Sensex Scales 600 Points; Nifty Tops 122000 As Middle East Tension Ebb

Indian indices opened on a strong note, with Sensex jumping almost 1% or 400 points to 41216.67, while Nifty tops 12162.05 at the opening.

The gains come as Asian stocks rally as Middle East tensions ebbed and at the same time oil also retreated lower below $60 per barrel levels after Trump calls the attack by Iran on its US forces in Iraq as no big deal. Also, he claims that no US troops have been hurt in the attack.

Also, hopes of subsiding trade tensions between the US and China with the signing of Phase one deal on January 15, weighed and improved market sentiment.

All of the sectors barring Nifty IT, were in the positive territory led by stocks from the bank, auto and realty space, which saw their respective Nifty indices jump as much as 2%.

Airtel rises over 3% and scaled to an intra-day high of Rs. 474.05 as it is to raise $3 billion in mega fund raising plan. Nifty Bank also gained the most up 2.1%. Also, IT stocks were dragged the most in intra-day trade on Thursday.

Meanwhile, rupee is trading higher at 71.46 .

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