SENSEX surges over 450 points, NIFTY50 above 24,150 amid strong global cues

The SENSEX rose as much as 454 points and NIFTY50 index touched an intraday high of 24,154 led by gains in index heavyweights like ICICI Bank, HDFC Bank, Mahindra & Mahindra, Reliance Industries, State Bank of India and Maruti Suzuki.

As of 9:22 am, the SENSEX was up 390 points at 77,380 and NIFTY50 index advanced 121 points to 24,144.

Investor sentiment got a boost from falling crude prices in international markets. Crude oil prices in the global market have lost more than 8% in one week, dropping to near $72 per barrel (bbl) pre-war levels during the early market session on Thursday, June 25, as investors focused on the optimism of the near-term end to the US-Iran conflict, and reports of an increase in maritime trade via the Strait of Hormuz.

Back home, buying was visible across board as 12 of 15 major sector gauges compiled by the National Stock Exchange (NSE) were trading higher led by the NIFTY Auto index's 2% gain. NIFTY Bank, Financial Services, FMCG, PSU Bank, Private Bank, Realty, and Oil & Gas indices also rose between 0.5% and 1.44%.

On the other hand, metal, media and IT shares were facing selling pressure.

Broader markets were underperforming their larger peers as NIFTY Midcap 100 index advanced 0.3% while NIFTY Smallcap 100 index was trading on a flat note.

Mahindra & Mahindra was top gainer in the NIFTY50 index, the stock rose 3% to ₹3,156. InterGlobe Aviation, Tata Motors PV, Maruti Suzuki, Shriram Finance, Eicher Motors, UltraTech Cement, Dr Reddy's Labs and State Bank of India also rose between 1.5% and 2.9%.

On the flip side, Power Grid, Hindalco, Coal India, Infosys, SBI Life, Wipro, Titan, Tech Mahindra and Eternal were top losers in the NIFTY50 index.

The overall market breadth was positive as 1,567 shares were advancing while 1,190 were declining on the NSE.