Global Markets Cheer Possible Iran-US Deal; Gift Nifty Remains Under Pressure

US stock market climbed to a record level following the hopes of an Iran-US deal soon that will put an end to a two-month old conflict.

The tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average closed up to 2 per cent higher on Wednesday.

Axios report stated that “the White House believes it’s getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.”

Crude Oil Falls Sharply

Crude oil prices fell sharply on Wednesday as reports came that suggest that the US is close to reaching an agreement with Iran on the resolution of the conflict.

WTI crude oil futures tumbled 9 per cent to trade around $93 per barrel, while Brent futures came down to $100 per barrel with

a drop of 8 per cent.

Japan’s Nikkei Jumps Too

The news brought a wave of excitement and optimism among investors in Japan too, as its benchmark index Nikkei 225 surged 5 per cent to 62,000 for the first time. The index opened at 60,241 compared to the previous day close at 59,513.

Gift Nifty Suggest Flat Opening

Meanwhile, the optimism hasn’t been reflected in the Indian stock market despite hopes of an Iran-US deal.

Gift Nifty signalled a weak start for Indian equities on Thursday. As of 8:02 AM IST, the index was trading at 24,454.5, down 61.5 points or 0.25 per cent. The index opened at 24,497 and touched an intraday high of 24,656.5 and a low of 24,138, indicating volatile trade in early hours.