Stock markets surge tracking global rally, drop in oil prices as US ends war with Iran
Equity benchmark indices Sensex and Nifty surged in early trade on Wednesday, mirroring a rally in global markets and a drop in crude oil prices below the ₹100 per barrel mark, amid hopes of renewed diplomatic engagement between the U.S. and Iran.
The 30-share BSE Sensex jumped 1,422.85 points to 78,270.42 in early trade. The 50-share NSE Nifty climbed 438.25 points to 24,280.90. All 30 Sensex firms were trading in positive territory during initial trade, with InterGlobe Aviation, Infosys, Tata Consultancy Services, Eternal, Larsen & Toubro and Bajaj Finance among the major gainers.
Brent crude, the global oil benchmark, traded 0.26% higher at ₹95.04 per barrel. Analysts said markets were pricing in the possibility of renewed diplomatic engagement between the U.S. and Iran, leading to a sharp correction in crude oil prices — a key positive for India given its dependence on energy imports.
U.S. President Donald Trump said the war with Iran is “close to over”, asserting that if he pulled up stakes right now, it would take Tehran 20 years to rebuild the country. “I think it’s close to over, yeah. I view it as very close to being over,” Trump told Fox News in an interview telecast later on Wednesday.
A U.S. media report said on Tuesday that Mr. Trump said a second round of talks with Iran could be held in Islamabad “over the next two days”. In Asian markets, South Korea’s benchmark Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were trading higher. t
