India's stock market rallied at the opening bell today, extending its winning streak to a second straight trading session, as hopes of an early end to the Iran war cooled crude oil prices.
The 30-share S&P BSE Sensex rose 0.73%, or 566.32 points, to 78,677.60 points, while the NSE Nifty 50 gained 0.64% to 24,385.20 points.
The equity benchmarks rose 1.6% each on Wednesday to hit a one-month high after the US said talks with Iran could resume soon in Pakistan.
Experts believe that the stock market is discounting an early end to the conflict, citing the crude market and the US stock market's record highs.
Brent crude slipped below $95 per barrel on Thursday after reports that Iran could consider allowing ships to pass through the Strait of Hormuz, a waterway that carries 20% of global energy needs.
A cheaper crude is a net positive for India, the world's third-largest oil importer, as it helps ease the import bill, inflation, and pressure on corporate margins.
Foreign investors bought ₹666 crore worth of shares on Wednesday, marking their second session of net buying in India since the conflict began in late February.
Local investors are also monitoring the earnings season, with Wipro Ltd. and HDFC Life Insurance Co. Ltd. scheduled to report their fourth-quarter results Thursday.
