1 month ago
Indian Stocks Rise on Oil Drop, IT Gains
On Monday, the Indian stock market went up because oil prices fell.
Oil prices dropped after the U.S. President said he was stopping a planned attack on Iran and that peace talks were starting.
This made investors feel better.
Many technology companies, like Urban Company and Pine Labs, made a lot of money.
Some companies, like Zee Entertainment, lost money.
Overall, the market had a good day.
Nifty 50 rose 0.78% to 24,573 and Sensex up 0.75% to 78,677.
The rally was driven by a sharp drop in crude oil prices after President Trump announced resumed peace talks with Iran.
Information technology stocks led the gains, with Urban Company up 13% and Pine Labs up 10%.
Nifty IT gained 3.28% while Nifty Media fell 3.41%; other sectors like Realty, Chemicals, and FMCG also gained over 1.5%.
Several stocks fell sharply, including Zee Entertainment (‑14.3%) and Muthoot Finance (‑6% to 7%).
- Who
- Indian equity market participants and listed companies
- What
- A market rally with major indices and sectors gaining
- Where
- Indian stock exchanges (Nifty 50, Sensex)
- When
- Monday, 3 August 2024
- Why
- Sharp fall in crude oil prices after U.S. President Donald Trump announced resumed peace talks with Iran
Key facts
- Nifty 50 closing
- 24,573
- Sensex closing
- 78,677
- Nifty IT gain
- 3.28%
- Nifty Media loss
- 3.41%
- Top gainers
- Urban Company +13%, Pine Labs +10%
Quotes
Donald Trump
U.S. President
“Trump said in a social media post that he had called off the planned strikes, claiming that Middle East allies had agreed on the framework of a peace deal, including the reopening of the Strait of Hormuz.”
livemint.com
Sources
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