Stock Market Today: The domestic stock indices soared in early trade amid a decline in crude prices and a sign of de-escalation of war in the Middle East. At the time of writing, the BSE Sensex was trading at 73,848.24, up 1900.69 or 2.64 per cent. NSE's Nifty50 was quoted at 22,907.85, up 576.45 points or 2.58 per cent.
"There are indications of de-escalation of the war from the statements issued by the Iranian authorities. The Iranian president’s ‘openness to ending the war’ and confirmation from the Iranian foreign minister that ‘messages were exchanged with the U.S.’ indicate that the war might end soon. This view is getting reflected in declines in crude prices and US bond yields. The market might start discounting de-escalation earlier than the event," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
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All stocks from the Sensex basket were trading high with Indigo, BEL, Trent, Adani Ports, TCS, Bajaj Finance, Infosys, Eternal, Axis Bank, L&T, Maruti Suzuki, Mahindra and Mahindra and Infosys being the top gainers.
At the sectoral front, Nifty Bank and Nifty Fin Services were up nearly 2.5 per cent. Nifty Auto and Nifty IT indices were trading over 3 per cent higher, while Nifty FMCG was up nearly 2 per cent.
The broader market followed suit as well. Nifty Small Cap 100 was up 3.4 per cent, Nifty Midcap 100 was trading over 3 per cent higher and Nifty 100 was quoted nearly 2.5 per cent higher.