Indian Stock Market Soars on US-Iran Peace Agreement
The Indian stock market surged on June 15th after news of a US-Iran peace agreement broke, adding nearly Rs 10 lakh crore in wealth in less than two hours. The Sensex jumped by over 1,300 points and the Nifty soared by nearly 390 points.
At the time of writing, the BSE-listed companies' market valuation reached Rs 47,191,994.22 crore, a gain of Rs 991,675.42 crore compared to June 12th's market cap of Rs 46,200,318.80 crore. Top gainers included Indigo, Trent, Eternal, and Maruti Suzuki.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, attributed the increase in market value to the prospect of peace in West Asia and a sharp correction in Brent crude prices. He predicted that India's GDP growth rate and CPI inflation projections for FY 27 could be revised to 6.9% and 4.6%, respectively.
The rupee is expected to continue its uptrend, with the dollar dipping below 95 against the rupee. Vijayakumar noted that foreign investors may become less bearish on India due to the stabilization of the rupee.