Sensex gains 761 points, Nifty settles above 17,600 mark
Indian stock markets had a strong trading session, with the Sensex up 761 points and the Nifty gaining 250 points.
The boost came after news of possible U.S.-led cease-fire talks with Iran, which helped calm fears about oil supply issues and pushed crude prices down to around $98 a barrel.
That's good news for India and other energy-importing countries, giving Asian markets a much-needed lift despite ongoing global tensions.
Banks, metal companies, and automakers led the charge
Banks, metal companies, and automakers led the charge: UltraTech Cement and Mahindra & Mahindra rose over 2%, while State Bank of India rose nearly 2%. HDFC Bank and Axis Bank were also big players in the rally.
On the flip side, tech stocks didn't keep up; Tech Mahindra actually dropped over 2%.
Just earlier this month, markets were struggling: both indexes had fallen nearly 9% as rising oil prices and geopolitical worries pushed foreign investors to pull out over $11 billion from Indian stocks.