Mumbai:- Indian financial markets witnessed tremendous excitement on Wednesday. Crude oil prices fell after US President Donald Trump announced that he was moving towards an agreement with Iran to end the war and suspending 'Project Freedom', which encouraged the market.
Stock market situation: In early trade on Wednesday morning, the benchmark index Sensex jumped by 657.22 points to 77,675.01. Similarly, Nifty was also seen trading at 24,250.85, up 218 points. Shares of companies like Interglobe Aviation, Mahindra & Mahindra, Trent, and Bajaj Finance were the main gainers. However, companies like Larsen & Toubro and Hindustan Unilever lagged behind.
Crude Oil and Rupee: Global oil benchmark Brent crude fell 1.67 percent to $108 per barrel after Trump's statement. The falling oil prices directly impacted the Indian currency and the rupee strengthened by 23 paise to 94.95 per dollar. It is worth mentioning that on Tuesday, the rupee was at its lowest level of 95.44.
Geopolitical situation: President Trump, posting on 'Truth Social', said that there has been great progress towards a comprehensive agreement with Iranian representatives. Due to this, 'Project Freedom', which is being run to provide security to ships in the Strait of Hormuz, has been stopped for the time being. Although there is still some uncertainty in the market, the positive trend in global markets and Asian indices has given great relief to Indian investors.