Sensex, Nifty Snap Three-day Losing Streak
(RTTNews) - Indian shares rallied on Friday as concerns eased over a possible U.S. involvement in the Israel-Iran conflict.
According to the U.S. Senate Intelligence Committee Chair, President Donald Trump said that he would give Iran the last chance to make a deal to end its nuclear program and delay his final decision on launching strikes for up to two weeks.
Oil prices fell from recent highs after Trump mentioned that negotiations could be held to ease tensions in the Middle East.
Trump's decision helped ease tensions for the time being but raised the risk of a broader regional war, analysts said.
A wider Middle East conflict with impact on Saudi Arabia, Iraq, Kuwait and UAE oil supplies can lead to a sharp spike in oil prices.
The benchmark S&P/BSE Sensex jumped 1,046.30 points, or 1.29 percent, to 82,408.17, snapping a three-day losing streak.
The broader NSE Nifty index closed up 319.15 points, or 1.29 percent, at 25,112.40, buoyed by easing oil prices and net buying by FIIs in the cash market during the last three sessions.
The BSE mid-cap and small-cap indexes rose 1.2 percent and 0.6 percent, respectively.
The market breadth was strong on the BSE, with 2,468 shares rising while 1,480 shares declined and 146 shares closed unchanged.
Among the top gainers, HDFC Bank, Eternal, NTPC, Nestle India, Reliance Industries, Power Grid Corp, Mahindra & Mahindra and Bharti Airtel climbed 2-3 percent.
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