude oil prices regarding the stability of the ceasefire between Israel and Iran. After slipping by around 13% in 3 days, Brent crude today rose (1.3%) to $67.99 per barrel and US WTI Crude rose by 87 cents (1.4%) to $65.24 per barrel.
4. Buying in big stocks Nestle India, RIL and HUL rose by more than 2%. Buying in these big stocks helped take the index up and make the market sentiment positive.
5. Decrease in India VIX India's volatility index (India VIX) fell by 2.88% to 13.25. This indicates that calm is returning to the domestic market after the volatility caused by Israel-Iran tensions.
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