Indian Shares Surge After US-Iran Ceasefire

(RTTNews) - Indian shares opened on an upbeat note on Wednesday after the U.S. and Iran agreed to a two-week ceasefire, contingent on reopening the Strait of Hormuz, sending oil prices crashing.

The benchmark BSE Sensex was up 2,758 points, or 3.7 percent, at 77,374 in early trade ahead of the RBI's monetary policy decision later in the day. The broader NSE Nifty index soared 802 points, or 3.5 percent, to 23,925.

Airline IndiGo traded nearly 10 percent higher as crude prices plunged below $100 a barrel.

Eternal, Bajaj Finance, UltraTech Cement, Maruti Suzuki India, Adani Ports, Larsen & Toubro and Mahindra & Mahindra rallied 6-7 percent.

GAIL (India) surged 4.6 percent after signing a long-term charter agreement with Greece-based Alpha Gas for the liquefied natural gas (LNG) carrier Energy Fidelity.

Aditya Birla Real Estate soared 13 percent after announcing its luxury project Birla Arika Phase 2 has reached over Rs. 1,600 crore in bookings within one month of launch.

Clean Max Enviro Energy added 2 percent after commissioning a 185 MW wind-solar hybrid renewable energy project in Gujarat.

Biocon gained 1.7 percent as it announced the commercial launch of Bosaya (denosumab-kyqq) and Aukelso (denosumab-kyqq) in the United States.