Sensex rises 300 points; Nifty near 24,300; FMCG, chemical stocks gain

The Nifty50 and the Sensex rose after a flat open while traders await more clarity about the US and Iran negotiations.

The Nifty50 was trading 0.04 per cent or 8.55 points higher at 24,205.30, and the Sensex was trading 124.5 points or 0.16 per cent higher at 78,113.17.

US President Donald Trump reiterated that the war with Iran should end soon. He also announced Thursday that Lebanon and Israel have agreed to a 10-day ceasefire. Israel stopping an attack on Lebanon was one of the key conditions from Iran to stop the war, according to reports.

The US and Iran will meet for a discussion over the weekend.

Broader markets outperformed the benchmark index. The Nifty MidCap and the Nifty SmallCap were trading 0.64 per cent and 0.87 per cent higher, respectively

Sector-wise, the Nifty FMCG and the Nifty Media outperformed, while the Nifty Financial Services underperformed.

Brent crude was trading lower as hopes for a resolution between the US and Iran brightened the supply outlook. Its April future contract was quoted at $98.30 per barrel, down 1.10 per cent.

Q4 results today

Bajaj Consumer, Aditya Birla Money, Hathway Cables and Datacons, Jio Financial Services, Mastek, and Bridge Securities will release their quarterly performance reports on Friday.

IPO Today

Citius Transnet InvIT initial public offer opened for subscription on Friday. The company aims to raise ₹1,105 crore from the primary market. The IPO will close for subscription on April 21.

Similarly, Mehul Telecom IPO opened for subscription. It’s a book-build issue worth ₹27.73 crore. The IPO subscription will conclude on April 21.