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Indian Shares Surge As Oil Prices Slump On Iran Deal

RTTNews | 88 days ago

Indian Shares Surge As Oil Prices Slump On Iran Deal

(RTTNews) - Indian shares rose sharply on Monday, the rupee and government bonds got a lift, and oil prices plunged more than 5 percent to hit three-month lows after U.S. President Donald Trump announced a tentative peace deal with Iran, helping ease investor concerns about inflationary pressures and the potential impact on twin deficits.

Signing ceremony is set for Friday in Switzerland following weeks of mixed messaging from both Washington and Tehran on the trajectory of the conflict.

Trump said the tentative deal included opening the vital Strait of Hormuz, without giving further details. With no official terms yet released, exact details of the deal are not clear.

Welcoming the understanding reached between the U.S. and Iran to end the conflict in West Asia, Prime Minister Narendra Modi said that the implementation of this agreement will help restore peace and stability in the region and ensure freedom of navigation and commerce.

"We look forward to deliberations on the remaining issues reaching a sustainable final agreement, "he added.

The benchmark BSE Sensex jumped 736.38 points, or 0.97 percent, to 76,264.33, after having jumped 2.3 percent on Friday.

The NSE Nifty index settled 231 points, or 0.98 percent, higher at 23,853.90 after a 2 percent gain in the previous session.

The broader market outperformed, with the BSE mid-cap and small-cap indexes rising 1.5 percent and 1.4 percent, respectively.

The market breadth was strong on the BSE, with 3,086 shares rising while 1,325 shares declined and 204 shares closed unchanged.

Buying was seen across the board, with Larsen & Toubro, Mahindra & Mahindra, Maruti Suzuki India, Eternal, UltraTech Cement, Bajaj FinServ, Indigo and Trent rallying 3-5 percent.

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