Mumbai: Indian equities rebounded on Monday after two straight days of losses, mirroring gains in other Asian markets, which shrugged off worries about the ongoing Iran-Israel conflict and higher oil prices.NSE’s Nifty rose 227.9 points, or 0.9%, to close at 24,946. BSE’s Sensex rose 677.5 points, or 0.8%, to end at 81,796. Both indices fell 1.7% in the previous two trading sessions after tensions in the Middle East escalated after Israel had launched unprecedented strikes on Iran, sending global oil prices soaring.Elsewhere in Asia, Japan was up 1.3%, China advanced 0.35%, Hong Kong rose 0.7%, and South Korea gained 1.8%. Taiwan dropped 0.1%. 121895635″Global markets have brushed aside their concerns about the Iran-Israel conflict for now because the US is expected to step in in the next couple of days and help negotiate through the conflict,” said Aamar Deo Singh, senior vice president of research, Angel One. “India is not very heavily dependent on Iran for its crude oil imports, and Brent crude prices also came off on Monday, which is providing more comfort to traders.”Brent Crude August futures declined 1.2% to $73.3 per barrel on Monday evening after hitting as much as $76 earlier in the day.The Volatility Index or VIX-the market’s fear gauge-fell by 1.6% to 14.8 levels on Monday, indicating easing risk sentiment.”With Iran showing limited capacity to escalate the conflict further, the situation has become more one-sided, and some degree of de-escalation is now expected, which has brought a sense of optimism back to the street,” said Pranay Aggarwal, director and CEO of Stoxkart.The Nifty Midcap 150 gained 0.75% and the Nifty Small-cap 250 rose 0.5% at close.
Mumbai: Indian equities rebounded on Monday after two straight days of losses, mirroring gains in other Asian markets, which shrugged off worries about the ongoing Iran-Israel conflict and higher oil prices.NSE’s Nifty rose 227.9 points, or 0.9%, to close at 24,946. BSE’s Sensex rose 677.5 points, or 0.8%, to end at 81,796. Both indices fell 1.7% in the previous two trading sessions after tensions in the Middle East escalated after Israel had launched unprecedented strikes on Iran, sending global oil prices soaring.Elsewhere in Asia, Japan was up 1.3%, China advanced 0.35%, Hong Kong rose 0.7%, and South Korea gained 1.8%. Taiwan dropped 0.1%. 121895635″Global markets have brushed aside their concerns about the Iran-Israel conflict for now because the US is expected to step in in the next couple of days and help negotiate through the conflict,” said Aamar Deo Singh, senior vice president of research, Angel One. “India is not very heavily dependent on Iran for its crude oil imports, and Brent crude prices also came off on Monday, which is providing more comfort to traders.”Brent Crude August futures declined 1.2% to $73.3 per barrel on Monday evening after hitting as much as $76 earlier in the day.The Volatility Index or VIX-the market’s fear gauge-fell by 1.6% to 14.8 levels on Monday, indicating easing risk sentiment.”With Iran showing limited capacity to escalate the conflict further, the situation has become more one-sided, and some degree of de-escalation is now expected, which has brought a sense of optimism back to the street,” said Pranay Aggarwal, director and CEO of Stoxkart.The Nifty Midcap 150 gained 0.75% and the Nifty Small-cap 250 rose 0.5% at close. Economic Times
