 "On ceasefire cue, Sensex leaps 1,800 points, Nifty jumps 500 with new energy in markets")
Following the India-Pakistan ceasefire, Sensex jumped by 1,800 points and Nifty surged by 500 points in early trading on Monday.
This is the first trading day after India and Pakistan reached an understanding for the cessation of hostilities on Saturday (May 10).
At Sensex, Axis Bank, Adani Ports, Bajaj Finserv, and Bajaj Finance were the top gainers. At Nifty 50, Adani Enterprises, Jio Financial Services, Adani Ports and SEZ, Shriram Finance, and Trent were the top gainers.
Devarsh Vakil, Head of Prime Research at HDFC Securities, was quoted as saying by Moneycontrol that Morningstar DBRS’s upgrade of India’s sovereign rating to BBB (stable) from BBB (low) even in the midst of clashes with Pakistan has also added confidence among investors regarding India.
“Morningstar DBRS’s upgrade of India’s sovereign rating to BBB (stable) from BBB (low) will also buoy bulls,” sad Vakil.
Last week, India on Tuesday conducted airstrikes at nine terrorist sites in Pakistan and Pakistan Occupied Jammu and Kashmir (POJK). After Pakistan responded by attempting missile and drone attacks on many Indian cities, India responded with more strikes that dealt damage to at least eight airbases, radar sites, and air defence units. Among the airbases were struck were the ones at Chaklala in Rawalpindi, next door to the Pakistani Army headquarters.
A rattled Pakistan reached out to India with a request for ceasefire on Saturday (May 10).
While India-Pakistan clashes disrupted markets and led to a fall in India, there was no widespread panic among investors. In Pakistan, on the other hand, India’s hammering of the country’s terrorist and military sites led to the biggest single-day fall at the Pakistan Stock Exchange (PSX) on Tuesday when it fell by 6,482 points.
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