Key facts
- Indian stock market experienced a sharp rally on Friday, with Sensex and Nifty both gaining 2%.
- The rally was attributed to increasing hopes of a US-Iran peace deal, which eased concerns about crude oil supply disruptions.
- Sensex closed at 75,527.95, and Nifty 50 ended at 23,622.90.
- The market gains added approximately Rs 10 lakh crore to the total market capitalization of BSE-listed companies.
- US stocks and European markets also closed higher on Friday, reflecting improved global sentiment.
Indian equities experienced a significant rally on Friday, with both the Sensex and Nifty indices closing up by 2%. This surge was primarily driven by increasing optimism surrounding a potential peace deal between Iran and the United States, which has eased fears of disruptions to global crude oil supplies. Consequently, crude oil prices fell below the $90 per barrel mark.
The Sensex climbed over 1,695 points to settle at 75,527.95, while the Nifty 50 advanced more than 461 points to end the session at 23,622.90. The market's upward movement added approximately Rs 10 lakh crore to the combined market capitalization of companies listed on the BSE, bringing the total value to around Rs 462 lakh crore.
Analysts suggest that the positive sentiment is likely to persist, with the Nifty holding above the 23,500–23,450 support zone. Upside targets are seen around the 24,000 mark, with an immediate hurdle at 23,750–23,820. A decisive close above 23,820 would further strengthen the bullish outlook.
Globally, US stocks also saw gains on Friday, buoyed by the same hopes for a US-Iran peace deal. Major indices like the Dow, S&P 500, and Nasdaq closed higher. European markets followed suit, with the STOXX 600 rising 1.88% as geopolitical tensions eased. However, mixed economic data emerged from Europe, with inflation accelerating in France and Spain, while the UK economy contracted slightly.