Markets rally for 3rd day, Sensex surges 1,000 points as geopolitical tensions ease

Rallying for the third consecutive session, equity benchmark indices Sensex and Nifty surged over 1 per cent on Thursday, powered by intense buying in market heavyweights HDFC Bank, Reliance Industries and ICICI Bank as geopolitical tension in West Asia eased off.

Stable crude oil prices in international markets and a strengthening trend in the rupee following a weak US dollar against major currencies also bolstered sentiment, traders said. The 30-share BSE Sensex jumped 1,000.36 points or 1.21 per cent to settle at 83,755.87. During the day, it surged 1,056.58 points or 1.27 per cent to 83,812.09.

As many as 2,097 stocks advanced while 1,900 declined and 156 remained unchanged on the BSE.

The 50-share NSE Nifty rallied 304.25 points or 1.21 per cent to 25,549. “The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the West Asia ceasefire, which has eased concerns over potential supply chain disruptions,” Vinod Nair, head of research, Geojit Investments Limited, said.

Meanwhile, investors' wealth jumped by Rs 9.70 lakh crore in the three-day market rally.

"Indian equity markets extended their gains on Thursday supported by strength in metal stocks and easing geopolitical concerns. With geopolitical tensions easing, macroeconomic indicators stabilising, the broader market appears to be regaining confidence," Gaurav Garg, Analyst, Lemonn Markets Desk, said.

From the Sensex constituents, Tata Steel, Bajaj Finance, Bharti Airtel, Adani Ports, Eternal, Bajaj Finserv, NTPC, HDFC Bank, Reliance Industries and Axis Bank were among the major gainers.

Shares of Reliance Industries climbed nearly 2 per cent on Thursday, with its market valuation again breaching the coveted Rs 20 lakh crore mark.