Markets snap five-day losing streak as geopolitical tensions ease

Domestic equity markets ended a five-day losing streak as geopolitical tensions eased following Israel’s restrained retaliatory attack on Iran, which led to a correction in oil prices. The Sensex rose by 1,138 points during intra-day trade, closing at 80,005 with a gain of 603 points, while the Nifty 50 ended at 24,339, up by 158 points. ICICI Bank’s strong quarterly results, showing a 14.5% YoY increase in net profit to INR 11,746 crore, significantly contributed to the market’s recovery. Despite foreign portfolio investors selling shares worth INR 3,228 crore, the easing of geopolitical tensions and positive earnings reports from major banks provided a boost to investor sentiment.