Stock market today: Equity benchmark indices closed higher, with the Sensex gaining 185.23 points to settle at 73,319.55 and the Nifty advancing 33.70 points to 22,713.10. This came after US President Donald Trump said in an address that the United States would hit Iran “extremely hard” within weeks, ending hopes of a quick end to the conflict affecting the global economy.Refering to Trump’s speech, market expert Ajay Bagga told ANI, “nothing new, no ceasefire announcement, threats to Iran , Hormuz reopening responsibility on countries importing through it, 2-3 weeks more of kinetic action, no off ramp, no talk of ground troops action. Markets disappointed as the same messaging was rehashed after building up expectations of a very significant announcement..”Another expert Vivek Karwa echoed the sentiment, saying that the market is going to take Trump speech that negatively.Karwa said, “This shows that yesterday’s was just value buying and war is not over and what is continuing in the market is going to continue. What should investors do now? We are back to square one. The volatility is going to continue. While Trump was speaking, we saw Brent and WTI crude almost touching 103 and 105 (dollars). So, the crude oil is again going to go up. Until there is clarity that the war is going to get over, war is not going to react positively.”The impact was visible across Asian markets as well, which slipped by about 2% after Trump said that Washington’s “core strategic objectives” in the Iran war were nearing completion, though he did not indicate when the conflict might conclude. His comments signalling continued US attacks on Iran further fueled uncertainty and pushed crude prices higher.In commodity markets, oil prices showed recovery after Trump’s speech. In early trade, both key benchmarks slipped by more than $1 as markets awaited Trump’s address to the nation. Brent crude futures dropped $1.16, or 1.15%, to $100 a barrel by 1204 GMT, while US West Texas Intermediate crude fell $1.41, or 1.41%, to $98.71 a barrel. However, later in the session, Brent crude climbed more than 4% to touch $106, while West Texas Intermediate rose 3% to $103.Thursday’s weak start for the Dalal Street comes after the equities bagged gains in previous session. On Wednesday, the BSE Sensex climbed 1,186.77 points, or 1.65%, to end at 73,134.32, driven by sustained buying throughout the day. At its peak, the index had rallied 2,017.03 points, or 2.80%, reaching 73,964.58.The NSE Nifty 50 also posted gains, rising 348.00 points, or 1.56%, to close at 22,679.40, comfortably moving past the 22,650 mark. The rally added Rs 9.60 lakh crore to investor wealth in a single session, as optimism around a possible end to the West Asia conflict boosted sentiment.After the rise, market capitalisation of BSE-listed firms rose by Rs 9,60,261.03 crore to Rs 4,22,01,433.48 crore (USD 4.46 trillion), reflecting the broad-based strength seen across sectors. The upward momentum was supported by gains in global markets and a decline in crude oil prices after two consecutive sessions of losses.
