Key Points
MUMBAI : Indian stock markets took cues from global stock markets to recoup all their losses of the previous day, as hopes of the Israel-Hamas war remaining confined to the Gaza strip caused a softening in crude prices, which was reinforced by Israels TA 35 Index trading up 0.9% at 1745 at the time of writing..
The Nifty gained nine-tenths of a percent, the most in over a month, to close at 19,689.85, while the Sensex posted the highest gain in over three months, rising 0.87% to 66,079.36 on Tuesday..
Comments by Federal Reserve vice chair Philip Jefferson implying that the Feds rate setting committee would proceed cautiously while firming policy aided the global stock market rally with the Nikkei 225 gaining 2.43% and the Hang Seng rising four-fifths of a percent..
This typically happens after a kneejerk reaction to a conflict event," said Jyotivardhan Jaipuria, MD, Valentis Advisors, referring to the global equities market surge a day after its adverse reaction to the Israel-Hamas conflict..
However, Jaipuria added that the markets at the current juncture were overvalued and could undergo a time correction with expectations of an 18-20% year on year earnings growth in Q2 moderating the valuations over a six to eight month period..
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