Nifty Rises Above 24,000, Sensex Up Over 580 Points On Renewed Hopes Of US-Iran Talks

Indian stock markets rose on April 27, breaking from losing streak seen in the past three sessions, as traders hoped for de-escalation in tensions in West Asia. Indian equities also rose following rise in Asian markets.

The benchmark Nifty and Sensex indices both rose more than 0.8 per cent on April 27, with the Nifty rising to 24,087.40 and Sensex trading at 77,244.72. With the Iran war near a two-month mark, market sentiments turned positive after Iran laid out its intent to resume peace negotiations with US.

Iran has proposed a three-stage formula for negotiations with the US, aimed at de-escalating current tensions. The proposal focuses on opening the Strait of Hormuz and effectively ends the ongoing conflict between the two counties. Notably, Iran has also proposed to postpone nuclear negotiations if talks progress, but first wants to address the immediate geopolitical and economic concerns.

“This approach is also seen as an attempt by Iran to navigate internal disagreements over potential nuclear concessions, by separating the more contentious nuclear discussions from urgent efforts to restore stability in the region,” Bajaj Broking said in a note.

Meanwhile, US President Donald Trump is scheduled to hold a situation room meeting with his top security and policy officials on April 27. Trump also said that the negotiations with Iran will continue over phone, after Iranian Foreign Minister, Abbas Araghchi declined to directly meet with American negotiators.

“If they want to talk, they can come to us, or they can call us,” Trump said on April 26, reiterating that the war would “come to an end very soon.”

(This is a developing story. More updates to follow)