The Indian stock market extended its rally for a third consecutive session on Tuesday, with benchmark indices Sensex and Nifty logging steady gains. The upward momentum was driven by a buoyant trend across global equities and a continued decline in international crude oil prices, following a landmark peace agreement between the United States and Iran.
The 30-share BSE Sensex jumped 544.15 points, or 0.71 per cent, to settle at 76,808.48. Intraday, it surged 582.41 points, or 0.76 per cent, to 76,846.74.
The 50-share NSE Nifty climbed 135.25 points, or 0.57 per cent, to end at 23,989.15. During the day, it jumped 148.7 points, or 0.62 per cent, to 24,002.60.
Foreign investors turning net buyers in Indian equities also boosted the sentiment, according to experts.
Among the 30 Sensex firms, HCL Tech, Bajaj Finserv, NTPC, Hindustan Unilever, Tata Consultancy Services and Bajaj Finance were the biggest winners.
InterGlobe Aviation, UltraTech Cement, Maruti and Tata Steel were among the laggards.
Brent crude, the global oil benchmark, traded 2 per cent lower at USD 81.45 per barrel.
"Domestic equity markets continued their recovery momentum, buoyed by growing optimism around a de-escalation in US–Iran tensions and softening crude oil prices. The rally was broad-based, with notable gains in IT, realty, FMCG, and oil & gas sectors," Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index ended higher, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled lower.
Also read: Rupee gains 5 paise, settles at 94.53 against USD
Markets in Europe were trading higher. US markets ended in positive territory on Monday. The Nasdaq Composite jumped 3.07 per cent, S&P 500 surged 1.65 per cent and Dow Jones Industrial Average climbed 0.92 per cent.
Foreign Institutional Investors (FIIs) turned buyers on Monday, purchasing equities worth Rs 200.05 crore on net basis, according to exchange data.
The US and Iran reached an agreement on Sunday to reopen the Strait of Hormuz, a move expected to facilitate the resumption of oil and natural gas shipments through one of the world's most important energy transit routes.
Details of the agreement have not been made public.
Iran has indicated implementation will begin only after a formal signing ceremony, which Pakistan, a key mediator in the negotiations, said is scheduled to take place in Switzerland on Friday.
On Monday, the Sensex jumped 736.38 points, or 0.97 per cent, to settle at 76,264.33. The Nifty surged 231 points, or 0.98 per cent, to end at 23,853.90.
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