The bulls remained firmly in control of Dalal Street for the second consecutive day as the benchmark indices closed Monday’s session, June 15, with gains of over 1%, supported by a sharp decline in crude oil prices after the US and Iran agreed to end a nearly four-month conflict in the region and reopen the Strait of Hormuz.
In addition, easing FPI selling and a strengthening Indian rupee further boosted market sentiment, with the Nifty 50 eventually settling 1% higher at 23,846. The S&P BSE Sensex also gained 1% to close at 76,299.
The broader markets posted even stronger gains, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices advancing 1.29% and 1.10%, respectively. All major sectoral indices ended in the green, led by the Nifty Realty index, which surged nearly 4%.
Other sectoral indices, including Nifty Consumer Durables, Nifty Cement, Nifty Auto, Nifty Metal, Nifty Oil & Gas, Nifty IT, and Nifty Chemicals, also posted strong gains, rising between 1% and 3%.
Tensions in the Middle East eased after the US and Iran said an initial agreement had been reached to end the conflict and resume traffic through the Strait of Hormuz. The Strait of Hormuz will be “opening” on Friday following the signing of the agreement with Iran, US President Donald Trump said in a post on Truth Social.
The announcement of the deal triggered sharp selling in crude oil prices, which sank to a three-month low in trade. Lower crude oil prices are a positive for India, which meets nearly 85% of its crude oil requirements through imports, primarily from the Middle East.
