Benchmarks Sensex and Nifty saw a sharp spike on May 7, after reports suggested that intense negotiations are underway between US and Iran.
Nifty rose as much as 0.62% at 24,482, whereas Sensex rose as much as 0.55% at 78,384.70. The benchmark indices have cooled off slightly now.
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Most sectors are in the Green with gains led by Auto, Defence, and Energy. IT, FMCG, PSU Bank, and Realty are in the red.
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The recovery extended to the broader indices as well, with Nifty Smallcap 250 gaining by over 0.99%, while the Midcap 150 rose 1.05%.
Here are three reasons why markets are rising today.
Crude Prices Below $100
Brent crude futures fell below $99 per barrel, and WTI crude futures fell below $93 per barrel on Thursday, extending a sharp decline from the previous session as investors weighed the prospects for a Middle East peace deal.
Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz.
Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran's nuclear program are reportedly set to take place later.
US-Iran Agreement Close: Sources
Intensive contacts are underway to gradually reopen the Strait of Hormuz, Al Arabiya reports citing sources. Understandings have been reached regarding easing the US blockade in exchange for a gradual reopening of the Strait of Hormuz, Al Arabiya reports citing sources.
The coming hours will witness a breakthrough regarding the status of ships stranded in the Strait of Hormuz, Al Arabiya reports citing sources.
Global Cues
Japan's Nikkei 225 rose 5.58% to 62,833.84, crossing the 62,000 mark for the first time. Hong Kong's Hang Seng gained 1.70%, South Korea's Kospi advanced 1.43%, Australia's S&P/ASX 200 rose 0.96% and Shanghai Composite added 0.48%.
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