A man speaks on his mobile phone past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS
June 25 (Reuters) – Indian shares rose on Wednesday, tracking a global risk-on rally, after tensions in the Middle East eased following a fragile ceasefire between Israel and Iran.
The Nifty 50 (.NSEI), added 0.63% to 25,204.6 points and the BSE Sensex rose 0.67% to 82,600.44 as of 10:24 a.m. IST.
All 13 major sectors logged gains. The broader smallcaps midcaps, respectively.
Index heavyweights HDFC Bank (HDBK.NS), and Reliance Industries (RELI.NS) rose about 1% each.
Global equities rallied, with the MSCI World Index hitting a record high, and Asian and emerging market stocks climbing to their strongest levels since early 2022.
The move came after Iran and Israel signaled an end to the hostilities following a public scolding from U.S. President Donald Trump over ceasefire violations.
“The ceasefire has sparked a relief wave across global markets, and Indian equities are surfing that momentum,” said Devarsh Vakil, head of prime research at HDFC Securities.
Still, analysts warned that sustained gains will depend on clarity in global trade dynamics and strength in corporate earnings.
Among individual stocks, Multi Commodity Exchange rose 4.3% after UBS reiterated “buy” and raised target price, citing robust volume growth due to price volatility in key commodities amid geopolitical uncertainties.
Indian Hotels, gained 2.3% after JPMorgan initiated coverage at “overweight” rating and forecasted a 16% upside in the next 12 months on strong fundamentals.
Indiamart Intermesh jumped about 6% after Nuvama raised its rating on the stock by two notches to “buy” from “reduce” and raised its price target to a street-high 3,800 rupees from 2,100 rupees, pointing to signs of a demand upcycle.
Titan Company rose 2% after Macquarie reiterated “outperform” and raised target price, citing buoyant jewellery sales in the June quarter due to healthy demand.
Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy, Janane Venkatraman and Vijay Kishore
