Sensex surges 1,260 pts, Nifty tops 23,300; realty, consumer durable stocks shine

The Nifty50 and thes Sensex rose as US President Donald Trump reiterated that the discussion to put an end to war in the Middle East is on.

The Nifty50 was trading 1.61 per cent or 369.40 points higher at 23,279.35, and the Sensex was trading 1.56 per cent or 1,57.97 points higher at 75,232.62.

Market-cap of all BSE-listed companies rose ₹9.05 trillion to ₹431.27 trillion from ₹422.24 trillion at the close of Tuesday’s session.

Shriram Finance, Eternal, and Bajaj Finance were the top gainers in the Nifty50 index. Out of total 50 stocks the benchmark index, 44 constituents gained in early trade on Wednesday.

In the broader markets, the Nifty MidCap and the Nifty SmallCap were trading 1.39 per cent and 1.35 per cent higher, respectively.

Sector-wise, the Nifty Realty rose over 3 per cent and became the best-performing sectoral index. The Nifty Consumer Durable and the Nifty Media were also seen outperforming.

Bucking the trend, the Nifty IT declined 0.73 per cent.

Brent crude fell sharply after The New York Times reported that Washington had sent a 15-point plan to Iran via Pakistan to cease the war. Trump also said that Tehran is keen to reach a peace deal.

In the last three-to-four weeks, the US-Iran war caused huge swings in the energy prices, and raised concern about growth and inflation outlook.

Brent’s March contract was trading 4.78 per cent down at $99.50 per barrel on the Intercontinental Exchange.

However, Iran reiterated that there are no talks going on with the US.

IPO Today

Amir Chand Jagdish Kumar (Exports), Powerica, and Sai Parenteral’s initial public offers will enter second day of subscription on Tuesday.

Amir Chand Jadish Kumar (Exports) IPO was subscribed 1.26 times on the first day, while Sai Parenteral’s IPO was subscribed 0.05 times.

In the SME segment, Vivid Electromech IPO will open for subscription on Wednesday. It’s a book-build issue of ₹130.54 crore.

Investors can also place their bids for Highness Microelectronics IPO for the second day. On Tuesday, the issue was subscribed 1.35 times.

Meanwhile, Tipco India Engineering’s ₹60.6-crore IPO will enter its final day of bidding on Wednesday. The issue was subscribed 0.03 times on the second day.