Indian Shares End Sharply Higher After A Late Rally

RTTNews | 180 days ago

(RTTNews) - Indian shares ended sharply higher on Monday after a volatile session. Markets were subdued for most of the day as the ongoing U.S.-Iran war entered its third week and Brent crude prices hovered near $105 a barrel following a U.S. attack on Kharg Island, Iran's most important oil export terminal in the Persian Gulf, over the weekend.

Iran threatened escalation across the Middle East, with a drone strike already targeting an oil industry zone near the Port of Fujairah in the United Arab Emirates.

Value buying emerged at lower levels after reports suggested that two Indian-flagged tankers carrying about 92,712 metric tons of liquefied petroleum gas have safely passed through the Strait of Hormuz, helping to ease immediate concerns over supply disruptions.

According to Rajesh Kumar Sinha, Special Secretary, Ministry of Ports Shipping and Waterways, the Indian LPG carrier Shivalik, heading to India from the Persian Gulf, will reach the country today at around 5 pm.

Sinha further stated that Indian-flag vessel 'Jag Laadki', which sailed from the UAE on 14th of March, is carrying about 81,000 000 tons of Murban crude oil and is safely en route to India.

"Crude is available in sufficient quantity. All refineries are operating at the highest capacity. Our petrol pumps are operating normally. No dry out has been reported anywhere..." said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum & Natural Gas.

Investors also reacted positively to reports suggesting that the Trump administration will soon announce an international coalition for escorting ships through the Strait of Hormuz.

The benchmark BSE Sensex hit a low of 73,949.76 before reversing course to end the session up 938.93 points, or 1.26 percent, at 75,502.85.

The NSE Nifty index ended up 257.70 points, or 1.11 percent at 23,408.80, after having hit an intraday low of 22,955.25.

Broader indexes ended slightly lower, with the BSE mid-cap and small-cap indexes falling 0.4 percent, and half a percent, respectively.

The market breadth was weak on the BSE, with 2,864 shares declining while 1,502 shares advanced and 171 shares closed unchanged.

Among the top gainers, Bajaj Finance, Eternal, Mahindra & Mahindra, HDFC Bank, Trent and UltraTech Cement rallied 3-4 percent.

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