Stock markets gain 1.6%, Nifty 50 above 24,000 pts on West Asia peace talk hopes
The positive momentum came after reports that the US and Iran could resume peace talks later this week in Pakistan, following the stalemate during the first round.
The broader small-caps and mid-caps gained 2% each. (Express Photo) Benchmark stock indices are up around 1.6% early on Wednesday as trading resumed after a holiday for Babasaheb Ambedkar Jayanti, as renewed hopes of a longer-term peace deal between the US and Iran boosted sentiment across global markets.
The National Stock Exchange’s (NSE) Nifty 50 crossed the psychologically crucial 24,000-point mark and is up 1.6% at 24,216.95 points. The BSE’s Sensex index was up 1.6% at 78,091.34 points. All sectoral indices saw robust gains, with IT, financial services, and banks being the biggest outperformers. The India VIX, which indicates uncertainty in the market, fell over 8% to its lowest level in around a month.
The positive momentum came after reports that the US and Iran could resume peace talks later this week in Pakistan, following the stalemate during the first round. This pushed crude oil prices below $100 per barrel, a significant boost for global markets.
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