The benchmark indices are going strong this morning, with the Nifty scaling fresh all-time highs and Sensex also racing towards its all-time highs, as markets continue to celebrate the easing global geopolitical scenario.
The Nifty has scaled its all-time high of 12,293.90 and is currently trading at 12,301, higher by 86 points or 0.7 per cent and the Sensex is at 41,750, up 299 points or 0.7 per cent. The Sensex is just around 50 points shy of its all-time high of 41,809.96.
The positive vibes have also rubbed on to the broader markets, with the BSE midcap index trading at 15,226, higher by 0.8 per cent and the small cap index at 14,222, up 0.9 per cent.
U.S. President Donald Trump had refrained from ordering military action and Iran's foreign minister said the missile strikes on Iraqi bases housing the U.S. forces had "concluded". Optimism surrounding the US-China trade deal also added to the positive sentiment on Wall Street.
The NSE's VIX index - which gauges the markets' expectation of volatility in the near term - has slipped 0.16 per cent at 13.97 after ending 10.16 per cent lower on Thursday. This decline signals the return of stability in the markets and spells good news for the market participants, say analysts.
"There was some panic and fears from global market which is fading out... domestic cues are also not that negative, in fact they are improving," said Shrikant Chouhan, technical analyst at Kotak Securities.
In major news developments scheduled for the day, the Supreme Court will hear Tata Sons' petition challenging National Company Law Appellate Tribunal's (NCLAT) decision reinstating Cyrus Mistry as executive chairman of the Tata Group. Tata Sons Private Limited had last week moved the SC against NCLAT's order, saying the judgement 'undermined corporate democracy' and the 'rights' of its board of directors.
On the corporate results front, the country's second-largest software services provider, Infosys will kick off the Q3 earnings season by announcing its results later in the day.
All the sectoral indices on the NSE are trading in the green, with the metal and pharma pack emerging as the leading index gainers. In the metal space, Hindustan Zinc, Coal India and Vedanta have between 2 per cent and 4 per cent each. In the pharma space, Sun Pharma, Divi's Lab and Lupin have added more than 1 per cent each.
On the stock-specific front, Coal India, Vedanta and Gail are the top gainers on the NSE, adding between 2.7 per cent and 3.3 per cent each. SBI has also recovered from intra-day lows of Rs 328 and is currently trading at Rs 337, up 2.7 per cent. And Infosys is trading higher by 1.5 per cent at Rs 738 ahead of its Q3 results scheduled later in the day.
On the other hand, Yes Bank, ICICI Bank and Titan are the significant losers on the NSE.
The market breadth is strong. Out of 2138 stocks traded on the NSE, there are 1247 advancing stocks as against 462 delines.