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Sensex rises as crude drops on hopes of US-Iran peace talks
The rally added ₹490.5 lakh crore of BSE market capitalization in a day, with the Sensex up 544 points and the Nifty 50 up 391 points.
Indian equities extended gains for a fourth straight session on 3 August, buoyed by a sharp fall in crude oil prices and hopes for renewed US-Iran peace talks, LiveMint Markets said. The Sensex ended the day up 544 points, or 0.7%, at 78,639, while the Nifty 50 closed up 391 points, or 1.6%, at 24,774.30.
A broad-based advance lifted mid- and small-cap stocks, with the Nifty Midcap 100 index rising 1.2% and the Smallcap 100 index up 1.3%. Across the BSE, more than 2,800 stocks advanced out of nearly 4,600 traded, supporting a higher advance-decline ratio.
LiveMint Markets reported that investors gained more than ₹4 lakh crore in the session, with BSE-listed firms' total market capitalization rising to ₹490.5 lakh crore from nearly ₹486 lakh crore the previous day. It also said 187 stocks, including Apollo Hospitals Enterprise, Bajaj Auto, Bajaj Finance, Divis Laboratories, Federal Bank, Paytm owner One 97 Communications, Titan Company, and TVS Motor Company, hit intraday 52-week highs.
The outlet linked the mood to oil prices easing on hopes of the Strait of Hormuz reopening, after US President Donald Trump said talks with Iran would take place. Brent crude fell 5% to around $84 per barrel, while the Indian rupee strengthened by 12 paise to settle at 95.31 per dollar, as foreign portfolio investors returned as buyers in July after months of selling, LiveMint Markets added.
Latest closeWTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%|Sensex 77,928.15 ▲0.3%