Trump's Comment Sparks Market Frenzy: Sensex Jumps 1,500 Points, Nifty Gains 350

Mumbai (The Uttam Hindu): Indian stock market started on a positive note on Tuesday due to easing of tension in the Middle East. Sensex opened at 74,212.47 with a gain of 1,516.08 points or 2.09 percent and Nifty opened at 22,878.45 with a gain of 365.80 points or 1.62 percent. The market is witnessing an all-round rise. Almost all the indices were in the green in the early trade, in which Nifty PSU Bank, Nifty India Defence, Nifty Auto, Nifty Metal and Nifty Consumer Durables were the top gainers.

Along with large-caps, mid-caps and small-caps were also trading with gains. The Nifty Midcap 100 index was up 772 points, or 1.47 percent, at 53,490, and the Nifty Smallcap 100 index was up 219 points, or 1.45 percent, at 15,318. Akash Shah, technical research analyst at Choice Broking, said the Nifty is trading below its short-term support zone and its trend remains weak. Its resistance level is around 22,650-22,700. On the other hand, support is seen around 22,300-22,400, and weakness below this could lead to further downside in the near term.

Asian Paints, Indigo, Eternal, Trent, Titan, BEL, UltraTech Cement, L&T, Adani Ports, Tech Mahindra, Kotak Mahindra, M&M, HDFC Bank, Tata Steel, Bajaj Finserv, Maruti Suzuki, SBI and HUL were the gainers in the Sensex pack. Only Power Grid was trading in the red. Asian markets are seeing gains. Tokyo, Shanghai, Hong Kong, Bangkok and Seoul opened in the green. US markets also closed higher on Monday, with key index Dow and technology index Nasdaq gaining 1.38 per cent each.

The reason for the rise in the market is believed to be the postponement of the attack on Iran's power plants by America for five days, due to which there has been a rise in the global markets as well as the Indian markets.