Indian Shares Surge On US-Iran Peace Deal Hopes

RTTNews | 147 days ago

(RTTNews) - Indian shares ended notably higher on Friday amid growing optimism over a potential deal to end the Iran war.

Crude oil prices fell more than 2 percent today and the dollar headed for its second weekly loss after Israel and Lebanon agreed to a 10-day ceasefire, fueling optimism on the prospect of a long-term peace deal in the Middle East.

Additionally, U.S. President Donald Trump has indicated that a second round of talks with Iran could take place this weekend, warning that fighting may resume if no deal is finalized.

Trump has expressed optimism about securing a permanent ceasefire with Iran, while announcing the deployment of additional 10,000 troops to bolster U.S. military presence in the region.

Trump claimed that Tehran had agreed to hand over its enriched uranium, provide "free oil" and reopen the Strait of Hormuz, adding he might go to Pakistan if a deal is reached.

Iran's state-owned broadcaster IRIB claimed the U.S. leader was "building castles in the air."

Amid inflation concerns and uncertain policy signals, investors await clarity on how the upcoming negotiations between the United States and Iran will take shape.

The benchmark BSE Sensex surged 504.86 points, or 0.65 percent, to 78,493.54, while the broader NSE Nifty index settled 156.80 points, or 0.65 percent, higher at 24,353.55.

The mid-cap and small-cap indexes on the BSE rallied 1.3 percent and 1.5 percent, respectively.

The market breadth was strong on the BSE, with 3,049 shares rising while 1,282 shares declined and 162 shares closed unchanged.

FMCG stocks surged, with Hindustan Unilever rallying 4.8 percent after announcing price hikes and amid signs of recovery in rural demand.

Peers Colgate Palmolive, Dabur India and Godrej Consumer Products jumped 2-6 percent. Asian Paints, Maruti Suzuki India, Kotak Mahindra Bank, ITC, SBI, Adani Ports, Titan Company, Tech Mahindra, BEL, Reliance Industries and Power Grid Corp rose 1-2 percent.

Wipro tumbled 2.8 percent after issuing a weaker-than-expected revenue forecast, raising concerns about slowing growth and ongoing margin pressure.

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