Indian Shares Extend Gains On Iran War Ceasefire Hopes

RTTNews | 171 days ago
Indian Shares Extend Gains On Iran War Ceasefire Hopes

(RTTNews) - Indian shares were sharply higher in early trade on Wednesday, extending gains from the previous session as hopes grew for a de-escalation in the Iran conflict.

Benchmark Brent crude futures fell nearly 5 percent in early Asian trade after U.S. President Donald Trump said negotiations to end the war are progressing - a claim disputed by Iranian officials.

According to a New York Times report, the United States has sent Iran a 15-point plan to end the war in the Middle East.

Israel's Channel 12 revealed that Washington was pursuing a one-month ceasefire under a mechanism being developed by Steve Witkoff and Jared Kushner.

Axios said that the U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but they're still waiting for a response from Tehran.

The benchmark BSE Sensex was up 1,130 points, or 1.5 percent, at 75,198 while the broader NSE Nifty surged 366 points, or 1.6 percent, to 23,279.

Among the top gainers, Axis Bank, Mahindra & Mahindra, UltraTech Cement, Bajaj Finance, HDFC Bank, Adani Ports and Trent soared 3-4 percent.

Bharat Electronics advanced 1.2 percent after it has signed a strategic memorandum of understanding with RRP Group to jointly explore opportunities across semiconductors, unmanned systems and electro-optics.

Tata Steel gained nearly 2 percent after it acquired 178.57 million equity shares in T Steel Holdings Pte. Ltd for $180 million.

Jindal Steel jumped 2.6 percent after completing a 6 million tons per annum (MTPA) expansion at its Angul Integrated Steel Complex in Odisha.

Waaree Energies climbed 2 percent after its board approved stake acquisition in its subsidiary company.

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