The Nifty50 and the Sensex rose, tracking positive global cues amid hopes of the US-Iran deal.
As of 11:00 AM, the Nifty50 was up 258.60 points or 1.09 per cent at 23,974.95, and the Sensex rose 904.13 points or 1.20 per cent to 76,319.48.
In the broader markets, the Nifty MidCap and the Nifty SmallCap indices were trading 0.73 per cent and 1.26 per cent higher, respectively.
Sector-wise, the Nifty Auto rose the most. The Nifty PSU Bank, the Nifty Bank, and the Financial Services also outperformed. The Nifty IT underperformed.
US President Donald Trump said that negotiations with Iran are advancing in a constructive manner. He also informed his negotiators not to rush into a deal, as time is on Washington’s side.
Brent crude dropped as much as 5 per cent as investors hoped that the expected truce between the US and Iran may soon open the Strait of Hormuz. The May future contract was down 5.49 per cent at $97.86 per barrel.
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