Sensex surges 900 pts, Nifty above 23,200: US-Iran ceasefire hopes among key factors behind market rally

Sensex surges 900 pts, Nifty above 23,200: US-Iran ceasefire hopes among key factors behind market rally

The benchmark indices Sensex and Nifty extended gains in Wednesday’s trade on hopes of US-Iran ceasefire after US President Donald Trump said that Washington was making progress toward negotiating an end to the war.

At 9:30 am, the Sensex jumped 926.05 points or 1.25 percent at 74,990.45, while the Nifty advanced to 23,216.55, up 304.15 points or 1.33 percent.

Key factors behind market rise

1) Strong global cues: Asian equities rose 1.4%, while oil slipped below $100 per barrel on expectations that any move toward a ceasefire could ease supply disruptions. Reports said the US is seeking a month-long ceasefire in its war with Iran and has presented Tehran with a 15-point plan, raising hopes that the conflict may ease.