Indian shares higher on hopes of Iran war de-escalation

MUMBAI: India’s equity benchmarks closed higher on the first day of the new fiscal year following a tumultuous March, as remarks from the United States that indicated the Iran war could end soon pushed crude oil prices lower and sent shares climbing globally.

The Nifty 50 rose 1.56 percent to 22,679.40 and the BSE Sensex added 1.65 percent to 73,134.32on Wednesday.

Fourteen of the 16 major sectors rose, with small-caps and mid-caps advancing 3.3 percent and 2.2 percent, respectively.

Other Asian markets surged 4.6 percent, the index’s biggest one-day increase since November 2022, and Europe’s STOXX 600 gained 2.1 percent.

Brent crude fell to USD103 a barrel, following US President Donald Trump’s talk of a war exit. Investors will now closely watch Trump’s update on Iran in an address on Thursday morning IST.