India's stock market surged today after US President Donald Trump said the Iran war 'is close to over'. The Sensex rose 1.85% to an intraday high of 78,270.42 points, with the Nifty 50 testing 24,300 levels.
Only three Nifty 50 stocks were in the red, with Dr. Reddy's Laboratories emerging as the biggest loser and InterGlobe Aviation Ltd. (IndiGo) top gainer.
The primary catalyst for the optimism is a sharp decline in energy costs. Brent crude fell 1.2% to $94.27 a barrel, while WTI dropped toward $90.
US President Donald Trump told Fox News that the war is 'close to over', hinting at a second round of face-to-face talks with Iran in Pakistan in the coming days.
For India, which imports more than 80% of its crude requirements, the price drop serves as a relief: it narrows the current account deficit and cools inflationary pressures.
Shares of state-run oil marketing companies, including Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL), will be in focus after underperforming earlier this week.
