It was a one-way rally on Dalal Street on Friday, June 12, as investors cheered the prospects of a US-Iran deal as soon as next week and a sharp decline in global crude oil prices. Barring IT stocks, which are getting hammered by AI-led disruptions, all other sectors participated in the stock market surge.
US President Donald Trump on Thursday said that negotiators had “just made a great settlement”. He told reporters it was “subject to finalisation of documents, which should get done over the next few days”, adding that the Strait of Hormuz would reopen as soon as the deal is signed.
Iran has insisted that a final decision on an agreement to end the current conflict with the US has not yet been reached. According to a Bloomberg report earlier today, the US and Iran could sign the peace deal around the F7 meeting next week.
Following the hopes of a peace deal, oil prices crashed 5%, with Brent slipping below the $90 per barrel mark and easing concerns around inflationary pressures from high crude oil costs.
Against this backdrop, BSE barometer Sensex added 1695.40 points or 2.30% to end at 75,527.95. Its NSE counterpart Nifty 50 settled the day at 23,622.90, higher by 461.30 points or 1.99%.
Indian stock market: 10 key highlights
Here are 10 key highlights from the stock market today:
1. What moved the market today?
2. BSE-listed stocks’ m-cap swells by ₹9.7 lakh crore
Today’s rally drove the market capitalisation of all listed stocks on BSE to ₹462.05 lakh crore from ₹452.33 crore earlier, resulting in a sharp increase of 9.71 lakh crore.
