Sensex surges 2,946 and Nifty jumps 873 after U.S.-Iran cease-fire
Business
Big news for the markets: Sensex surged 2,946 points to close at 77,562.90 and Nifty shot up 873 points to finish just shy of 24,000.
This rally came right after the US and Iran announced a cease-fire, marking five days in a row of gains as oil prices tumbled and global tensions eased.
Brent crude falls more than 13%
Oil prices dropped sharply (Brent crude fell more than 13%), which gave a boost to industries like airlines, paint makers, and tire companies; some stocks even jumped up to 10%.
The rupee also got stronger against the dollar as the market rally added to the upbeat mood.