Mumbai, May 25: The Indian stock market opened in positive territory on Monday, buoyed by easing tensions between the United States and Iran. During the initial trading session, the Sensex rose by 720 points or 0.96 percent, reaching 76,135, while the Nifty gained 247 points or 1.04 percent, climbing to 23,967.
In early trading, the market’s upward momentum was led by auto shares. Most indices, including Nifty Auto, Nifty PSU Bank, Nifty Oil and Gas, Nifty Realty, Nifty Financial Services, Nifty Private Bank, Nifty Infra, Nifty Services, and Nifty PSU, were in the green. The only exception was Nifty IT, which was in the red.
Both midcap and smallcap stocks also showed positive performance alongside large-cap stocks. The Nifty Smallcap 100 Index rose by 183 points or 1.02 percent to 18,149, while the Nifty Midcap 100 Index increased by 433 points or 0.71 percent to 61,847.
Within the Sensex pack, notable gainers included M&M, Bajaj Finance, HDFC Bank, Bajaj Finserv, Maruti Suzuki, Ultratech Cement, Indigo, SBI, HUL, Kotak Mahindra Bank, Asian Paints, ICICI Bank, Trent, Axis Bank, ITC, Titan, and Adani Ports. Conversely, TCS, Infosys, Sun Pharma, and NTPC were among the losers.
Most Asian markets opened positively, with Tokyo, Shanghai, Hong Kong, and Bangkok in the green, while Jakarta was in the red. The US stock market closed positively on Friday, with the Dow Jones up by 0.58 percent and the Nasdaq rising by 0.19 percent.
Signs of reduced tensions between the US and Iran have emerged. US Secretary of State Marco Rubio stated that negotiations regarding an agreement between the two nations are ongoing, which includes proposals for reopening the Strait of Hormuz and discussions on Iran’s nuclear program. President Donald Trump has also indicated that talks with Iran are in the final stages.
As a result, crude oil prices have seen a decline. As of the time of reporting, Brent crude was down by 5.45 percent at $97.90 per barrel, and WTI crude fell by 5.67 percent to $91.12 per barrel.
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