The BSE Sensex jumped 352 points or 0.46 percent to touch an intraday high of 76,220 in early trade on Friday. According to reports from SocialNews.XYZ, the Nifty traded higher by 100 points or 0.40 percent at 24,002. The positive momentum came amid ongoing negotiations between Washington and Tehran regarding a potential ceasefire extension, with investors and traders continuing to monitor developments in West Asia. Information technology stocks led the gains with Nifty IT rising over 2 percent, followed by gains in mid-small IT and telecom, healthcare, pharma and PSU banking stocks. Realty, media and metal indices also traded in positive territory, while chemicals, consumer durables and financial services-related indices witnessed selling pressure.
The market gains were driven by ongoing negotiations between Washington and Tehran regarding a potential ceasefire extension, as reported by Investing.com India. Investors and traders continue to monitor developments in West Asia, with the existence of negotiations currently more important than their outcome because markets are pricing a pathway to peace rather than certainty. Bharti Airtel, ONGC, Eicher Motors, BEL and HDFC Bank were among top Nifty losers, highlighting the mixed performance across sectors despite the overall positive market sentiment. Global stocks remain near record highs, with South Korea surging 2.5% and Nasdaq 100 futures gaining 0.4% after Wall Street benchmarks closed at fresh records on Friday.
Wall Street continued its record-breaking streak with the S&P 500 adding 0.6% to its all-time high after drifting between small gains and losses earlier in the morning, as reported by Associated Press. The Dow Jones Industrial Average was down 30 points, or 0.1%, as of 2:30 p.m. Eastern time, while the Nasdaq composite was 0.9% higher after both indexes also set records the day before. Asian markets traded firmly higher, with Japan's Nikkei rising more than 2 percent, while Hong Kong's Hang Seng and South Korea's KOSPI surged up to 3 percent. The positive global sentiment was supported by a tentative deal to extend the ceasefire in the war with Iran by 60 days, which helped lift markets and rein in oil prices.
US companies continue to deliver strong earnings that are driving stock markets to new records, according to Associated Press. Dollar Tree's stock soared 16.2% after reporting fatter profits than analysts expected, with CEO Mike Creedon citing improved store conditions that helped the retailer make more profit off each $1 in sales despite tariffs adding to costs. Kohl's rallied 18.4% after reporting better quarterly results than feared, while Best Buy climbed 18.5% following its own better-than-expected profit report. Hormel Foods climbed 13.5% after strong performance from Jennie-O ground turkey and Spam exports helped beat analyst expectations. Snowflake rose 39.4% after artificial intelligence continued driving its business, with profit and revenue exceeding expectations.
On the commodities front, Brent crude opened nearly 2% higher despite equity markets largely looking through a weekend filled with seemingly escalatory headlines, according to Investing.com India. International benchmark Brent crude slipped 1.24 percent to $91.55 per barrel, while US West Texas Intermediate (WTI) crude fell nearly 2 percent to $87.37 per barrel, as reported by SocialNews.XYZ. Oil traders understand that infrastructure damage and supply disruptions can outlast any ceasefire announcement, with energy markets remaining focused on physical risk while equity markets focus on future earnings. Oil prices have been swinging as hopes rise and fall that the United States and Iran may reach a deal to reopen the Strait of Hormuz, with the physical oil market moving at the speed of infrastructure rebuilding while financial markets move at the lightning speed of AI expectations.
