Sensex rebounds 486 points as oil steadies despite U.S.-Iran tensions
Indian stock markets bounced back on Wednesday, shaking off worries about the U.S.-Iran conflict.
The Sensex jumped 486.11 points to close at 74,404.87, while the Nifty 50 climbed 133.45 points to finish at 23,375.55.
Steady oil prices and hopes that tensions will stay limited helped boost investor confidence.
FMCG rally as metal stocks slip
Even with global tensions rising, crude oil prices stayed mostly flat: good news for India since India imports most of its oil.
This helped defensive FMCG stocks lead the rally: Hindustan Unilever gained 2.36%, Reliance Industries rose nearly 2%, and Kotak Mahindra Bank also saw solid gains.
Not all sectors were upbeat though. Metal stocks slipped a bit as market sentiment remains closely tied to what happens with oil and in West Asia.