Sensex Jumps 1,500 Points, Nifty Above 23,400 As Oil Prices Drop

New Delhi: Amidst the buoyant Asian markets, the domestic stock market is witnessing a strong buying trend today. Sensex and Nifty, are rallying strongly, jumping more than 1 per cent each in early trading. Nifty indices for all sectors, except IT, are in the green. 

What is the reason?

Midcap and small cap stocks are also seeing strong buying. Overall, the market cap of companies listed on the BSE has increased by Rs 4.83 lakh crore, meaning investors' wealth has increased by Rs 4.83 lakh crore since the market opened. 

How much did the initial business decline?

Turning to equity benchmark indices, the BSE Sensex is currently trading at 74,841.67, up 773.22 points, or 1.04 per cent, and the Nifty 50 is at 23,165.50, up 253.10 points, or 1.10 per cent. 

There is a lot of excitement in the market today due to decreasing of crude oil prices and signs of stopping the US-Iran war.

What about oil price?

After crude oil price eased in early trade on Wednesday, shares of most chemical companies rose. 

After the reports that the US was seeking a month-long ceasefire in its war on Iran, Brent crude declined as much as 7 per cent on Wednesday.

What about Sensex?

On Wednesday, the Sensex was up 1,607.11 points or 2.17 per cent at 75,675.56, and the Nifty was up 517.65 points or 2.26 per cent at 23,430.05. About 3,055 shares advanced, 863 shares declined, and 145 shares unchanged.

Are only three Sensex stocks in the red?

Of the 30 stocks listed on the Sensex, 27 are in the green zone. M&M, Bajaj Finance, and UltraTech Cement saw the biggest gains. On the other hand, Tech Mahindra, HCL Tech, and Infosys saw declines on Wednesday.