Sensex, Nifty snap 2-day losing streak as Trump signals Iran war may end soon

Mumbai, March 10 (IANS) Indian benchmark equity indices rebounded on Tuesday, snapping a two-day losing streak as investor sentiment improved after US President Donald Trump indicated that the ongoing war with Iran could end soon.

The comments eased global market concerns and supported buying across several sectors.

The Nifty closed 0.97 per cent, or 233.5 points, higher at 24,261.6, while the Sensex rose 0.82 per cent, or 639.82 points, to settle at 78,205.98.

Commenting on technical outlook, experts said that on the upside, immediate resistance is placed near 24,300, and a decisive breakout above this level could extend the recovery toward 24,600, which remains the next key short-term resistance.

“On the downside, the 24,000 level continues to act as an important support zone for the index,” an analyst stated.

According to multiple media reports, Trump said that the conflict with Iran could be resolved “very soon,” as he faces increasing political and economic pressure following sharp volatility in global energy markets over the past few days.

Broader markets outperformed the benchmark indices during the session. The Nifty Midcap 100 advanced 1.62 per cent, while the Nifty Smallcap 100 climbed 2.12 per cent.

On the sectoral front, the Nifty Auto index emerged as the top performer during the day. The Nifty Consumer Durables and the Nifty Financial Services Ex-Bank indices also posted notable gains.

However, not all sectors participated in the rebound. The Nifty IT index was the worst hit among sectoral indices, while the Nifty Oil & Gas index also lagged the broader market performance.

The recovery in equities came as investors reacted positively to easing geopolitical concerns, which had recently triggered volatility in global markets and energy prices.

Experts said that the market participants will continue to monitor developments related to the Iran conflict and global economic signals for further direction.

“The rebound came after signs of potential de-escalation in the Middle East conflict, as President Donald Trump hinted at a possible early end to the Iran war,” an analyst stated.

This development eased geopolitical concerns and triggered a sharp correction in global crude oil prices, helping risk sentiment stabilise, experts explained.

–IANS

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