Stock market rally: Aegis Logistics, Cupid, Akums Drugs, JB Chemicals, among 47 stocks that hit 52-week high on NSE

During the afternoon trading hours, the NIFTY50 jumped around 337 points or 1.45% higher to 23,498.40 points, while the SENSEX surged 1,233 points or 1.66% to 75,065 points on Friday.

The afternoon market rally emerged after the latest media reports suggested that the United States and Iran have signed an MoU to re-open Strait OF Hormuz, cancel oil sanctions and release frozen Iranian funds.

Stocks like Apar Industries, Aegis Logistics, Akums Drugs, Cupid, Federal Bank, JB Chemicals, were among the prominent companies which hit their year-high levels on the Indian stock market.

Why did SENSEX, NIFTY50 rally today?

The benchmark stock indices, BSE SENSEX and NIFTY50, were trading higher due to the positive global market cues, including US-Iran deal update, lower crude oil prices, tech momentum in the US and Asian markets, a drop in US bond yields, and a strengthening Indian rupee against the US dollar.

Trump said that the “discussions and final points have been, in both concept and great detail, approved by all parties involved,” and the time and place of the ‘signing’ will be announced soon.

Media reports suggest that Trump, during a tele-rally for Georgia Lieutenant Governor Burt Jones, claimed that the United States have “ended the war” with Iran as Iran allegedly agreed to never develop nuclear weapons.

This move fuelled the relief sentiment across the global markets, prompting the gains on Friday, during the 15th week of the conflict.

Global benchmark, Brent crude oil prices were down 4.49% to $86.34 per bbl as of 1:58 pm (IST) on Friday, compared with $90.38 per bbl at the previous commodity market close, as per Investing.com data.

The data also showed that oil prices have declined over 7% in one week in the global markets.

As of 12:22 pm (IST), the Indian rupee was trading 0.56% lower at 95.224 on Friday, compared to 95.76 at the previous currency market close.

Major de-escalation updates or signs are likely to prompt investors to pull money out of safe-haven bets into riskier assets like equities to gain more returns amid the evolving market sentiment.

Investors were also buying back major equities at a lower price in the global market after the recent correction on the improved sentiment, post multi-day AI and tech stock rally.

Indices like KOSPI, Nikkei, Hang Seng were trading higher after US indices closed at an elevated level amid investors looking out for SpaceX IPO, the new talk of tech town.

Prominent stocks at 52-week high today

*1-year returns based on NSE data

**Year-to-date (YTD) returns based on NSE data