Sensex surges over 1,000 points, Nifty tops 24,000 as Iran-US peace hopes lift global markets – Firstpost

Indian equities rallied sharply on Monday tracking strong global cues, a stronger rupee, and easing geopolitical concerns after optimism emerged around a possible US-Iran understanding.

Indian benchmark indices ended sharply higher on Monday, buoyed by strong global sentiment and easing geopolitical concerns amid growing optimism over a possible US-Iran deal. The rally mirrored gains across Asian and European markets, while the Indian rupee also strengthened significantly against the US dollar.

The BSE Sensex surged 1,073.61 points, or 1.42 per cent, to close at 76,488.96, while the NSE Nifty50 climbed 312.40 points, or 1.32 per cent, to settle above the key 24,000-mark at 24,031.70.

Market sentiment improved after reports indicated renewed diplomatic momentum between the United States and Iran, raising hopes of stability in global crude oil markets and easing concerns over supply disruptions. Softer oil prices and improved risk appetite boosted investor confidence globally.

The Indian rupee rose nearly 0.5 per cent to close at 95.23 against the US dollar at 3:30 pm IST, compared with its previous close of 95.69, supported by strong foreign fund inflows and improved global risk sentiment.

European markets too extended gains, with major indices touching their highest levels in nearly two months amid hopes that easing geopolitical tensions could support global economic recovery and trade flows.

On the domestic front, buying was broad-based across sectors. Oil & gas, auto, PSU banks, private banks, and realty stocks gained between 1 and 2 per cent. Broader markets also participated in the rally, with the Nifty Midcap index rising 0.9 per cent and the Smallcap index advancing 1.4 per cent.

Among the top gainers on the Nifty were Eicher Motors, Larsen & Toubro, Bajaj Finance, Adani Enterprises, and Tata Motors Passenger Vehicles. On the other hand, Max Healthcare, ONGC, Hindalco, Infosys, and Bajaj Auto ended in the red.

Analysts said easing geopolitical tensions, expectations of stable crude prices, and sustained domestic liquidity supported the sharp upmove in equities. Investors will now closely watch global developments, foreign institutional investor flows, and upcoming macroeconomic data for further market direction.