Indian Shares Surge On US-Iran Peace Deal
(RTTNews) - Indian shares were sharply higher in early trade on Monday after the United States and Iran agreed to a deal aimed at halting the Middle East conflict, sending bond yields and oil prices tumbling.
It was said that the text of the memorandum would be released following a signing ceremony in Switzerland on Friday.
The benchmark BSE Sensex jumped 1,138 points, or 1.50 percent, to 76,664 while the broader NSE Nifty was up 333 points, or 1.4 percent, at 23,955.
Gains were seen across the board, with Mahindra & Mahindra, UltraTech Cement, Larsen & Toubro, Maruti Suzuki India, Bajaj Finance, Trent, Bajaj FinServ, Indigo and Eternal surging 3-5 percent.
State-run oil marketing companies BPCL, HPCL and IOC rallied 3-4 percent as oil prices fell more than 4 percent in international markets on news the key Strait of Hormuz waterway will be reopened.
Vedanta rose 1.2 percent as its four demerged units debut on stock exchanges.
Power Grid Corporation of India rose over 1 percent after it emerged as the successful bidder for the development of an inter-state transmission system project in Andhra Pradesh.
NLC India advanced 1.7 percent after securing a critical mineral block in Telangana.
JSW Energy added 1.3 percent after it entered into a definitive agreement with Kolahai Infotech and SFI Parcel Services to acquire a 100 percent stake in Maruti Clean Coal and Power.
Nestle India gained 1.2 percent after denying claims of infestation in MAGGI noodles.
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