The Indian market surged around 1.5 percent on Thursday as crude prices steadied after US-Iran tensions eased and improved risk appetite. US President Donald Trump on Wednesday suggested Iran was 'standing down' after it fired missiles at US forces in Iraq overnight, as both sides looked to defuse the crisis.

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The Sensex settled 635 points higher at 41,452, while the Nifty50 index ended the day 190 points higher at 12,216. Broader markets also rallied with Nifty Midcap and Nifty Smallcap up 1.3 percent and 2 percent, respectively.

Among stocks, Bharti Infratel, JSW Steel, Tata Motors, ICICI Bank, and IndusInd Bank were the top gainers on the Nifty50 index, while TCS, HCL Tech, Coal India, Britannia, and GAIL led the losses.

All sectoral indices, except Nifty IT, were trading in the green. Nifty Auto and Nifty Realty surged 2.7 percent each for the day. Meanwhile, Nifty PSU Bank was also over 2.4 percent higher and Nifty Bank added 2.3 percent. Nifty Metal rose 1.4 percent. Nifty Energy also advanced 1.5 percent for the day.

Meanwhile, IT stocks were under pressure as rupee rose after crude oil prices fell 5 percent overnight. MindTree, TCS, and HCL Tech fell 0.5-3 percent. Infosys was trading 1.3 percent higher ahead of its Q3 results tomorrow.

IndusInd Bank surged over 3 percent after Bank of America Merill Lynch (BofAML), in a recent report, has upgraded IndusInd Bank to 'buy' with a target price of Rs 2,000 per share, indicating a 37 percent upside from its current market price of Rs 1,458.

Global markets have also closely tracked any escalations in the conflict over the US killing of an Iranian general last week, due to fears of disruption to oil supplies, which sent crude prices soaring this week, and the rupee and Indian equities lower.

Broader Asian shares also rebounded with MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 percent, as did Hong Kong’s Hang Seng and Shanghai blue chips, reversing Wednesday’s losses.

First Published:Jan 9, 2020 3:31 PM IST