Indian benchmark indices burst out of the gates with a gap-up start on June 24, riding high on global relief after US President Donald Trump announced a ceasefire agreement between Iran and Israel. The 50-stock index leapt past the 25,250-mark for the first time in 2025 during the early trade, while the BSE Sensex surged more than 900 points. The Nifty 50 index surged as much as 1% to its year-high of 25,250.85 points.
Positive cues from global markets and a sharply higher GIFT Nifty set the stage for the upbeat start. Trump’s announcement came shortly after an Iranian missile attacked Al Udeid Air Base in Qatar, which housed US troops.
“On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR,'” Trump said in a post on social media platform.
While Trump had claimed that both Israel and Iran came to him calling ‘peace’, neither of the countries have publicly confirmed the ceasefire claims. However, Iran did signal that it would stop striking Israel if Israel stopped striking Iran, according to a report by BBC.
GIFT Nifty was trading at a premium of 200 points from Nifty Futures Monday close, indicating a gap-up start for the benchmark Nifty 50 index. The Nifty 50 and BSE Sensex indices closed 0.6% lower at 24,971.90 and 81,896.79 points, respectively. Risk aversion amid escalating West Asia tensions triggered the sell-off in the Indian stock market on June 23.
The current global markets positioning also implies a positive start for the market today. The US futures inched higher after Trump’s announcement; all the major indices in the US ended 1% higher. Markets in Asia also climbed higher, with all indices up more than 1%.
Crude oil prices, which spiked following the US airstrikes on Iranian nuclear sites, eased later in the day on June 23. This particular development could again keep oil stocks under the radar today in India, as Brent crude oil prices saw its biggest single-day drop since March 2022 as it fell below $70 per barrel.
