Sensex Jumps 677 Points On Hopes Of Israel-Iran Truce, Nifty Just Shy Of 25,000

Stock Market Today: The domestic equity benchmark indices bounced back on Monday, June 16, after falling for two consecutive sessions, as investor sentiment improved on hopes of descalation in the tensions between Israel and Iran. US President Donald Trump has hinted that a potential truce between the two countries is on the cards.

"I hope there’s going to be a deal. I think it's time for a deal and we’ll see what happens. Sometimes they have to fight it out, but we’re gonna see what happens," Trump said while speaking to local reporters as he left for the G7 summit in Canada.

The Sensex closed 677.55 points, or 0.84 per cent higher at 81,796.15. Similarly, the Nifty 50 ended the session up by 227.90 points, or 0.92 per cent, at 24,946.50.

Trump, on Sunday, June 15, took to his social media Truth Social to post, “Iran and Israel should make a deal, and will make a deal, just like I got India and Pakistan to make, in that case by using TRADE with the United States to bring reason, cohesion, and sanity into the talks with two excellent leaders who were able to quickly make a decision and STOP!”

Meanwhile, Iran fired a new round of ballistic missiles at Israel on Monday, June 16, targeting cities like Tel Aviv and Haifa, killing at least eight people. This happened just hours after Israel carried again out air strikes on Tehran, Iran’s capital. The war is still on!

The broader market indices too reflected the positive sentiments as the Nifty Midcap 100 and Nifty Smallcap 100 settled 0.93 per cent and 0.95 per cent higher, respectively.

Nifty IT Emerges Top Sectoral Gainer

All the sectoral indices ended the day in green. Nifty IT led the gains, rising 1.57 per cent in trade today. IT stocks rallied on the back of a weakening Indian Rupee against the US dollar, which is favourable for the sector as it derives most of its revenues from the United States in dollars.

Nifty Realty, Nifty Oil & Gas ,and Nifty Metal gained over 1 per cent each. Nifty Bank, which tracks the performance of the top 12 private and public banks, closed higher by 0.75 per cent at 55,944.90.

Sensex, Nifty 50: Top Gainers And Losers

From the Sensex, UltraTech Cement, Tech Mahindra, HCL Technologies, Tata Consultancy Services (TCS), Eternal (formerly Zomato), Kotak Mahindra Bank, and Infosys were the top gainers, while Tata Motors, Sun Pharma, and Adani Ports were the top losers.  Of the 30 stocks, only three ended in the red, while the rest gained.

Among the Nifty 50 stocks, Bharat Electronics, HDFC Life, SBI Life Insurance, UltraTech Cement, Tech Mahindra, ONGC, and HCL Technologies, and JSW Steel advanced the most, while Tata Motors, Dr Reddy's Laboratories, Sun Pharma, Adani Ports, and Jio Financial Services ended in the red.