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Indian equity benchmarks held gains even as they traded off day’s highs, tracking cues from global peers and falling crude prices after US-Iran reached a deal to end war. The NSE Nifty 50 traded 277.10 points, or 1.17%, higher at 23,900 after rising as much as 1.64% intraday to 24,011.35. The BSE Sensex traded 894.25 points, or 1.18%, higher at 76,422.20 after gaining as much as 1.7%, or 1,293.12 points, to 76,821.07 earlier in the session.
Meanwhile, oil prices slumped after US President Donald Trump said Washington had completed an agreement with Iran to reopen the Strait of Hormuz, a key route for global crude shipments. WTI crude futures for July delivery fell 5.76% to $79.99 a barrel, dropping below $80 for the first time since March. Brent crude futures for August delivery declined 5.07% to $82.90.
Elsewhere, European markets traded mostly higher, with Germany’s DAX rising 1.42% to 24,985.67 and France’s CAC gaining 1.14% to 8,446.46. The STOXX 600 advanced 0.84% to 638.51, while the FTSE 100 rose 0.33% to 10,506.41. Portugal’s PSI 20 and Belgium’s BEL 20 traded lower.