Indian Shares Rally On Hopes Of US-Iran Peace Deal

RTTNews | 109 days ago
Indian Shares Rally On Hopes Of US-Iran Peace Deal

(RTTNews) - Indian shares were sharply higher on Monday after reports suggested that the U.S. and Iran have developed a memorandum of understanding (MoU) 'framework' to reach a final deal.

U.S. Secretary of State Marco Rubio said a "pretty solid" proposal is on the table to reach an agreement with Iran, while insisting that President Trump is "not going to make a bad deal."

Elsewhere, Tasnim news agency reported that the United States is still obstructing certain clauses of the potential peace MoU, including the release of Iran's frozen assets.

The benchmark BSE Sensex was up 740 points, or 1 percent, at 76,165 in early trade while the broader NSE Nifty index climbed 214 points, or 0.9 percent, to 23,933.

Tata Capital, LG Electronics India and ICICI Prudential Asset Management ?rose 1-2 percent on news they will be added to FTSE All-World and FTSE All-Cap indexes effective June 22.

State-run oil marketing companies like BPCL, HPCL and IOC all surged around 4 percent as the government hiked fuel prices once again and crude oil prices tumbled over 5 percent to trade below the $100 per mark on hopes for a U.S.-Iran peace deal.

Eicher Motors jumped 5.6 percent after posting better-than-expected quarterly earnings.

Fortis Healthcare gained 1 percent on reporting a 44 percent jump in its fourth-quarter profit.

Hindalco fell more than 2 percent after posting a surprise drop in its quarterly profit.

Reliance Infrastructure slumped 5 percent after reporting a sharp decline in its Q4 consolidated net profit.

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