Mumbai

Benchmark equity indices BSE Sensex and NSE Nifty 50 surged nearly 1 per cent on Wednesday as crude oil prices slipped below the USD 100 per barrel mark amid hopes of renewed diplomatic engagement between the United States and Iran.

The 30-share BSE Sensex jumped 1,263.67 points or 1.64 per cent to close at 78,111.24. During intraday trade, it climbed as much as 1,422.85 points to 78,270.42.

The 50-share NSE Nifty 50 advanced 388.65 points or 1.63 per cent to settle at 24,231.30.

Among Sensex constituents, major gainers included InterGlobe Aviation, Power Grid Corporation of India, Tech Mahindra, Tata Consultancy Services and Larsen & Toubro.

Laggards included Bharti Airtel, ICICI Bank and Axis Bank.

Brent Crude was trading at USD 95.74 per barrel, up 1.4 per cent.

Market sentiment improved after Donald Trump said the conflict with Iran was “close to over” and suggested a second round of talks with Tehran could be held in Islamabad in the next two days.

Analysts said easing geopolitical tensions and lower oil prices are positive for India, a major oil importer, as they can reduce inflation pressures, support the rupee and improve corporate margins.

In Asia, markets in South Korea, Japan, China and Hong Kong ended higher, while European markets traded mixed.

Nasdaq Composite rose 1.96 per cent, S&P 500 gained 1.18 per cent and Dow Jones Industrial Average added 0.66 per cent overnight.

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Foreign Institutional Investors sold equities worth Rs 1,983.18 crore on Monday, while Domestic Institutional Investors bought shares worth Rs 2,432.30 crore, according to exchange data.