Sensex, Nifty Surge As Israel-Iran Truce Holds
(RTTNews) - Indian shares opened on a strong note Wednesday as the Iran-Israel cease-fire appears to hold in the Middle East and Federal Reserve Chair Jerome Powell said "many paths are possible" for monetary policy, opening the door to an earlier rate cut.
The benchmark S&P/BSE Sensex surged 530 points, or 0.7 percent, to 82,585 in early trade while the broader NSE Nifty index was up 154 points, or 0.6 percent, at 25,199.
Among the top gainers, Bharti Airtel, Trent, Eternal, Hindustan Unilever, Bajaj Finance, Reliance Industries, HCL Technologies, Infosys and Titan Company shares were up 1-2 percent.
Vodafone Idea rose nearly 2 percent despite denying reports of Rs. 84,000 crore AGR relief from the government.
IRCTC gained 1 percent on reports there will be hike in passenger fares from July 1.
Hindustan Aeronautics declined 1.5 percent. The company's chairman said that the Indian Air Force will receive at least six Tejas Light Combat Aircraft (LCA) by March 2026.
Tata Motors was little changed. Media reports suggest that its JLR unit based in the U.K. is facing a possible financial impact of £1.6 billion as a result of new tariffs proposed by U.S. President Donald Trump.
Union Bank of India fell about 1 percent as the government downgraded its Executive Director Pankaj Dwivedi to the position of General Manager.
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