Indian Shares Rally On US-Iran Peace Deal Hopes
(RTTNews) - Indian shares closed Friday's session on a buoyant note in a broad-based rally, with both frontline and broader market indexes posting sharp gains.
Global cues were supportive, the rupee staged a strong recovery and crude oil prices plunged more than 4 percent in international markets after U.S. President Donald Trump said a "great settlement" to end the conflict with Iran has been reached, and that a signing ceremony could take place in Europe as early as this weekend, with Vice President JD Vance attending on his behalf.
Trump also said the Strait of Hormuz would officially reopen once the Iran deal was signed and that Iran will never have a nuclear weapon.
Tehran, however, said no final deal has been approved and that significant obstacles continue to stand in the way of a breakthrough.
Iran also dismissed reports regarding the timing and location of any potential agreement as premature, clarifying that Tehran will not compromise on what it describes as its "red lines."
The benchmark BSE Sensex jumped 1,695.41 points, or 2.30 percent, to 75,527.95, tracking firm cues from global markets on hopes for an easing of geopolitical tensions in West Asia.
The NSE Nifty index soared 461.30 points, or 1.99 percent, to 23,622.90, while the BSE mid-cap and small-cap indexes surged 2.4 percent and 2.6 percent, respectively. The market breadth was strong the BSE, with 3,233 shares rising while 1,032 shares declined and 157 shares closed unchanged.
Among the top gainers, Bajaj FinServ, Axis Bank, HDFC Bank, Eternal, Titan Company, Indigo, Larsen & Toubro and Bajaj Finance climbed 3-6 percent. IT stocks ended flat to lower, with Tech Mahindra losing 2.2 percent.
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