Stock market benchmark indices Sensex and Nifty rebounded in early trade on Wednesday following a drop in crude oil prices after US President Donald Trump claimed progress in negotiations with Iran towards an agreement to end the war.
A positive trend in global markets also aided the rally in domestic stocks.
The 30-share BSE Sensex jumped 657.22 points to 77,675.01 in early trade. The 50-share NSE Nifty rallied 218 points to 24,250.85.
From the 30-Sensex firms, InterGlobe Aviation, Mahindra & Mahindra, Trent, Bajaj Finance, Bajaj Finserv and Tech Mahindra were among the major winners.
Larsen & Toubro, Hindustan Unilever, NTPC and Power Grid were the laggards.
US President Donald Trump has suspended ‘Project Freedom’, to escort ships through the Strait of Hormuz, claiming progress in negotiations with Iran towards an agreement to end the war.
In a post on Truth Social on Tuesday, Trump said, “Great progress has been made toward a complete and final agreement with representatives of Iran.”
Brent crude, the global oil benchmark, traded 1.67 per cent lower at USD 108 per barrel.
In Asian markets, South Korea’s benchmark Kospi and Hong Kong’s Hang Seng index quoted higher.
US markets ended in positive territory on Tuesday.
