Equities in India surged by 771 points, or 0.9%, to 82,660 in morning trade on Tuesday, snapping losses from the prior session. The BSE Sensex climbed to its highest level since early October, tracking gains across Asian markets after US President Trump announced a ceasefire between Iran and Israel. Nearly all sectors traded in positive territory, led by the auto sector, while small-cap and mid-cap stocks rose 0.8% and 0.7%, respectively.
Falling oil prices lifted sentiment by easing concerns over inflationary pressures. Investor confidence was further buoyed by signals of potential monetary easing in July from Federal Reserve Vice Chair Michelle Bowman. Adani Ports jumped 4.3% after Mumbai International Airport, a subsidiary of Adani Airport Holdings, secured a $750 million investment from a group led by affiliates of Apollo-managed funds and other long-term backers. Other notable early gainers included Larsen & Toubro (2.3%), UltraTech Cement (2.2%), and Mahindra & Mahindra (2.1%).
