Indian Shares Extend Gains On Easing War Fears

(RTTNews) - Indian shares rose sharply on Wednesday, extending the previous session's rally on expectations of a de-escalation in the U.S.-Iran conflict.

Global bond yields eased, the dollar index dipped on improved risk sentiment, and oil prices plunged more than 5 percent after U.S. President Donald Trump said the U.S. and Iran were "in negotiations right now" and they "want to make a deal so badly".

While Tehran dismissed the U.S. president's claim of talks, a slew of media reports suggested that efforts towards a diplomatic solution have intensified.

According to a New York Times report, the United States has sent Iran a 15-point plan to end the war in the Middle East.

Israel's Channel 12 revealed that Washington was pursuing a one-month ceasefire under a mechanism being developed by Steve Witkoff and Jared Kushner.

Axios said that the U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but they're still waiting for a response from Tehran.

Iran has told the United Nations Security Council and the International Maritime Organization that "non-hostile vessels" may transit the Strait of Hormuz, with Tehran's consent.

Tracking firm cues from global markets, the benchmark BSE Sensex surged 1,205 points, or 1.63 percent, to 75,273.45.

The NSE Nifty index jumped 394.05 points, or 1.72 percent, to 23,306.45 while the BSE mid-cap and small-cap indexes climbed 2.3 percent and 2.4 percent, respectively.

The market breath was strong on the BSE, with 2,954 shares rising while 1,363 shares declined and 155 shares closed unchanged.

Among the top gainers, Sun Pharma, SBI, Mahindra & Mahindra, Tata Steel, Trent, IndiGo, Titan, Larsen & Toubro, Bajaj Finance and UltraTech Cement rallied 3-4 percent.