(RTTNews) - Indian shares rebounded from recent string of losses on Tuesday amid hopes of an easing of tensions in the U.S.-Iran conflict.
The dollar held an overnight decline, bond yields tumbled and oil prices plunged nearly 8 percent following comments by U.S. President Donald Trump that the war with Iran was "very complete".
Trump's remarks coupled with reports suggesting Washington may soften sanctions on Russian energy injected a burst of optimism in global financial markets.
Meanwhile, media reports quoted government sources as saying that India will not participate in the International Energy Agency's (IEA) proposal to release strategic petroleum reserves to stabilize global oil markets.
Tracking firm cues from global markets, the benchmark BSE Sensex jumped 639.82 points, or 0.82 percent, to 78,205.98.
The broader NSE Nifty index ended up 233.55 points, or 0.97 percent, at 24,261.60 while the BSE mid-cap and small-cap indexes surged 1.7 percent and 2 percent, respectively.
The market breadth was strong on the BSE, with 3,104 shares rising while 1,178 shares declined and 138 shares closed unchanged.
Among the top gainers, Tata Steel, UltraTech Cement, Axis Bank, Asian Paints, ICICI Bank, Maruti Suzuki India, IndiGo and Mahindra & Mahindra rallied 2-4 percent.
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