Stock market indices on Tuesday recovered nearly 500 points in the opening session on as global investors calmed on no further escalation in US-Iran tensions. After hitting a high of 41,135.47, the Sensex was trading 485 points or 1.11 per cent higher at 41,157. Likewise, the broader NSE Nifty rallied 132.25 points or 1.10 per cent to 12,125.30.
The HDFC Bank was the top gainer in the Sensex pack, moving up to 2.16 per cent, followed by IndusInd Bank, Reliance Industries, Tata Steel, Asian paints, SBI and Axis Bank. However, Tech Mahindra, TCS, Infosys and HCL Tech were trading in the red.
Barring Nifty IT index, all the Nifty sectoral indices were trading in the green. Nifty PSU Bank index soared around.3 per cent, while almost all other indices were up more than 1 per cent each.
The rupee today jumped 22 paise to 71.74 against the US dollar. The Indian currency dropped to the lowest level in two months on Monday, after a sharp hike in global crude oil prices and was further weighed down after a rise in US-Iran tensions.
On Monday, the US Defence Secretary, Mr. Mark Esper, said that the US military would not violate the laws of armed conflict by striking Iranian cultural sites. Also, the Pentagon distanced itself from the President, Mr. Donald Trump's assertions that he would bomb Iranian cultural sites. Following the news, Brent crude futures dropped 1.20 per cent to USD 68.08. Asian markets in Shanghai, Hong Kong, Tokyo and Seoul were trading in the green.