New Delhi, 21 April (H.S.):
Domestic equities staged a robust rally Tuesday, with Sensex breaching 79,000 and Nifty touching 24,600 before settling at six-week highs. Bulls dominated trading amid optimism over renewed US-Iran peace talks, falling crude prices, positive Asian cues, banking sector surge, and sharp India VIX decline.
Executive Director Anil Bhansali attributed gains to anticipated second-round US-Iran dialogue, potentially easing West Asia tensions' global economic drag. Brent crude dipped to $93.84/barrel, WTI to $85.50—down from $118 post-conflict peaks. As India imports 88% of its oil needs, lower prices deliver economic booster shot.
Asia's nine major markets advanced, led by Japan and South Korea; improved sentiments drove consistent domestic buying. India VIX plunged 5.75%, signaling reduced short-term volatility after Monday's swings.
Banking stocks led with relentless buying in ICICI Bank, Bajaj Finance, Axis Bank; Nifty Bank index closed 1.39% higher, bolstering overall sentiment. Dhami Securities VP Prashant Dhami sees sustained positive Nifty trend toward 24,600 resistance—breakout could target 25,000, with 24,300 as firm support. Investors advised consulting advisors amid unpredictable swings.
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Hindusthan Samachar / Jun Sarkar
