MUMBAI: Investors on Dalal Street ignored global geopolitical tensions with the Sensex, after a marginally negative start on Monday, rallied through the session to close 678 points (0.8 per cent) higher at 81,796 points. HDFC Bank, ICICI Bank and Infosys contributed the most to the day’s gain. A slight dip in crude oil prices also helped the stock market rally, traders said.On the NSE, Nifty too rallied strongly and closed 228 points (0.9 per cent) up at 24,947 points. “Despite ongoing geopolitical tensions between Israel and Iran, the (domestic) market moved higher, supported by gains in large-cap stocks, as investors maintained their focus on long-term fundamentals in the time of volatile situations,” said Vinod Nair of Geojit Investments. Geopolitical developments in West Asia are likely to influence near-term market sentiment, with any signs of de-escalation being closely monitored, Nair added.Foreign funds, however, remained net sellers on Monday with a net outflow of Rs 2,539 crore. In contrast, domestic funds net pumped in Rs 5,781 crore, BSE data showed.The day’s session made investors richer by about Rs 3.3 lakh crore with BSE’s market capitalisation now up at Rs 450.5 lakh crore.For Tuesday, there is a possibility of a rally in the stock market, on the back of Monday late evening reports that Iran had approached some Gulf nations to negotiate a US-mediated ceasefire with Israel. The news sparked a rally in the US market with all the leading indices up more than 1 per cent each in mid-session Monday. Gold prices, meanwhile, slid nearly 1 per cent in the international market on news of a likely ceasefire.
